Startup Hivemapper, which is developing a decentralized mapping service, has raised $18 million in investment. Series A funding round led by Multicoin Capital.

“Finally Web3 takes a step towards fighting Google Maps” @refsrc for @TechCrunch announcement @Hivemapper‘s latest funding round and updates! Read here: https://t.co/Lsfuu02E3E #Blockchain #Mapping #web3 #web3news

— Hivemapper (@Hivemapper) April 5, 2022

The project has also been invested by Craft Ventures, Solana Capital, Shine Capital, 75 & Sunny Ventures, Spark Capital, Founder Collective and Homebrew.

Hivemapper plans to launch the mainnet this summer.

Based on Solana, Hivemapper transforms dash cam footage into 4K maps. Participants take photos of the streets where they are rewarded with a local BAL token. For similar incentives, editors provide quality control by processing the received data.

In July, the company will begin deliveries of the developed platform-enabled device.

Hivemapper plans to compete with Google, Apple and Alibaba in a market worth $300 billion.

“Mapping is an extremely complex, costly and time-consuming process. Only the largest and most capitalized tech companies have the resources to do so. But they update the images no more than twice a year, which leads to logistical, municipal and political problems., – said Ariel Seidman, co-founder and CEO of Hivemapper.

According to the top executive, the dapp can practically transmit an up-to-date view of the world in real time.

Recall that in February Solana Labs launched the Solana Pay protocol, which allows online merchants to accept cryptocurrency payments directly from consumers.

Zebec’s DeFi protocol, powered by Solana, has previously raised $15 million.