Census, a new startup developing a data-sharing application, is seeking equity funding to accelerate its offerings, CEO Luis Carranza told Fintech Horizons.
Census, which is based in the British Virgins Islands, is developing an application that allows users to monetize their data, Carranza said. The company is developing several modules for its application, which is now live, including driver data and TV data sharing modules, he added. In the example of driver data sharing, app users could share their data with insurers who would pay a fee for this data, Carranza said.
The company, which was founded this year, has been bootstrapped to date mainly with Carranza’s own money, he said. The company is now seeking a seed round of approximately $1,000,000 – $5,000,000 which will be used to fund the development of its app modules, accelerate its business development in order to secure a pilot with an insurer for its driver data module, and to increase its user base, he said.
Once the company has solid traction, which would be defined by a minimum of 1,000 users (ideally 5,000) and securing a pilot partner, it plans to launch a token sale to further accelerate growth, the CEO said. Census is also likely to seek additional equity financing outside of the token sale, he added. Once the company has a token, it will make it easier to facilitate data sharing transactions between parties, he said. The company is exploring EOS blockchain for its token and also elements of Census' technical stack, according to Carranza.
Depending on how much the company can raise in an ICO, Census could transform from exclusively a software company to an entity that also offers hardware components, the CEO said. If the company can raise $5,000,000 - $10,000,000 in the ICO it is likely to focus on its proprietary software. If it raises USD 15,000,000 to $30,000,000 in the ICO it could also provide proof of concept for hardware offerings, he said.
Census is considering manufacturing data sensory devices, but it is also likely to seek partnerships with existing hardware providers for these offerings, Carranza said. Eventually, the company could be an attractive acquisition target or a partner to a large hardware provider or data company, he opined.
Carranza spoke to Fintech Horizons following his company presentation at Fintech Worldwide's 3rd annual Blockchain Conference in Washington, DC. In addition to serving as CEO of Census, Carranza is also a digital strategist and CEO of Fintech Worldwide LTD.