- Parabolic Arc
- June 2, 2023
TrustPoint Secures $2 Million in Seed Funding Round for GPS Alternative
DCVC funds the advancement of the NewSpace startup’s alternative global positioning service.
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)– TrustPoint, Inc., a startup with operations in Silicon Valley and Northern Virginia, announces that it has raised a $2M seed round from DCVC.
GPS is a ubiquitous global utility: knowing one’s location and accurate time is critical for government, commercial, and consumer applications. Still, today’s solutions are inaccurate, slow, unencrypted, and susceptible to jamming and spoofing. These shortcomings make heritage GPS and other government-owned and -operated systems insufficient for tomorrow’s safety-critical and high-precision commercial applications, such as drone delivery, self-driving cars, urban air mobility, and augmented reality.
To solve this problem, TrustPoint is developing a fully commercial Global Navigation Satellite System (GNSS) to provide advancements in service performance, security, and reliability. These improvements include better accuracy, quicker time to first fix, and anti-spoof and anti-jam capabilities, supporting US Government position and timing service resiliency as well as enabling new commercial applications.
“NewSpace startups have been successfully revolutionizing a host of space applications, like launch, earth observation and communications for the past decade,” said Patrick Shannon, TrustPoint Co-founder and CEO. “Our effort to develop a fully commercial GNSS service is the logical next step to this trend, a much-needed layer of security for today’s GPS users, and an enabler for nascent applications in the autonomous navigation sector.”
“DCVC is thrilled to support the TrustPoint team on their mission to provide an advanced and fully commercial positioning and timing service for GNSS,” said Dr. Chris Boshuizen, a Partner at DCVC. “It’s easy to imagine TrustPoint’s innovative and fast-evolving commercial service alongside government GNSS, or even as the primary solution.”
Boshuizen, former CTO and Co-Founder of Planet, led the investment and will be joining TrustPoint’s board of directors.
TrustPoint will use the seed funding to grow their engineering team, mature core technologies, and advance key partnerships.
About TrustPoint, Inc.
TrustPoint is developing a next-generation fully commercial GPS service, to achieve the performance, security, and reliability required for autonomous navigation, vital infrastructure management, and augmented reality. Learn more at www.trustpointgps.com and follow TrustPoint on social media.
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