Geospatial mapping technology company Soar is looking to raise $US20m through a Token Generation Event (TGE), with Lateral Capital Ventures (LCV) appointed lead manager of the Australian component.
Soar is seeking to use the raising to develop the world’s first decentralised global platform for the distribution of drone data and content.
Using the platform, both professional and hobbyist drone operators will be able to monetise unused content, similar to business models practiced by eBay, AliBaba and Getty Images.
Soar’s platform is intended to provide an easy-to-use home for drone data, standardising different video file-types and providing a convenient storage solution, with all commerce conducted over the platform backed up with blockchain technology.
The TGE will seek to raise US$20 million with a public sale at a price of US$0.20 per SkyMap (SKYM) token.
The TGE is being completed by an international consortium of advisors, with Lateral appointed to manage all Australian activities.
Soar is entering an exciting stage as it looks to commercialise its revolutionary drone technology and prepares to launch its consumer application,” LCV CEO and founder, Tommy Shin, said.
“Soar offers a practical, commercially-viable solution with significant upside, already having its technology in use by major organisations including the military,” he said.
The technology developed by Soar was initially used by several high-profile mining companies and then the United States National Geointelligence Agency, but has broad application, with the company identifying potential uses in the agriculture, environmental, logistics, insurance and even news content industries.
Soar intends to have its SKYM tokens available for use on its platform by June 2018.