Smart refrigeration company, Zeto, will be among Ireland’s first companies to successfully raise multi-million euro investment through an initial coin offering (ICO). The company, which provides real-time smart monitoring for the retail refrigeration industry, initiated the ICO process by offering a pre-sale round this week. Within a number of days, Zeto has already raised €500,000 from the crytocurrency community with investors in Brazil, Austraila, Oman, Spain among others availing of pre-sale discount. Zeto expects to raise €20 million in total by the end of the ICO process in July 2018.
Leveraging big data and IoT (Internet of Things) technology, Zeto provides global retailers with a smart refrigeration platform to ensure food safety. Circle K, Dunkin’ Donuts, Lidl, and Musgrave are among the global brands already using Zeto’s solution in sites around the world. Established in 2011, Zeto is backed by Enterprise Ireland, Kernel Capital and secured EIIS funding through BVP to develop their unique and market-proven solution.
This new round of funding by ICO will be used to roll out ZetoChain, the blockchain-enabled IoT solution which will provide enhanced security for food safety at every link in the refrigeration chain. Temperature data is recorded in realtime and securely stored in blockchain. If a problem is imminent, Zeto’s clients are immediately alerted and preventative action can be taken. Smart contracts thus prevent the acceptance of unsafe deliveries and ultimately the sale of unsafe products. The new platform will enable retailers, as well as consumers ultimately, to scan products instore and review a full history of the product from production, transport, delivery to on-shelf point of sale.
“Blockchain technology is new certainly, but this powerful new technology provides a secure solution that can deliver enormous value to the food retail sector, where we have been working with clients for many years. We understand the challenges that retailers face, and food safety is the number one issue. The use of innovative technology such as IoT in our current solutions and our insights in the commercial refrigeration market have positioned Zeto ideally to roll out blockchain enabled ZetoChain, giving 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,” said Stephen Slattery, CEO Zeto.
Initial coin offerings have quickly become a global investment mechanism, although significant challenges still remain with regards to regulation. Countries like Switzerland and Japan haven’t been leading the way in this regard. In Ireland, Zeto has been working closely with the law firm, Ronan Daly Jermyn and a ‘big 4’ accountancy firm to ensure a robust legal and financial framework for this ICO.
Applications for the ICO pre-sale will be via the ZetoChain website, where the full terms and conditions can be accessed.