Wingbits, a decentralized physical infrastructure (DePIN) startup focused on the aviation industry, has raised $5.6 million in funding.
DePIN, the model of using devices secured by a decentralized network, can be considered the blockchain equivalent of cloud computing services offered by major technology companies such as Amazon and Google.
The investment round, which brings Wingbits’ total backing to $9.2 million, was led by Borderless Capital and Bullish Capital. The parent company of the latter, Bullish Group, is also the owner of CoinDesk.
Wingbits’ goal is to offer reward-based flight tracking using encryption-protected Automatic Dependent Surveillance and 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 email announcement on Tuesday.
“Companies sell this data to airports, airlines and other organizations to support their global operations, generating hundreds of millions in revenue, while the volunteers themselves get nothing in return.”
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