NEW YORK, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Internet of Things device management company and “Gartner Cool Vendor” Augmate today introduced the MATE token, a cryptocurrency to power IoT device security and interoperability through its Augmate Connect platform. The MATE token (Machine Access Token Exchange) was designed to allow anyone to participate in the rise of a global ecosystem of human and device connectivity, starting with the enterprise and quickly expanding to the consumer space. Rights to receive future MATEs are currently available for sale as a SAFT (Simple Agreement for Future Tokens) on SAFTLaunch.com, and will be sold in a series of offerings at decreasing discounts.
“We believe that distributed ledger technology is the future of connected device security and interoperability,” said Pete Wassell, CEO of Augmate. “Augmate was the first wearable device management platform, and we are now the first in IoT device management using distributed ledgers. The MATE token will help us fully realize this goal and grow a community to support it the future of device management.”
IoT is expected to be a $15 trillion market by 2030, yet innovation is so rapid that privacy and data are compromised at a staggering rate. Augmate Connect is designed to be a scalable solution: a new, distributed ledger device layer using smart contracts aimed at creating a secure ecosystem for device connectivity.
While at its core a blockchain-agnostic platform, Augmate Connect will start with integrating the IOTA Tangle, a blockless distributed ledger that allows interactions and transactions between devices without fees. Augmate Connect may eventually integrate other private and public blockchain protocols bringing interoperability to device management. We expect customers will activate services on the Augmate Connect platform with MATE tokens which act as fractional license-access tokens with cryptographic coupon attributes. Augmate intends to continually add services including a DApp and App Store with resources for developers. This is expected to make it easier for enterprises and consumers to manage a growing arsenal of connected devices, from one secure and streamlined platform.
Augmate was originally founded in 2014 in New York City as a B2B enterprise company specializing in wearable devices, and was recognized as a Gartner Cool Vendor in 2017. Investors include William Hickey, UPS Ventures, Simon Property Group, Tim Draper, Siemens Venture Capital, Rothenberg Ventures, and many others. For more information on Augmate and Augmate Connect, please visit www.augmate.io and https://www.saftlaunch.com/project/augmatesaft.
Note Regarding Forward Looking Statements. Certain statements and information in this communication may be deemed to be "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements regarding the completion and timing of the SAFT sale and security token offering and our planned use of any proceeds of such sale and offering, and all statements (other than statements of historical facts) that address activities, events or developments that the Company intends, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as "believe," "hope," "may," "anticipate," "should," "intend," "plan," "will," "expect," "estimate," "project," "positioned," "strategy" and similar expressions, and are based on assumptions and assessments of the Company's management as of the date hereof. The Company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance. Whether actual results will conform to expectations and predictions is subject to a variety of known and unknown risks and uncertainties, including the terms and timing of the SAFT sale. This press release is neither an offer to sell nor the solicitation of an offer to buy the SAFT or any other securities, and no offer, solicitation or sale will be made in any jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale is unlawful. The securities described herein have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
MEDIA CONTACT: Transform Group, augmate@transform.pr