Sirin Labs ICO Brings In $157.8 Million, Company Says
In May 2016, the company launched a mobile phone marketed as the world’s most secure phone with a tag price $14 thousand
Sirin Labs announced it had raised $157.8 million in the initial offering of its virtual coin, SRN. The Company said it will use the money to fund the development and production of a new blockchain technology-based phone, to be called FINNEY, and that the SRN can now be used to purchase Sirin Labs products as well as pre-order FINNEY devices at a reduced price.
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Tel Aviv-based Sirin Labs was founded in 2013 by Israeli-born entrepreneur Moshe Hogeg and by Kazakhstan-born businessman Kenges Rakishev. In 2016, Sirin Labs announced it raised $72 million and used the money to develop an Android device which it said was the world’s most secure phone. In May 2016, Sirin Labs launched the device, called Solarin with a tag price $14 thousand.
According to LinkedIn data, the company currently employs around 65 people, after employing around 90 people in June.
Sirin Labs announced a pivot to blockchain technology in September.