FOAM is a private company founded in 2015, specializing in the development of spatial protocols to offer crowdsourced mapping and decentralized location services. The company's mission is to build a consensus-driven map of the world by integrating geospatial data with blockchain technology, thereby eliminating single points of failure in location verification systems.
Key Strategic Focus
FOAM's strategic focus centers on creating decentralized and fault-tolerant location services. The company has developed several key components to achieve this:
- Crypto-Spatial Coordinate: An open-source standard for embedding physical location data into Ethereum smart contracts.
- Spatial Index & Visualizer (SIV): A visual blockchain explorer that allows users to create, view, and interact with Crypto-Spatial Coordinates on a web map.
- Proof of Location: A protocol enabling decentralized networks to reach consensus on the location of objects and entities in space and time, utilizing a network of terrestrial radios operated by users.
Financials and Funding
FOAM has raised a total of $16.2 million in funding. The company's funding history includes:
- Early Stage VC (September 11, 2018): Raised $16.2 million.
- Early Stage VC (January 1, 2019): Amount undisclosed.
- Secondary Transaction - Private (September 16, 2022): Amount undisclosed.
Notable investors include Cyber.Fund, Johnny Steindorff, Placeholder Capital, 1kx, and Distributed Global.
Technological Platform and Innovation
FOAM's technological platform is distinguished by its integration of blockchain technology with geospatial data. The company's proprietary technologies include:
- Crypto-Spatial Coordinate: Facilitates the embedding of physical location data into Ethereum smart contracts.
- Spatial Index & Visualizer (SIV): Serves as a front-end for decentralized applications, enabling interaction with geospatial data on a blockchain.
- Proof of Location: Utilizes a decentralized network of terrestrial radios to verify location data, ensuring fault tolerance and eliminating single points of failure.
Leadership Team
FOAM's leadership team comprises:
- Ryan King: Co-Founder & Chief Executive Officer.
- Kristoffer Josefsson: Co-Founder & Chief Technology Officer.
- Katya Zavyalova: Co-Founder & Creative Director.
Competitor Profile
In the fintech industry, FOAM faces competition from companies offering similar services. Notable competitors include:
- Emailage: Specializes in fraud prevention and risk management solutions.
- Payveris: Provides digital payment solutions for financial institutions.
- SRS Acquiom: Offers financial and legal services for mergers and acquisitions.
Strategic Collaborations and Partnerships
FOAM has engaged in strategic collaborations to enhance its technological capabilities and market reach. Specific partnerships have not been publicly disclosed.
Operational Insights
FOAM's decentralized approach to location services positions it uniquely in the market, offering fault-tolerant solutions that eliminate single points of failure. This approach provides a competitive advantage over traditional centralized location services.
Strategic Opportunities and Future Directions
FOAM aims to expand its decentralized location services by enhancing its technological platforms and increasing user adoption. The company is focused on integrating its services with various industries that require reliable and tamper-proof location data.
Contact Information
- Website: www.foam.space
- Headquarters: Brooklyn, New York, United States
