📣We’re proud to announce that we have raised 550k euros from a mix of both private and institutional investors! 💪🏻
We thank them for this special goal reached.https://t.co/n9aHBNPdnq#algorand #environment #blockchain #IoT #pollution #capitalincrease #airpollution #lifestyle pic.twitter.com/tLY7TcrXYi
— PlanetWatch (@PlanetWatchsas) May 15, 2020
The company are aiming to decentralise the monitoring of air quality in order to drastically increase both the number of locations reporting data and the speed in which it relayed. With substantial network reach and real-time data, PlanetWatch believe it will be possible to have early warnings of “…pollution peaks and correlate them to potential sources.”
PlanetWatch were the first blockchain company to join INNOGEX, the business incubation centre of CERN technologies, which is a spin off from the largest fundamental laboratory in the world. CERN, probably better known as the European Organisation for Nuclear Research, is supported by heavy investment from most EU countries. Germany are expected to contribute over €230 million in 2020 and the UK will weigh in with more than €175 million.
Using the data acquisition software developed at CERN and high-performance air sensors, PlanetWatch will leverage the Algorand blockchain to create an immutable ledger of information and incentivise users with their own utility token called PLANET.
At the beginning of this year, W. Sean Ford, Algorand’s Chief Operating Officer (COO), explained that “The eco-friendliness of Algorand network makes for a natural partnership with PlanetWatch to help global populations access transparent, reliable information about air quality in their locations.”
Speaking on the raising of additional funds, PlanetWatch CEO Claudio Parrinello said, “This successful financing round enables us to pursue our unique approach to air quality monitoring, which leverages the engagement of responsible citizens together with a top-class technology portfolio.”
Algorand’s COO agreed and said “PlanetWatch’s ability to close a successful round of funding and also deliver a Minimum Viable Product demonstrates the value of their environmental solution on blockchain.”