After only a short month of campaigning for the launch of the MOD token, modum.io has sold the vast majority on the first day of the public crowd sale. The token has raised over 4.2 million dollars within ten minutes. Over 1.5 million was raised within 24 hours during the private pre-sale held on August 11. Following the opening of the MOD token sale, modum.io raised $10 million in the first five hours. The startup has now raised a total of 12 million USD with the MOD token.
modum.io has 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 receive profit sharing and voting rights at predetermined milestones, proportional to the number of tokens they hold.
“The goal of the MOD token sale was to fundraise for the future development of the 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 product to market,” said Malik El Bay, CEO of modum.io.
Increasing amount of funds raised from ICOs
Initial Coin Offering also referred to as a token sale, 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 word. ICOs have become widely popular in the last few years. According to a Financial Times report, they may replace some VCs and some IPOs. In 2015, $14 Million was raised through ICOs and in 2016 this rose to $222 million, and in the first half of 2017, 56 tokens sales have already been held, raising $1.27 billion.
With the MOD token sale, modum.io becomes part of the small cohort of Swiss start-ups –comprising of companies such as Lykke, Ethereum, and Ambrosus – that have so far conducted such a fundraiser. In addition, the MOD Token sale was one of the first to accept the IOTA token after modum.io established a strategic partnership with the "blockless" distributed ledger technology provider.
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 developed sensors that record the environmental conditions a package experiences en route to its destination. Senders will be able to preprogram parameters so that they can be notified if the change in the environment that may affect the product has occurred. Use of the blockchain for auditability allows sensors to fulfill regulatory requirements and the passive nature of the monitoring system could bring about industry wide savings of $3.6 billion per annum.