Cork tech company Zeto is out to raise €20m to develop and expand its blockchain-powered food safety platform by way of an Initial Coin Offering (ICO).

Zeto wants to scale up its blockchain-powered IoT platform, ZetoChain, which uses advances in blockchain technology to monitor and control refrigerated produce along the cold chain, from the production plant to supermarket shelves.

The company provides software-as-a-service solutions for the global commercial refrigeration industry, using big data analytics and IoT technologies. With ZetoChain, it says, each point in the supply chain has its own standalone methods of monitoring the environmental factors that affect the produce.

ZetoTokens will be offered to the public in a pre-sale from 30 April  until 7 May, and anyone who buys in during that period will get a 20% discount on their tokens (or coins).

Chief executive Stephen Slattery said: “Food safety has always been a driving force behind the solutions that we have developed here at Zeto. The initial version of our platform manages hundreds of sites where people buy their food every day and helps to ensure that that food is being stored safely.

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“With the emergence of blockchain technologies, we now have the opportunity not only to ensure food safety at the point of sale but to ensure it from the moment the food is produced to when it is eventually sold. It’s a natural evolution of our platform and we are working closely with some of the most progressive health and safety managers in global retail brands to bring the platform to market as soon as possible. We will be announcing some large brands as initial clients of ZetoChain in the coming weeks, so it’s a really exciting time for the company right now.”

Applications for the ICO pre-sale will be via the ZetoChain website, where the full terms and conditions can be accessed.

Photo: Dirk Pesch (left), Head of Nimbus Centre, Sean Sherlock TD (centre) and Stephen Slattery. (Pic: Darragh Kane)