Wingbits raises $5.6m in funding
Summary
They are on track to be the largest airplane tracking network on earth thanks to their well-designed incentives and execution, said \xc1lvaro Gracia, Partner, Borderless Capital.This funding comes six months after Wingbits $3.5 million seed round, which has helped it to achieve rapid growth and expand its network.We are excited to partner with the Wingbits team, who in less than 18 months have already begun to disrupt a flight tracking industry with huge proven demand by leveraging blockchain technology to incentivise the supply of higher quality, lower latency data, commented Alasdair Foster, CEO of Bullish Capital.In its first year on testnet, the Wingbits network has scaled to 2,100 active stations (users), tracking 120,000 unique flights per day across 85 countries. Companies sell this data to airports, airlines and other organisations to support their global operations, while volunteers receive nothing in return.The current model isnt just exploitative its inefficient, said Robin Wingardh, CEO and Co-Founder, Wingbits. With the latest funding, Wingbits plans to accelerate device deployment, expand its network into underrepresented regions, and refine its token-based rewards system.We recognised the commitment and ambition of Robin and Alex from the very start of their growth journey. This funding round reflects the quality of the technology they are building, the level of innovation in their business model and the speed at which they are scaling. The founders set out to create the worlds best flight tracking network and the impact Wingbits has already had on the market shows that they are delivering on that vision already, said Oscar Westergard, Partner, Antler.Theres plenty of other editorial on our sister site, Electronic Specifier!