Blockchain-Powered Aviation Network: Wingbits Secures $5.6 Million Investment

Stockholm-based startup Wingbits has successfully raised $5.6 million in a funding round led by Borderless Capital and Bullish Capital, with additional support from Antler Global, Tribe Capital, The Spartan Group, Heartcore Capital, and SNZ Capital. The company is developing a decentralized flight tracking network that integrates blockchain technology to enhance the efficiency and accuracy of aviation data collection. By introducing financial incentives for contributors, the platform aims to expand tracking coverage in underserved regions while addressing gaps in current systems.

Blockchain-Powered Aviation Network: Wingbits Secures $5.6 Million Investment
Blockchain-Powered Aviation Network: Wingbits Secures $5.6 Million Investment

Stockholm-based startup Wingbits has successfully raised $5.6 million in a funding round led by Borderless Capital and Bullish Capital, with additional support from Antler Global, Tribe Capital, The Spartan Group, Heartcore Capital, and SNZ Capital. The company is developing a decentralized flight tracking network that integrates blockchain technology to enhance the efficiency and accuracy of aviation data collection. By introducing financial incentives for contributors, the platform aims to expand tracking coverage in underserved regions while addressing gaps in current systems.

At the core of Wingbits' innovative approach is its distributed network of contributors, who install ADS-B receivers to collect real-time flight data. Unlike traditional systems that rely on volunteer-operated antennas, Wingbits incentivizes its users by rewarding them with blockchain-based tokens. Co-founders Robin Wingardh and Alex Lungu aim to offer a transparent and scalable alternative to existing models. “The current model isn’t just exploitative – it’s inefficient,” said Wingardh, emphasizing the need for a more collaborative and equitable system for aviation data infrastructure.

The recent funding round follows a $3.5 million seed investment secured just six months ago. Since then, the company has achieved remarkable growth, scaling its network at a rate significantly faster than any other flight tracking system in history. According to Álvaro Gracia, Partner at Borderless Capital, “Wingbits is a definitive use case for DePIN. They are on track to be the largest airplane tracking network on earth thanks to their well-designed incentives and execution.”

Wingbits’ blockchain-based system operates on the Solana testnet and has already established a network of 2,100 active stations, tracking over 120,000 unique flights daily across 85 countries. The company has also received more than 2,000 pre-orders for its custom-designed DePIN hardware, which was developed in partnership with GEODNET. These cryptographically-secured ADS-B receivers address long-standing issues such as unreliable and falsified data in the aviation sector.

With air traffic volumes projected to double by 2040 and the global drone industry expected to exceed $55 billion by 2030, reliable and scalable tracking solutions are becoming increasingly critical. Wingbits is leveraging this opportunity to expand its network and refine its blockchain-powered reward system. The company’s $WINGS token not only incentivizes data contributions but also ensures that contributors are treated as essential stakeholders in the aviation data ecosystem.

The flight tracking industry, a key element of the $6 trillion aviation market, has traditionally depended on volunteer-driven networks. Companies like FlightRadar24 and FlightAware generate significant revenue by selling collected data to airlines, airports, and other organizations, while volunteers typically receive no financial compensation. Wingbits challenges this model by being the first network to directly reward contributors for their efforts.

Oscar Westergard, Partner at Antler, highlighted the company’s rapid progress, stating, “This funding round reflects the quality of the technology they are building, the level of innovation in their business model, and the speed at which they are scaling.” Similarly, Lionel Pek, an investor at Spartan Group, noted that Wingbits’ blockchain-based incentives allow the platform to scale quickly and strategically while ensuring high-quality data collection.

By rolling out its custom-designed hardware and expanding its network into underrepresented regions, Wingbits aims to redefine the standards of aviation data collection. With its mainnet launch on the horizon, the startup is poised to make a significant impact on the future of flight tracking.