Hillrise Ventures Announces Investment in Nodle
By Daniel Dal Bello, Director.
May 14, 2021–3 min read.
Hillrise Ventures today announces an investment into Nodle — a decentralised Internet of Things (‘IoT’) data network for connectivity and micropayment processing. Hillrise Ventures is the private investment arm of Hillrise Group.
With blockchain technology on the verge of mass adoption globally, the industry has generally remained desktop or laptop-based so far. Robust interfaces for mobile within blockchain have typically been a secondary priority but platforms and projects are increasingly catering to a mobile crowd. It’s not unexpected given that we are clearly moving into a mobile-first world — nearly everyone has at least one mobile device, but not everyone has a desktop or laptop computer. A mobile-first (and more) project like Nodle has a great opportunity to quickly capture market share and develop product-market fit.
Nodle began the development of its network in 2017 and has since made tremendous progress in terms of development and network growth — with more than 5 million active smartphones acting as “base stations”.
“In the past two years, we’ve built one of the world’s largest wireless networks, with 4–5 million daily active smartphones acting as base stations, connecting to 25 million to 30 million IoT devices and sensors every day, transmitting 40GB to 80GB of data in more than 100 countries and regions.”
Micha Benoliel, CEO and Co-Founder of Nodle
With the overall market for IoT devices growing exponentially, this is a small yet notable feat.
There are many networked devices within IoT that lack Wi-Fi capabilities but are networked via Bluetooth Low Energy. Nodle has been designed to work particularly with this, connecting a user’s mobile device to nearby IoT devices as they pass by. The user indirectly assists with connecting owners of said IoT devices via LTE or other methods.
Nodle runs on its own validation system for IoT data termed “Proof of Connectivity”, that rewards users (miners) for data packets between network devices and the internet. The network grows in strength according to the growth in the “number of base stations, network bandwidth and geographic coverage”, which according to the team grows by 6,000 base stations per day on average.
The rewards come in the form of the platform’s own currency named “Nodle Cash” that can be earned from both the above mining rewards and transaction fees from various network activities such as payments, governance votes, creation of smart contracts and more.
“We’re excited to support Nodle as a team truly at the forefront of blockchain-enabled IoT. There have been many projects exploring this niche over the years and we feel that Nodle’s technology and SDK will prove to be market-leading. Their Bluetooth Low Energy-powered network and track record speaks for itself.”
Daniel Dal Bello, Director of Hillrise Group
“We are excited to have Hillrise Ventures back Nodle to grow the ecosystem. Daniel and his team bring a long expertise in the crypto space together with a great support to grow our community in the region.”
Micha Benoliel, CEO and Co-Founder of Nodle
Hillrise Group supports ambitious Web3 startups with early-stage venture capital and fundamental research.
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