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Singapore web3 startup Navigate raised $7.625 million in seed funding round

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Indrani bose Follow

INDIA

Jun, 13 2022

Jun, 13 2022

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Singapore based web3 startup which is also a community platform powering a data ownership ecosystem, Navigate (NVG8), announced the launch of its project. The company also announced that it has raised $7.625 million in a seed funding round.

The rounds were led by crypto-focused investment firm Distributed Global. Other participants in investments rounds were British hedge fund billionaire Alan Howard, Kraken Ventures, Jez Mohideen, Outlier Ventures, and others. Founding members of the Navigate Board of Directors include Amir Husain, Founder, and CEO of SparkCognition, and Rumi Morales, Director of Investments at Digital Currency Group

The start-up Navigate has raised the seed round through a simple agreement for future tokens (SAFT) sale. That means at a future date the investors will receive Navigate’s native NVG8 token in exchange for their capital.

Navigate Platform focus on the ultimate destination for contributing and sourcing several different types of critical data. The marketplace will offer data vaults for predefined data types which include drone imagery, dashcam, street-view footage, mobility data, and weather monitoring data, among others.

In the first quarter of this year, Navigate closed its round. Navigate is built on Polygon Network. The focus of Navigate is to become the ultimate destination for contributing, sourcing, and monetizing data. The Blockchain Ecosystem is democratic with Higher value, Tokenized Informations and is also as known as the Next-generation Data (NGD).

About Navigate :  

There are two distinct layers in Navigate which are Navigate Marketplace and Navigate dApps. For crowdsourcing large, high-quality data sets and a peer-to-peer exchange for users to mint and trade next-generation data Navigate Marketplace consists of vaults. Navigate dApps provides developers with APIs. This will build decentralized applications and power these products by leveraging the data assets listed on the marketplace. Navigate Maps, a high-resolution, community-owned map application low altitude (HRLA) map of major cities will be the platform’s first app. Navigate Maps is constantly updated using data uploaded by users. The navigation map provides the right value to the end of the users.

NVG8, the platform’s native ERC-20 token will be used to incentivize participation in the platform will include contributing data and building dApps.

 


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Indrani bose

CBW - External Analyst

INDIA

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