modum.io wins over investors
Zurich/St.Gallen – modum.io brought in $10 million in just five hours and will use the new funds to advance its blockchain solution for supply chains in the pharmaceutical industry. The University of St.Gallen is involved in developing the system.
The modum.io system aims to revolutionize supply chains in the pharmaceutical industry by means of blockchain technology and the Internet of Things (IoT). Using sensors that can accurately measure environmental conditions during delivery of products, it makes it possible to precisely track a product’s route.
The system is being developed in partnership with the University of St.Gallen and the University of Zurich. To further drive its development, the company launched an Initial Coin Offering (ICO). These are used in the blockchain world as a new way of raising funds.
The ICO was highly successful in the first few hours alone. According to an article by startupticker.ch, modum-io raised $10 million with its tokens in the first five hours. $1.5 million had already been raised at a private pre-sale earlier in August.
Token holders will receive profit sharing and voting rights when certain milestones are achieved.