The UZH Start-up modum.io Raises 4.2 Million USD in 10 Minutes

modum.io - an innovative, Zürich Technopark-based, UZH start-up, pioneering the use of blockchain and IoT technology in the pharmaceutical supply chain - began its operations in April 2016 with the formation of a strategic partnership with the Communication Systems Group CSG, lead by Prof. Dr. Burkhard Stiller, CSG Lab Director and now one of modum.io's Senior Advisors, with the Department of Informatics IfI at the University of Zurich UZH. Two UZH informatics students started student theses on "Securing Goods Distribution with Smart Contracts and Sensors", guided by Dr. Thomas Bocek, CSG's Senior Researcher and now member of modum.io's Board of Directors. Further student and CSG work has addressed in the meantime security, usability, stability, and an improvement of the overall architecture, including the mobile devices' app.

The academic research that the CSG is pioneering - related to peer-to-peer networks, decentralized systems, and blockchains - has been fundamental in modum.io's development over the last months, especially since Thomas together with the first two student theses focused on designed the basic architecture and developing a minimum viable product, including IoT devices and responsive applications that work with smart contracts in the Ethereum blockchain.

Our academic partnership with the CSG has been invaluable," says modum.io CEO, Malik El Bay, and he adds that "a core team educated in leading technology has helped modum.io to have an incredibly successful first year, winning several startup competitions," such as Venture Kick Stage II and Kickstart Accelerator. modum.io's core team now includes five members who have studied at the University of Zurich and worked with the Communication Systems Group. The modum.io startup looks forward to continued collaboration with the CSG.

Since September 1, 2017 the MOD token is officially available in a public crowdsale  (termed specifically as an International Token Offering ITO, which is very similar to an International Coin Offering ICO). It was preceded by a private pre-sale, which already raised more than 1.25 Million USD. And on the first ITO day, the token sale raised 4.2 Million USD within the first 10 minutes. 

 

 

Sina Rafati Niya

News