Eho-Tex, a technology start-up from Riga Technical University is launching an ICO to raise funds for their innovative smart-textile product for horses. The EHO company is raising $ 1,750,000 in its ICO with the help of experienced Blockchain specialists from Scandiweb.
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Specifically for EHO, the company commits to using proceedings from EHO tokens sale for product development and marketing. Then all products, mobile app premium features and any other generated value will be sold only for EHO tokens. A secondary option of paying with fiat will also be available, however proceedings on this account will be periodically channelled to the exchange for the purchase of EHO tokens without regard to its price starting with the lowest sell positions.
“For me the concept of private money and channelling all sales of the company through the token is a break-through concept that can completely change the world we live in”, shares Antons Sapriko, the CEO of Scandiweb and adds “while conventional ICOs usually represent a sale of a fraction in a protocol, what if we extend the concept of protocol to include off-chain interactions? What if we just look at any company as, say, Disneyland, which issues its private money to finance the building of the infrastructure and all the rollercoasters and then commits to issue tickets only in exchange for its the private money that was sold during ICO and proceedings were used to build everything according to the plan.” Antons Sapriko, CEO, Scandiweb
EHO team has won admission to top startup incubators and accelerators in the Nordic region as well as City Mayor prize as the most innovative product. With 60 million horses worldwide comprising an industry worth 300 billion dollars with emerging markets like China demonstrating the growth of 1,500% in horse clubs within few years capturing negligible 0.5% of the horse industry, EHO would produce $ 300 million worth of merchandise and it is not the limit. EHO is positioned to become the only source of the data so valuable for thousands of horse owners, sports clubs and horse industry service providers.
EHO is a team of two scientists, researchers and inventors, who patented smart textile technology back in 2015 and were joined by two entrepreneurs to make a successful product out of this innovation. Smart textile is a fabric with embedded sensors which measure pressure or stretch and transmit data to a mobile device. The field of application is immense, from smart socks helping you to improve your walking and running habits or to track your seating and standing time, to any sports or art e.g. piano or violin playing, where posture is the key to the mastery.