Upcoming ICO: food safety software already a hit ahead of ICO
A refrigeration software company plans to raise €20 million in its upcoming Initial Coin Offering.
If it manages to reach its goal, it will be one of Ireland’s first multi-million Euro investments raised through an ICO.
Zeto, the Cork-based smart refrigeration specialist has already made a strong start to its funding after raising €500,000 in its pre-sale event, attracting big brands like Dunkin’ Donuts and Musgrave, who are already using its technology.
In addition, Zeto has received a €1.7 million investment from Kernel Capital, as well as securing a commercial contract with Lidl Ireland.
Founded in 2009, the company is now rolling out ‘ZetoChain’ a blockchain based platform which it hopes will improve food safety standards, increase customer trust, reduce the risk of a PR scandal and limit potential brand damage.
Real-time monitoring of food in the supply chain
The technology will monitor the temperature of food products throughout the whole cycle, from collection, to transportation and delivery. Temperature data is recorded in real-time and stored on the blockchain. Alerts are delivered immediately to clients if there is an issue with the temperature, so they know when to take preventative action.
The cloud-based system also uses Smart Contracts for deliveries being accepted at depots and in retail outlets. Retailers will be able to scan items in store and see a full history of a product’s journey at every stage of the supply chain from production to point of sale.
Stephen Slattery, CEO and co-founder, said: “It will give retailers an end-to-end recorded solution that will help them improve efficiency, save money, protect their brand and introduce full transparency into their cold chain.”
Zeto has a vision to be known as ‘the smart refrigeration management platform’ using all the latest technology, including Cloud, Big Data Analytics and the Internet of Things.
The main ICO will start on July 9th and end on July 31st with a hardcap of 150,000,000 ZETO. ZETO tokens can be bought with Ethereum and 1 ZETO is equal to 0.10 USD.