Health Monitor — Project recap
Here we are, 10 days to Health monitor ICO’s end. It’s been a long and hectic period, working on sales and on our machine research and development. I think it’s the right time to do a recap:
Soft cap reached
I want to start with the most important ICO achievement: after a flattering pre-sale ($80k), we have been able to raise almost $400k more, letting us reach the soft cap! With so many ups and downs during the past months, we were not sure we would get to this point.
As I’ve written in a previous article, our token is not for everybody. It matches the investment needs of few investors. Still, we could find them, forgiving mass advertising and focusing on contacts and direct advertising on Twitter and Reddit.
Some details: a couple of large investors (one from the pharma sector) opted to join the shareholders’ pool (this is an option we give to any investors bringing more than $30k to the table). This is good for the project because it shows a strong commitment to company success. The only point we missed was to bring more small/micro investors into the crowd sale. This is an aspect we will consider.
With 10 days to go, we plan to raise around $100k more. Even if we are in the position to execute our strategy, we could make our marketing/sales more aggressive with those additional funds. We won’t raise much more than $600k. We are not greedy, and we prefer to protect our shareholders’ dilution. We also want to honor our dividends promise, and it would be difficult with much larger investments.
We are primarily focusing on EU and Russia. Nonetheless, we are also evaluating partnerships for other areas. We are in private talks with LATAM, USA, and Middle East players. We don’t want to rush into too many things at once, but we want to be ready to take the right opportunities.
We are constantly working on our machine with the help of the inventor (Dr. Atutov) and his research team from the University of Novosibirsk. I don’t want to get too technical here, but we successfully reduced the main component size (making it more compact and easier to move) and the device’s costs. We are also dedicating resources to detect further diseases (we will soon publish more articles).
The EU certification process, taking around 4–6 months, will start soon after the ICO’s end.
Since the ICO’s start, we chose a quality approach. We didn’t invest unreasonable sums (taking them from company development), but we preferred to do most in-house. Our first objective was to prove our technology works. We had many people questioning it, which was expected. A new device in the health space always raises concerns. We have spent hours and countless posts convincing people about the feasibility of our project. We are continuing those efforts by advertising developments.
The second marketing phase has been about project profitability. Probably, we didn’t make the proper impact on this aspect, but we didn’t want to create an unreasonable hype without a solid business foundation. It’s easy to claim profits and high dividends for new ventures/projects, but it is much more complicated to bring them in investors’ wallets. If you want to see our business plan, please contact me.
On the marketing side, for those who missed the announcement, we are now producing 12 new machines for advertising. If anyone is interested in cooperating with us, we can deal to send you a machine to bring it to local fairs/expos/etc.
Eventually, I want to discuss our participation in the Blockchain and Bitcoin fair in Malta in early December. Even if we found no local investors (expected considering the local financial services focus), we highly benefited from it. First, we proved that our machine exists and it’s for real. Second, it was a culminating moment. We were forced to finalize many tasks we were postponing to get everything ready and up to running. Finally, it was a good opportunity to strengthen the team. We are a geographically distributed team, so having the chance to spend some time together was very enjoyable.
Our team has been stable this whole time. Now we are investing:
- technical areas: we have hired 2 new scientists to fasten the machine development
- production-related aspects: scouting staff in Russia to help with production and purchasing
- marketing: scouting local people to help with machines installation
If you think you can help, contact me, and we will see if there is a match.
As you can see, lots of things are happening, and some will be announced soon. We appreciate that investors trusted our value proposition and helped to make this project a real business. Soon, you will see our Healthmonitor device in the most crowded places around you.
To learn more about our project: