Decentralized Drone Imaging Network Gains $11.5 Million in Series A Funding, Courtesy of Spexi Investments
Spexi, a global drone imagery network, has secured $11.5 million in a Series A funding round, led by Blockchange Ventures. The funding round also saw participation from Protocol Labs and Dapper Labs.
Spexi's unique approach leverages blockchain technology to provide a scalable, near-zero emissions service. The company aims to revolutionise the geospatial industry by offering drone-captured imagery data with 900 times the detail of traditional satellite imagery at a significantly lower cost.
Ken Seiff, Managing Partner of Blockchange Ventures, commented that Spexi defines a new category of business by pairing better and cheaper drone imagery with the blockchain's ability to ensure image integrity. He further asserted that Spexi's services cater to industries beyond just satellite imaging, opening up new markets.
At the heart of Spexi's operation is the "Fly-to-Earn" model. This model incentivises pilots to contribute to an imagery database by rewarding them with crypto assets or Non-Fungible Tokens (NFTs) directly proportional to their flights and imagery contributions.
Pilots download Spexi’s app and fly drones over pre-assigned hexagonal “nodes” or geographies, ensuring flights avoid restricted airspace. The app standardizes data capture autonomously, allowing seamless contribution from thousands of pilots globally, forming a vast network of spatial imagery.
The aerial imagery data contributed by pilots supports real-world applications like city planning and disaster response projects, adding practical value. Contributions are recorded on blockchain, guaranteeing data integrity and transparency.
Pilots receive “rewards” in crypto tokens or NFTs acknowledging their data’s value, which can potentially appreciate or be exchanged within the platform or beyond. The platform is designed to be highly scalable, initially focused on North America but expandable worldwide with ongoing marketing and onboarding efforts to grow the pilot network.
Spexi's CEO, Bill Lakeland, stated that the company supports essential services at a fraction of the usual cost and drives the future of AI and metaverse-powered technologies. He added that Spexi is not simply replacing existing satellite imaging use cases, but opening entirely new markets in geospatial, insurance, AI, public safety, government, gaming, and more.
With the new funding, Spexi plans to accelerate its growth, expand its team, and further develop its technology to deliver even more detailed and cost-effective drone imagery to its clients. The company's vision is to build a decentralised, valuable spatial data infrastructure that benefits a wide range of industries.
- Spexi's unique approach to minting spatial imagery data using drones and blockchain technology has attracted the attention of investors, with Ken Seiff commenting that Spexi's services cater to industries beyond just satellite imaging, opening up new markets.
- As part of its Fly-to-Earn model, Spexi rewards pilots with crypto tokens or Non-Fungible Tokens (NFTs) for their contributions, reflecting the company's belief in the integration of artificial-intelligence, finance, and technology in the metaverse.
- With the recent Series A funding, Spexi plans to invest in technology development, team expansion, and global marketing efforts, aiming to create a decentralised, valuable spatial data infrastructure that could revolutionise finance, geospatial, insurance, public safety, government, gaming, and more, shaping the future of various industries.
