onocoy Secures Funding from Strategic Web3 and GPS Industry Investors for immanent token launch

onocoy Secures Funding from Strategic Web3 and GPS Industry Investors for immanent token launch

Zurich, 3 September 2024

onocoy, the venture for high-precision GPS (Global Position System) utilizing a decentralized physical infrastructure (DePIN) powered by blockchain technology, has reached a significant milestone by securing funding from a select group of strategic investors through a private token sale.

Among the new investors are several industry leaders from the GPS industry, including Thomas Seiler, the former long-standing CEO of GPS hardware manufacturer u-blox (https://www.u-blox.com/). He will also join the venture as an advisor, bringing a wealth of experience to onocoy. The funding round also includes Smart Island Capital (https://smartislandibiza.com/capital/), a prominent player in the Web3 DePIN industry, along with several business angels active in the IoT and blockchain sectors.

The funding secured in this round amounts to over USD 940,000, bringing onocoy’s total funding to over USD 4,200,000 when combined with previous internal investments and non-dilutive grants. These funds will be instrumental in scaling up onocoy's commercial services and sales efforts, supporting the upcoming token launch, and financing the further development of its products, ecosystem and community.

Commenting on the funding round, Daniel Ammann, Co-founder and President of onocoy, stated, “This step marks an important moment for onocoy as we continue to gain momentum. The support from strategic investors underscores the confidence in our vision and the transformative potential of our technology. We are also in advanced discussions with additional key industry players and look forward to announcing further strategic partnerships in the near future.”

onocoy is also gearing up for major industry events to provide opportunities for interested individuals and investors to engage directly with onocoy’s leadership and learn more about this groundbreaking project, the upcoming token launch as well as opportunities to participate in future investment rounds.

The team will be participating in Token 2049 and Solana Breakpoint in Singapore (Sept. 18-21) and host a DePIN side-event. And at the CV Summit in Zug, Switzerland,, onocoy will participate in a panel discussion and hold a workshop on 2 October. Further, onocoy will be present at the Satellite navigation industry events ION GNSS+ in Baltimore, US (Sept. 18-20) and InterGEO in Stuttgart, Germany (Sept. 24-26). 

Contacts onocoy

Investors:Daniel Ammann, phone +41 78 626 03 08daniel@onocoy.com 

Media:Doris Rudischhauser, phone: +41 79 410 81 88dru@dynamicsgroup.ch  

About onocoy

onocoy is leading the decentralized revolution with a pioneering global GPS/GNSS High Precision Network, powered by blockchain and DePIN (Decentralized Physical Infrastructure Network) principles. By integrating these advanced technologies, onocoy significantly enhances the existing GNSS infrastructure, delivering unmatched efficiency and reliability.

The total addressable market (TAM) for current applications in construction, precision agriculture, and surveying is estimated at $250 billion, with substantial growth anticipated from emerging sectors such as drones, autonomous vehicles, and robotics. onocoy addresses the industry's challenge of network bootstrapping by offering a highly dense, cost-effective single-base RTK correction network, with a vertical-agnostic approach.

onocoy was founded in 2021 as an association under Swiss laws and is headquartered in Zug, Switzerland.  This venture was initiated by satellite navigation industry veterans Daniel Ammann, co-founder of u-blox, and Thomas Nigg, who both previously played pivotal roles in growing u-blox (SIX:UBXN) into a GPS industry leader and unicorn.