Medical device maker NnBU Holdings is looking to support the development of its device designed to improve outcomes for babies delivered by Caesarean-section through an unusual path – the company this week revealed plans to raise $18.5 million (EU €15 million) through an “Initial Coin Offering.”
The NnBU device in development is designed to massage the torso of C-section newborns to stimulate the positive stresses of natural birth, and focuses light on the baby’s fontanel to create a “comfortable waking process for the newborn baby,” the Cyprus-based company claims. The company said that conceptual design of the system has been completed.
The NnBU baby care unit uses blockchain technology, the company said, and incorporates three functions into the blockchain which include insuring appropriate operator training, a security feature to limit maintenance to qualified individuals and recording of the exact treatment received by each baby to serve as research data.
“I myself was born through caesarean section. In my thirties I realized I was developing symptoms which studies have shown are connected to conditions typically experienced by a significant proportion of people born by C-section. This is a superb initiative that allows people to get involved with a far-reaching, long-sighted, technological innovation that is set to improve health outcomes for many children for several decades to come,” NnBU CEO Frédéric Vo Van said in a press release.
In its offering, or ICO, the company will offer cryptocurrency-based tokens beginning March 26 until April 25, with each token acting as a passive income source which entitles the holders to a share of revenue from NnBU Holdings. The company said that token holders are expected to receive income equal to 12.5% of the company’s sales, if the $18.5 million target contribution is reached.
The minimum contribution for individuals looking to become token holders is 1 Ethereum, a cryptocurrency that currently trades for $842.14, but is prone to significant fluctuation.
Funds raised in the round will be used to support further development and marketing of the device internationally, NnBU said.