Spanish startup GeoDB has announced achieving a 150% overfunding of its recent Seedrs equity crowdfunding campaign, landing around €1.6 million.
Founded in 2018, GeoDB aims to revolutionise the way big data is commercialized, making the system fairer for both users and buyers.
GeoDB is effectively taking on the big data industry as a whole, heading first with a platform that is going to change the way people consume, share and access big data. The team plans to change the rules for both sides with its new blockchain-based data-sharing model.
Users consent to share their data anonymously and automatically, making it accessible to buyers who can consume this data together with analytical tools available on the platform. This will make it possible for ordinary users to be compensated for their data generation, in a unique way.
The company is set to return value to its users for sharing data, which will be done via their tokenized platform and to allow data buyers to access trusted, quality and accurate data. The rewards are compensated with tokens that can be converted to crypto, fiat, or on-platform discounts and perks.
The team aims to close the gap between data generators and data buyers, therefore solving huge inefficiencies in the industry, eliminating intermediation and allowing faster and frictionless transactions. GeoDB has already attracted an active user base of over 12 million users from 150 countries and established a number of strategic partnerships with the leading industry representatives, such as Grupo Next, Wola and others.