GeoDB, a UK-based fintech startup that aims to provide a big data marketplace that includes an encrypted, safe, transparent, verified, accurate and decentralized datapool, is set to close its equity crowdfunding campaign on Crowdcube with more than £900,000 in funding. The funding round was launched last month, with an initial funding target of £750,000.
As previously reported, GeoDB was co-founded in 2018 by Chairman Francisco Gordillo and CEO Sacha Gordillo. The platform describes itself as a big data marketplace which aims to solve the existing problems of the huge big data industry and also allows users to upload their data to the protocol. In exchange, the protocol rewards them for that generated data. Meanwhile, at the other end, data buyers access the data pool and purchase those datasets.
“Additionally, as it is based on blockchain, developers can add resources to the protocol and are also rewarded for it. Thus, GeoDB is a circular, organic and perfectly assembled tokenized model, in which every player is being remunerated, reaping the benefits of data commercialization in the most effective and efficient possible way. On the data buying side, there are all sorts of data seekers: analysts, data scientists, data managing and reselling companies, marketers, large corps and enterprises, among many others.”
Funds from the Crowdcube round will be used to continue the growth and development of the GeoDB platform. The campaign is currently set to close next Wednesday (May 15th).
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