✈️💰 Wingbits Soars High with $5.6M for Decentralized Flight Tracking 📈

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What to know: 📝

  • DePIN startup Wingbits has raised $5.6 million in funding. 💸
  • The investment round was led by Borderless Capital and Bullish Capital. 💼
  • Wingbits’ aim is to offer rewards-based flight tracking using cryptographically-secured ADS-B receivers. 🔐

Wingbits, a decentralized physical infrastructure (DePIN) startup focused on the aviation industry, has raised $5.6 million in funding. 🎉

DePIN, the model of using hardware secured by a decentralized network, could be seen as a blockchain equivalent of the cloud computing services offered by Big Tech giants like Amazon and Google. 🤖

The investment round, which takes Wingbits’ total backing to $9.2 million, was led by Borderless Capital and Bullish Capital. The latter’s parent company, Bullish Group, is also the owner of CoinDesk. 🤝

Wingbits’ aim is to offer rewards-based flight tracking using cryptographically-secured Automatic Dependent Surveillance–Broadcast (ADS-B) receivers. 🛫

“Flight tracking has long relied on a global network of volunteers who install home antennas to collect flight data,” Wingbits said in an emailed announcement on Tuesday. 🗣️

“Companies sell this data to airports, airlines and other organisations to support their global operations, generating hundreds of millions in revenue, while volunteers themselves receive nothing in return.” 😔

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2025-01-21 22:55