Fridge company Zeto looks to the future through digital funding
Smart monitoring firm with global retail reach set to raise €20m in innovative cryptocurrency funding round
11 May 2018
Smart refrigeration company Zeto is set to become one of the first Irish companies to successfully raise a multi-million euro investment through what is known as 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. In an Initial Coin Offering, venture capitalists make their investments with cryptocurrency, usually Bitcoin. 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 time the ICO process end this July.
Leveraging big data and IoT (Internet of Things) technology, Zeto provides retailers around the world with a smart refrigeration platform to ensure food safety. Some of the brands already using this technology include Circle K, Dunkin’ Donuts, Lidl and Musgrave. The compoany was established in 2011 and is backed by Enterprise Ireland.
Zeto says the newly-secured funding will be used to rollout ZetoChain, a new “internet of things” solution in which temperature data is recorded in realtime and securely stored in blockchain, which is basically a secure online record. If a problem is imminent, clients are immediately alerted and preventative action can be taken. In theory, it will efficoently monitor and prevent the sale of unsafe products.
“Blockchain technology is new certainly, but it provides a solution that can deliver enormous value to the food retail sector, where we have been working with clients for many years,” says Zeto CEO, Stephen Slattery. “We understand the challenges that retailers face, and food safety is the number one issue. The use of this technology will help retailers improve efficiency, save money, protect their brand, and introduce full transparency into their cold chain.”