Swiss supply chain logistics start-up Modum has reportedly raised $4.2 million in the first 10 minutes of its initial coin offering (ICO).
As cryptocoinnews.com reported, the Modum ICO started on September 1. In 20 minutes, the company raised $4,2 million. The number reached $10 million, including the $1.25 million raised during a private August presale in a 5 hours period.
“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.”, as Modum CEO, Malik El Bay commented in an interview with cryptocoinnews.com.
“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.”, he explained in another quote.
Modum is located in Zurich and aims to provide an Internet of Things (IoT)-based supply chain logistics solution to help European companies comply with European Commission regulations for pharmaceutical transport, as the article noted.
According to cryptocoinnews` article, 43 different companies have tested the pilot of the Modum`s system with almost 1,000 shipments. The company forsees that the product will launch commercially during the first quarter of 2018.
Other start-ups like the Swiss supply chain logistics company Ambrosus raised $30 million from venture capital companies ahead of its public ICO. Retailer companies like Walmart and Kroger have joined an IBM working group that, like Ambrosus, uses blockchain technology with the goal to secure food supply chains. This week, shipping company Marine Transport International completed a blockchain pilot program to automate and digitize the supply chain on a decentralized distributed ledger, as cryptocoinnews.com reported last week.