Wingbits, a decentralized physical infrastructure (DePIN) startup focused on the aviation industry, has raised $5.6 million in funding.
DePIN, the hardware usage model 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 brings Wingbits’ total backing to $9.2 million, was led by Borderless Capital and Bullish Capital. The latter’s parent company, Bullish Group, also owns CoinDesk.
Wingbits’ goal is to offer reward-based flight tracking using cryptographically secured 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 emailed announcement 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 receive nothing in return.”
Read more: Helium’s Frank Mong: Building DePIN’s First Big Success Story
