Wingbits, a Stockholm-based startup, has raised €3.1 million in a seed round led by US investors Borderless Capital and Tribe Capital, with support from Antler and several angel investors. The company operates a flight tracking network that compensates individuals who provide data through antennas, using a blockchain-based system to measure and reward performance. The funding will be used to grow their team, focusing on engineering, and to enhance their product and marketing efforts as they expand their flight tracking network, which relies on a global community of aviation enthusiasts.
Wingbits focuses on building a decentralized flight tracking network. Utilizing blockchain technology, it enables a global community of aviation enthusiasts to contribute flight data by maintaining antennas, rewarding them based on data quality and uptime. The company aims to enhance the reliability of flight tracking by distributing data collection across a network of users. With the recent completion of seed round, Wingbits plans to expand its technical team and further develop its product, with a focus on improving the efficiency of aviation-related data through community-driven efforts.
The market size for flight tracking data is expected to reach $22 billion by 2025. This data is captured by antennas maintained by amateurs and enthusiasts around the world. However, traditionally this global community of amateurs have never been remunerated or rewarded for their efforts.
Wingbits uses blockchain technology to reward the quality of the flight tracking data captured by these antennas. Individuals are rewarded based on performance, coverage and uptime and there are global leaderboards to compare the best performing antennas around the world.
At the end of 2023, 40 antennas were on the Wingbits platform. Less than a year later, there are 1,600 antennas as a result of word of mouth and the support of the global community.
By motivating this network of amateurs, Wingbits now has one of the world’s largest and most reliable flight tracking datasets. With the increase in air travel and globalisation, this data can improve delays, optimise routes and drive efficiencies in aviation.
Wingbits will use the funding to expand the team and product offering. Recruitment will be focused on the engineering team, which already includes developers and data scientists from the likes of Klarna, Spotify and Volvo. The funding will also be used to drive additional sales and marketing-related activities.
Robin Wingårdh, co-founder of Wingbits, comments, “Despite over a decade of advancements in aviation tracking, innovation has stagnated, and the community powering this data has been overlooked. We founded Wingbits to change that—bringing fresh innovation to the industry while ensuring that the community is fairly rewarded for their invaluable contributions.”
Evan Park, Investor at Tribe Capital, comments, “I believe Wingbits has one of the most unique supply-side userbases out there, composed of passionate hobbyists who contribute hardware because they love flight tracking – not solely for the financial incentives. This reflects in the strength of the Wingbits community, and the industry is only just realizing how powerful tapping into this 100k community of aviation hobbyists can be.”
The two co-founders, Robin Wingardh and Alex Lungu, met during an Antler residency in Stockholm in 2023. Both founders are former Klarna senior leaders who combine technical expertise with startup experience.
Alex Lungu, a self-taught software engineer, started his career at Scania and later led mission-critical infrastructure teams at Klarna, developing tools used by millions worldwide. His expertise in large-scale data systems and passion for IoT led him to found Wingbits.
Whilst Robin Wingardh is a serial entrepreneur who started his career building companies at a US-based investment firm before scaling two businesses of his own. After returning to Sweden, Robin was the CEO of Aqua Nobel before joining Klarna to lead commercial teams handling portfolios of large Klarna merchants.
Oscar Westergård, Partner at Antler, comments, “Robin and Alex are a world-class founding team who have identified a truly unique application for blockchain technology. They are empowering an overlooked, but deeply engaged, community to create the world’s best flight tracking network. This will lead to real improvements across the global aviation industry. We are delighted to have backed Wingbits from day zero and have every confidence in their future success.”
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Read the orginal article: https://arcticstartup.com/wingbits-raises-e3-1m/
