30 Dec CEO Update, December 2017
It has only been a few short weeks since my last update on November 30th, but the holidays have the team reflecting on all that modum.io has accomplished in 2017. So, I wanted to share some of our thoughts in another update. This year has been one of incredible growth for modum.io: in January, the company closed their first major seed investment of CHF 450,000 and by September we had raised over 13 million USD through our token sale. In February, we moved into our very first office and on December 21st we took over a new space with plenty of room to further grow our team. Last but not least, we began 2017 with successful pilot projects under our belt, using a prototype based on an off-the-shelf Texas Instruments development unit, and as we enter 2018, our very own sensor has been designed, de-risked, and enters the initial stages of mass production.
As we reflect on 2017, we maintain the momentum that this year has given us. December has been a month for ensuring sustainable growth with significant time spent on goal-setting and planning, recruiting and building out our team, forming new partnerships and formalizing existing ones, and pushing our first batch of sensors through a rigorous production cycle.
Business Development & Partnerships
• Closed contracts with $5+ billion revenue company
• Closed CTI project contracts
• Newest member of the Trusted IoT Alliance
As mentioned in the last update, an important milestone was the alignment of modum’s board and the management team on goals and strategies for 2018. With a shared vision in place, we are continuing to make great progress in setting up additional pilots and collaborations with well-known, key market players, while onboarding our first customers. We remain overwhelmed by the market interest in our solution, spending significant time evaluating all interesting opportunities from potential customers, ranging from smaller enterprises to large corporations.
As an important achievement, we have closed contracts with a $5+ billion revenue logistics provider, formalizing the step-by-step integration of our solution. Currently, we are preparing a joint, official announcement of this partnership and the resulting product; we expect to disclose the name of our partner in Q1. In addition, we also closed the contractual framework for our CTI project and are thrilled by other companies’ interest in the open API.
As we recently announced, modum joined the Trusted IoT Alliance, a consortium of enterprises concerned with connecting and securing the next generation of IoT products using blockchain technology to improve trust, security, and scalability. The Trusted IoT Alliance’s mission aligns well with modum’s ambition to be blockchain enabling for real-world solutions. As its newest member, modum joins the likes of streamr, Bosch, Cisco and Gemalto among others, to pursue this agenda and to be an active stakeholder in shaping the future of trusted IOT applications.
• First 200 prototype sensors have arrived
• Mass-production of 10,000 Sensors set up
• Blockchain integration workshops set up
Our product development is progressing on schedule. The rigorous standards set out by our team and partners, led by our COO Dr. Stefan Weber, have prevented any major issues from arising in our production roadmap. We have received all 200 units as scheduled and are now stress-testing these units while finishing the set-up of the mass-production process for our next 10,000 units.
During the last week, the team signed important Quality Assurance Agreements with key suppliers and is optimizing our product development process and validation plans in anticipation of on-boarding new team members in Q1 2018.
In order to evaluate which blockchain backends suit our use case and customers best, we are organizing multiple workshops with a broad range of projects like NEM, the SAP blockchain, and others in Q1. Supporting the right set of blockchains and data management systems is key to seamlessly integrate our solution into the existing infrastructure of our customers.
• Featured application by Nordic at CES in Las Vegas
• TCL Conference
• HSG START Summit
We are constantly adding events to our calendar. Firstly, we are happy to announce that we have been selected by our component supplier Nordic Semiconductor as a featured use case at their CES booth in Las Vegas. If you are at CES, one of the world’s largest trade shows for electronic hardware, please visit us at Booth #44158 (Sands A-D) on January 11th to see our Nordic-powered prototypes.
Our team is attending the Temperature Controlled Logistics conference in London from January 30th to February 1st. Additionally, I am also looking forward to presenting a keynote at the START Summit 2018 in St. Gallen. More events will follow soon.
• Operations Manager, Embedded Systems Engineer and UX Manager hired
• New positions now open on our Careers page
• New office in Technopark
December has been a big month for recruiting. Building the modum team is integral to developing sustainable organizational growth. This month we have hired Carola, our new Operations Manager, Maryam, our newest Embedded Systems Engineer, and Andrea as our UX Manager, each starting in January to sustainably expand our internal capabilities. We are also in the process of opening several new positions. If you know anyone interested in joining modum, visit our new careers page regularly to learn more.
On December 21st, we finally moved into our new offices in Technopark. We decided to stay in Technopark in 2018 to continue to benefit from the strong start-up community that exists in the Zurich West area. Coming from a rather crowded space, our new office will boost productivity and will provide space for twice as many seats as we grow.
The MOD Token
• New community channel
The modum team is pleased to see a consistent level of excitement around the MOD token. The company benefits from this attention and we appreciate the ongoing inquiries, support, and enthusiasm from the community while we carefully evaluate and select potential business partners. Community engagement will now officially take place on our telegram channel. We look forward to having even more people join the MOD discussion here; we have over 1000 members so far!
Overall, modum has made exceptional progress in December and we will start the new year with plenty of momentum and a strong foundation to reach our ambitious goals: the successful introduction of our first product and getting significant traction in the pharma supply chain market, while exploring adjacent business opportunities.
Looking back on my first three, intense months as CEO, I am proud of the team for successfully finalizing the token sale while still reaching all major milestones in terms of customer on boarding and product development as planned. I’d like to thank everyone behind modum.io for this outstanding achievement and for the warm welcome I received. I’m very eager to continue to work with this incredible team to deliver on our commitments next year.
Lastly, from all of us at modum.io, thank you for helping us to have such an incredible year. We hope you are enjoying a happy holiday season and wish a great start into 2018!
– Simon Dössegger
December 30th, 2017