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Soar is seeking to develop the world’s first decentralised global platform for the distribution of drone data and content.

The Australian geospatial and mapping technology company is seeking to raise up to US$20 million (A$25.8 million1), with the TGE looking to raise US$15 million (A$19.4 million) through a pre-sale offering, an issue price of US$0.15 per SkyMap (SKYM) token, representing a 25% discount.

Soar will seek to raise a further US$5 million (A$6.5 million) through the public sale at a price of US$0.20 per SKYM token.

The TGE proceeds will go towards bootstrapping Soar’s blockchain technology, global marketing of its platform to users (including on-boarding of drone operators and suppliers) and hiring of additional staff and setting up physical business presence in Asia, Europe and the US.

Lateral Capital Ventures (LCV) CEO and founder, Tommy Shin, said: “Soar is entering an exciting stage as it looks to commercialise its revolutionary drone technology and prepares to launch its consumer application."

 

The use of drones and drone data continues to grow at a rapid rate, and with this uptake, the problems of having a decentralised and non-cloud-based storage continue to exacerbate.

The Soar platform is designed to offer the international community a decentralised marketplace for high quality drone footage that connects customers with content creators in a secure, trustless and distributed community leveraging blockchain technology.

Hobbyist drone operators through to professional organisations will be able to monetise unused content in a marketplace driven by the free market forces of supply and demand.

Soar offers a practical, commercially-viable solution with its technology already in use by major organisations including the military.

The TGE is being completed by an international consortium of advisors, with LCV appointed to manage all Australian activities.

Soar CEO and founder Amir Farhand said: “What we are setting out on doing with Soar is to build a compelling solution for drone technology, with a primary focus on stability and community engagement.

The blockchain further enhances this by encouraging both accountability and authenticity. Our end game is to build a dynamic super-map of the world at an unprecedented level of detail and validity using crowd sourced drone imagery."

We are really excited to have LCV on board as a partner and they bring with them an innovative approach to TGEs. The response from the investors and partners so far has been immensely positive.”

Soar intends to have its SKYM tokens available for use on its platform by June 2018.