modum.io announces that its ITO has raised over 10 Million USD within 5 hours of opening on Friday, September 1, 2017. The first two of the three investment tiers are now full, leaving 6 Million tokens remaining for purchase.
September 1, 2017, Zurich, Switzerland – After only a short month of campaigning for the launch of the MOD Token, modum.io has sold the vast majority in the first day of the public crowdsale. The token sale raised over 4.2 million USD within 10 minutes. Over $1.25 million was raised within 24 hours during the private pre-sale held on August 11th. In total, the one-year-old Swiss start-up has raised over 10 Million USD with their MOD Token.
The modum.io system, developed in partnership with the University of Zurich and the University of St.Gallen, is implementing blockchain and Internet of Things technology within the pharma supply chain. modum.io has developed sensors that record the environmental conditions a package experiences en route to its destination. Senders will be able to pre-program parameters so that they can be notified if a change in the environment that may affect the product has occurred. Use of the blockchain for audit-ability allows this sensor to fulfill regulatory requirements, and the passive nature of the monitoring system could bring about industry wide savings of $3.6 billion per annum. The MOD Token sale will be used to bring modum’s innovative supply chain solution to market.
A token sale, often referred to as an Initial Coin Offering (ICO), is the sale of coins or tokens as a method of fundraising used within the blockchain community. Tech start-ups are embracing ICO’s as a new way to raise money outside of the traditional Venture Capital world.
ICO’s have become wildly popular in the last year, Financial Times reports that they may replace some VC’s and some IPO’s. In 2015, 14 million USD was raised through ICO’s, in 2016 this rose to 222 million USD, and in the first half of 2017 56 token sales have already been held, raising 1.27 billion USD. (1)
modum.io is in a very small cohort of less than five Swiss start-ups to conduct an ICO or token sale. They have made 20.1 million MOD tokens available for purchase out of the total 30 million tokens to be minted, the remainder will be held for profit sharing. Token holders will enjoy profit sharing and voting rights at predetermined milestones, proportional to the number of tokens they hold.
Modum.io’s CEO, Malik El Bay, explains:
“The goal of the MOD Token sale was to fundraise for the future development of modum.io. We are thrilled to have such a positive response and look forward to the feedback from our cryptocurrency backers at our predetermined milestones over the next few years. We have a solid product with several successful pilot tests completed, a working hardware prototype, a strong team of developers, a handpicked team of advisors, and soon we will have the funds to bring our innovative product to market.”
Located in Zurich, between the “Crypto Valley” in Zug and Basel, a hub for major pharma players, Modum is well positioned to bring their system to market. modum.io works from Technopark, a well-established centre for tech start-ups and innovation in Switzerland. The company benefits from strategic partnerships with the University of Zurich and the University of St. Gallen and industry partners, including Schaer Pharma, Variosystems, and Lykke Corp.