New Web3 Platform Navigate Raises $7M to Build Crypto-Enabled Data Ecosystem
AI and blockchain entrepreneur Amir Husain and digital currency expert Rumi Morales join as founding Navigate Directors
Singapore – June 7, 2022 - Navigate, the community platform powering the new data ecosystem, announced its project launch and close of a $7.625 million Seed round. The round was led by Distributed Global, with further investments from Alan Howard, Kraken Ventures, Jez Mohideen, Outlier Ventures, among others. The Seed round comes in conjunction with the appointment of Amir Husain, Founder and CEO of SparkCognition, and Rumi Morales, Director of Investments at Digital Currency Group, as founding members of the Navigate Board of Directors.
Navigate is a blockchain-based platform democratizing high-value, tokenized information, known as next generation data (NGD)—data that is rich with insights but currently underutilized. Built on the Polygon network, Navigate aims to be the ultimate destination for contributing, sourcing and monetizing data. The platform will be a launchpad for future innovation, where anyone can find and license the data needed to build a new class of applications.
“Everyday, each of us generates immense amounts of data about ourselves and our surroundings, and up until now we haven’t had any way to monetize it,” said Rumi Morales, Board Director of Navigate. “Navigate effectively answers the long-standing question of how we can contribute this digital data in a meaningful way. The Navigate platform offers a method of selling the data we generate to those building the applications of tomorrow, all while rewarding contributors and preserving the privacy and sovereignty of data provided by those users.”
The Navigate platform encompasses two distinct layers: the Navigate Marketplace and Navigate Dapps. The Navigate Marketplace will consist of vaults for crowdsourcing large, high-quality data sets and a peer-to-peer exchange for users to mint and trade next generation data. Navigate Dapps will provide developers with APIs to build decentralized applications and power these products by leveraging the data assets listed on the marketplace.
Navigate will build the platform’s first application, Navigate Maps, a high-resolution, low-altitude (HRLA) map of major cities. Addressing the gaps in today's traditional satellite-based map offerings, Navigate Maps will be a high-quality, community-owned map application that is constantly updated using data uploaded by users. The application will provide immediate value to end users, while also demonstrating to developers and organizations the potential of building apps on the Navigate platform, leveraging data uploaded by the Navigate community.
The platform’s native token, NVG8, will be fully ERC-20 compatible and allows for participation in the Navigate ecosystem. This token will be used to incentivize participation in the platform, including contributing data and building dapps.
“A huge challenge we face in society is how we can effectively offer people control and oversight of their data, and Navigate will enable this through their platform, empowering us all to monetize the high-quality data we create everyday,” said Amir Husain, Board Director of Navigate. “The Navigate team is building the foundational layer that will shape the future of data exchange and Web3, and I look forward to supporting them in this mission.”
About Navigate
Every day, each of us contributes to the data trails that power today’s applications and services. If you fly a drone, use a smartwatch or a dashcam, or have a weather monitoring device in your backyard, you are generating massive quantities of data passively. But the only ones who profit from the data you create are large companies that collect, hoard and sell it. Navigate is trying to change this. We are launching a data ecosystem that allows you to share your data and connect it with Web3 builders who will use it as fuel to develop the next generation of exciting apps and services. Designed to be the ultimate destination for contributing and sourcing data, the Navigate ecosystem will be a launchpad for future innovation, where anyone can find the data needed to build decentralized apps on the Navigate platform. Composed of its two distinct layers—Navigate Marketplace and Navigate Dapps (decentralized apps)—Navigate is enabling a new way for the world to share data, build applications, and get rewarded for each contribution.
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