Blockchain / distributed ledger technology (DLT)-based genomic sequencing platform Shivom has closed its ICO in just 15 seconds after raising $35 million, according to an email CoinReport received from Blonde 2.0, Shivom’s PR company.
Shivom aims to be the world’s largest genomic data pool on the blockchain. The platform utilizes blockchain technology and smart contracts to make certain that all genomic data shared on the platform stays secure and anonymous, while its OmiX token incentivizes users to share their data for financial gain.
In a press release on its PR firm’s website, Shivom reveals funding at the ICO was received from leading crypto venture capital funds including Ironside, Lateral, CollinStar and others.
In the platform’s integrated solution for genome data donors and patients, genomes can be sequenced and securely stored. The solution will also offer an open web-marketplace for more providers, such as insurance firms, governments, pharmaceutical firms, patient-support groups and research organizations, to add their services and apps, together with genomic data analytics to drive individualized medicine.
Shivom notes in the release that every one of the 7.6 billion people on Earth has within their genes an unparalleled code that contains the secrets to fitness, intellectual capabilities, appearance, health and ancestry, but the potential of the code has not been fully unlocked. The company says some important players have control over genomic data, and they earn pretty big profits selling it to third parties, typically without sharing the profits with the data donor. Moreover, says the platform, the players don’t inform the donors if and when their data is shared, and when it is, whether it is secure from hackers.
The company aims to break the monopolies with its decentralized platform by democratizing the processes of sharing and employing genomic data.
An additional key problem in genomic data sequencing, says Shivom, is diversity. As is the case, the majority of genomic data in public databases originates from those that can afford high-priced DNA kits, which are, consequently, unaffordable to a large number of people all over the globe. Furthermore, a huge amount of the data originates from North American and Western European populations. Shivom says it believes that complete, correct understanding of the genome is possible only with the biomedical community examining enough genome sequences that signify the whole array of natural human variation.
Shivom co-founder and CEO Dr. Axel Schumacher said, “Shivom is very pleased that within only 15 seconds of opening our ICO we reached our hard cap of $35 million.
״Now that we have secured all our funding, Shivom will be able to focus on building a great platform, and fostering strong partnerships.”
Images via press release on Blonde 2.0’s website