Moeco, an IoT platform and hardware development startup from Berlin, today announced it received $5 million in a funding round led by the Bitfury Group – the world’s largest full-service Blockchain technology company. Founded earlier this year, Moeco is working to build a global network of cells that enable users to integrate existing IoT networks, or deploy new ones, becoming their own in-house service provider.
Valery Vavilov, the CEO of the Bitfury Group stated: “Moeco is a service platform that enables customers to deploy citywide IoT networks using Blockchain technology, and the Bitfury Group provides a full range of Blockchain services and solutions that can help them do just that. Together, I believe Moeco and Bitfury will make great progress in bringing IoT devices to the Blockchain.”
To achieve its business goals, Moeco plans to use Bitfury’s Exonum, a new protocol that helps businesses move, manage and secure data and assets.
Dmitry Gorilovskiy, Moeco’s founder and CEO, explained: “Moeco’s goal is to ‘uberize’ IoT connectivity by delivering data to the right place in a secure way and making sure the gateways are compensated fairly. The p2p nature of the underlying blockchain technology will help us scale the system quickly and efficiently. This is why we are especially excited about our decision to use Bitfury’s Exonum protocol. Exonum is at the core of the Moeco platform. This round of investment will help us speed up the trials with core clients in retail and smart city areas and bring in more resources for Exonum’s development at the same time.”
Moeco enables device manufacturers to become global service providers, meaning that IoT devices will work anywhere, without limitations and the need to forge a patchwork of complicated contracts with carriers.