IoT startup Moeco has raised an investment of $5 million from US blockchain company Bitfury.

Moeco, which has offices in Berlin and San Francisco, uses the blockchain to build its IoT data routing platform and will now be implementing Bitfury’s Exonum protocol.

“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,” said Valery Vavilov, CEO of Bitfury.

“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,” said CEO Dmitry Gorilovskiy. The transactions are carried out using Moeco’s own Moe tokens, its own cryptocurrency, for which it will be launching an initial coin offering (ICO) later this month.

“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,” said Gorilovskiy.

“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.”

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