Lattice Capital is excited to announce our investment into DIMO, a web-3 enabled crypto network that will power the world’s machine-based data economy. We believe that DIMO has the potential to change how data is collected, used, and most importantly monetized in the increasingly internet connected world. The DIMO network is focusing its initial go to market plan on the massive $10T mobility market with a particular emphasis on electric vehicles which is expected to balloon over the next 10 years as OEMs rush to electrify their fleets.
The DIMO vision will flip the script on device data monetization and will empower the individual to take control over how their data is utilized and monetized.
What is DIMO
DIMO is an open-source protocol leveraging the architecture of web-3 that will connect data producers and data consumers. Today in private beta, DIMO is providing an easy to use solution for electric vehicle owners to collect, use, and monetize the data their cars generate. Drawing inspiration from human powered 5G-network Helium, DIMO will rely on a cryptographic token to bootstrap initial growth and to govern the DIMO network with upgrades overtime. While DIMO will start with the narrow (but still large) focus of electric vehicles, the platform will provide the flexibility to expand into data from any device or service including, wearables, cell phones, environmental sensors, and more. DIMO supports 1,000 different vehicles and you can get today by pre-ordering a device for your vehicle (order here).
Why does it matter?
The amount of data being produced by humans and our machines is exploding with vehicles being one of the largest contributors. The data emitted from our devices is incredibly valuable but unless cultivated, it can’t be utilized by developers & businesses in an optimal way. To borrow a line from British Mathematician Clive Humby, “Data is the new oil. It’s valuable, but if unrefined it cannot really be used", we believe DIMO will act as a refinery in this new data economy.
DIMO’s open platform breaks down the walls surrounding the data sources, opening it up to a new class of applications across battery manufacturing, clean energy, climate, insurance, and more. Further, by leveraging a crypto-economic network, DIMO will ensure that the producers of the data are the ones to benefit not just the manufacturers vehicles & devices.
The leadership team at DIMO is a special blend of talent that spans mobility, IoT, and Crypto with experience at cross-industry heavyweights like Ford, Transdev, Waymo, Consensys, and Chainalysis. The team’s unique mixture of backgrounds combined with CEO Andy Chatam’s clarity of vision for the industry has us thrilled to be partnering with them on their journey to bring about the Trusted Machine Age, where devices work for their owners, not the companies that built them.
Token Incentivizes in the Physical World:
DIMO fits into a nascent category of crypto projects that leverage a token to incentivize action in the physical world. To date, most crypto projects have focused on modifying behavior in the digital realm. At Lattice, we believe there is significant potential to disrupt existing business categories particularly marketplace business models where previously massive amounts of venture capital were required to bootstrap the network. Why spend mountains of cash on building out supply in a network when you can incentivize early actors with a token and give them upside in its growth. DIMO is following in Helium's footsteps in this category and we are excited to hear about the next dozen crypto startups who will blaze a similar path.
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