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


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.

Indrani bose
CBW - External Analyst
INDIA