Bloomberg reports Wenn Digital Inc., the company licensing Eastman Kodak Co.‘s name, is seeking $10 million to $40 million from accredited investors starting May 21. The initial coin offering for the KodakOne coin has raised $3.25 million from three institutional investors so far and Wenn management expects to raise an additional $6.75 million in a second round of funding that should close May 18.
“An additional $10 million is what our business plan requirement is,” Cam Chell, co-founder of KodakOne, said in a phone interview. “We think ideally a total of an additional $40 million is the number we’d like to target.” The last leg of the offering, first announced in January, will close after about a month, he said.
Full press release below
KODAKOne Platform SAFT/KODAKCoin Token Offering to Commence May 21, 2018
Los Angeles, CA, May 10, 2018 (GLOBE NEWSWIRE) — WENN Digital, Inc., the developer of the KODAKOne Image Rights Management Platform (KODAKOne Platform), a blockchain-based image rights management and protection platform, announced that the full $1.00 round of its offering of Simple Agreements for Future Tokens (SAFTs) and the underlying KODAKCoin Token will officially commence on May 21, 2018. The offering will be facilitated through Cointopia (www.cointopia.com) and managed via Pickwick Capital Partners, LLC and Exemplar Capital, LLC, both FINRA-member firms and SEC-registered broker-dealers.
KODAKOne Platform is an image protection, monetization and distribution platform secured in blockchain, which is expected to launch a beta program in late 2018, will provide an image marketplace where users can buy, sell and trade photos based on licensing terms and conditions – serving as a one-stop shop for photographers’ management, protection and distribution needs. The platform will create an encrypted ledger of rights ownership for photographers to protect, manage and monetize their new and archived works – making it significantly cheaper and faster to register, move and sell their digital images.
“We are excited to offer the SAFT and the rights to the underlying KODAKCoin Token in a manner structured to fully comply with an exemption to the SEC’s registration requirements,” said Jan Denecke, CEO of WENN Digital. “Our goal with this offering is utmost security and transparency, working to bring digital tokens to investors by adhering to industry best practices and in a manner that we hope instills public confidence in the crypto space.”
“An estimated 1.2 trillion photos were uploaded to the web in 2017 alone – many without copyright holders’ permission. And as a result, today’s photographers have been left with more work to do, and less compensation to show for it,” said Cam Chell, chairman, co-founder and co-architect of KODAKOne Platform. “By pairing blockchain technology with KODAKCoin Tokens, KODAKOne Platform will provide a licensing platform that enforces copyright compliance and tracks the usage of images – giving photographers more control over licensing, while at the same time creating a creative community and a comprehensive marketplace that meets all their image and related needs.”
More information about KODAKOne Platform’s features and capabilities can be found at www.kodakone.com.
About WENN Digital
WENN Digital, a brand licensee of Eastman Kodak Company, is the creator and operator of the KODAKOne Platform and the KODAKCoin Tokens. WENN Digital and its advisors are an experienced development and operations team with expertise in proprietary blockchain development, big data, copyright law, AI-enabled image recognition and post-licensing monetization systems.
Cointopia is an ICO management platform, founded by a seasoned team of successful technology and business veterans. The company is also backed by the biggest names in the technology industry, including Brock Pierce, Gil Penchina, Mark Pincus, Michael Arrington, Jeremy Gardner, Richard Titus, Michael Terpin, Sonny Singh, Mike Costache and Roger Lim.