Sep 13, 2018 PRESS RELEASES Comments Off on Nodle.io Raises $1.5M Seed Funding to Bring IoT Cryptocurrency to App Developers
SAN FRANCISCO, Sept. 13, 2018 (GLOBE NEWSWIRE) — Nodle.io, an Internet of Things (IoT) and connectivity network provider, today announced a $1.5 million seed round and the launch of a new cryptocurrency for monetizing IoT connections, applications and data. Nodle.io provides internet connectivity to IoT devices by crowdsourcing a network of smartphones. Currently over 1 million devices are connecting to the Nodle Citizen Network every day. This is the largest dedicated IoT network ever deployed to date, by number of base stations.
Blockchange Ventures led the investment round with participation from Blockhead Capital, Bootstraplabs, Olymp Capital, Mark Pincus with Work Play Ventures and Yeoman’s Capital.
“The Nodle connectivity solution is simple, plug and play, and global,” said Micha Benoliel, co-founder and CEO, Nodle.io. “The main issue IoT deployments face is that it is difficult – and expensive – to connect remote devices to the internet.”
Nodle works with application developers, consumer electronics manufacturers and telcos to use mobile phones as a decentralized infrastructure that can support hundreds of thousands of transactions per second. They have the opportunity to monetize their applications via the Nodle Software Development Kit (SDK) and earn NODL coins for helping the network to grow.
“We believe one of the richest areas for blockchain disruption will be the creation of Device to Device (D2D) commerce and communication. We invested in Nodle’s mesh network because we believe they will be at the center of this tectonic shift in landscape,” said Blockchange Ventures Managing Partner, Ken Seiff.
Nodle is making the remote mining of cryptocurrency efficient and accessible on a smartphone- using less than 1% of a cell phone’s battery life. Before Nodle’s Citizen Network of connected devices, mining coins on a smartphone would drain the battery, overheat and slow down the central processing unit (CPU).
“Few understand the massive opportunity for a ubiquitous, fail-tolerant and distributed IoT network that works for super small and low powered devices everywhere. The orchestration of a peer-to-peer IoT network will also be more effective and efficient with the implementation of applied AI. Nodle is in a blue ocean and ahead of the game here,” said Nicolai Wadstrom, Investor, BootstrapLabs.
“Nodle has solved a serious business problem for the viability of IoT device deployment in remote locations,” commented Jay Goldberg, Nodle Advisor. “Nodle is accelerating innovation.”
“When the distributed internet meets [blockchain based] micro-payments, you can enable an entirely new ecosystem for IOT devices,” said Vijay Sondhi, CEO at NMI, and former SVP Innovation, VISA.
Join the Movement
Nodle’s low cost, low energy, high bandwidth IoT network is extending coverage beyond the reach of cellular networks. The Nodle network is live and operating today. It is free to participate or join. Contributors to the network earn NODL coins by providing connectivity through a proof of work, or “proof of connectivity”.
About Nodle.io | The Citizen Network
Nodle.io is an IoT and connectivity network provider with a presence in over 50 countries. Founded in 2017 by serial entrepreneur, Micha Benoliel, the Nodle network dramatically reduces the costs of IoT device-to-device communications and makes internet access available everywhere. The company has built a network for connecting and collecting data from remote devices that do not have regular internet connections. Remote devices connect to The Citizen Network, an internet network made of crowdsourced smartphones currently comprised of 100s of thousands of devices and smartphones collaborating to provide internet access. More information can be found at https://www.nodle.io/#/landing
Keywords: Internet of Things, IoT, Cryptocurrency, Coin Mining, Smartphone Mining, Wallet, IoT devices, IoT platform, IoT applications, IoT technology,IoT sensors, industrial IoT, IoT companies, bitcoin
A video accompanying this announcement is available at http://www.globenewswire.
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