Swiss-based company Smart Containers, creators of airfreight containers made with the Internet of Things (IoT) sensors and blockchain, announced in a Medium post that they have concluded the public sales of their tokens with USD 15.42 million raised out of the intended USD 40 million.

“As larger investments take time, the private sale is still ongoing with bigger tickets to be closed soon,” said the company in their announcement.

The amount raised is a cumulative of an interesting move to run two tokens concurrently–a Smarc token and a Logi token.

The Smarc tokens are sold as a securities token, and based on the white paper,  the team will be using funds raised to scale their IoT-powered containers.

Meanwhile, the Logi Coin will be a utility token meant for creating the Logi Chain, a blockchain-based logistics network that the company will develop to streamline shipment organisation and administration. Smart Containers will be opening up the ecosystem to other logistics players, and charge them for smart contract transactions using the Logi Coins.

The company also intends to create a fully autonomous container that is able to invoice itself through cryptocurrency–specifically the Logi Chain.

Smart Containers combines IoT technology with blockchain to produce airfreight containers used to store and ship food and medicine. The containers are able to track and maintain temperatures for its cargo using blockchain, and is intended to help protect against product degradation.

Currently, Smart Containers rents out two types of containers: FoodContainers which is intended for shipping food and produce, while its SmartCell containers are intended for shipping medicine.

Globally, Statista estimates that the pharmaceutical industry rakes in USD1,105 billion worldwide, while the total value of food exports is estimated to be worth USD1,351.2 billion.

Featured image via Smart Containers on Medium.