The Morpheus Labs, a blockchain-platform-as-a-service startup, today announced that it has raised 6,200 ETH (US$6 million) in the first phase of its token sale.

The Singapore startup said in a statement that the private sale, commenced earlier this month and ended on February 24, has brought in over US$30 million in written commitments from supporters globally on a limited invitation basis.

The public sale will commence on March 24 and will conclude on April 15, 2018.

The Morpheus Labs is targeting a hard cap of US$25 million in Initial Coin Offering (ICO) and minting a total of one billion Morpheus Infrastructure Tokens (MiTx), 250 million of which will be offered in the token sale. Contributions can be made using Ethereum (ETH) at a rate of 1 ETH for 8,000 MITx tokens.

“We are confident that we will achieve this (target). We have yet to include some countries in the roll-out, which explains the limited invitation basis,” Branson Lee, founding member of The Morpheus Labs, told e27.

Following the token sale, The Morpheus Labs launched its public token generation event (TGE) that is broken into three stages. The first stage is now live and includes a 35 per cent bonus through 9th March. The second stage offers a 20 per cent bonus from 9th March through 23rd March. The final stage will not include a bonus and will run through 15th April, 2018.

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Additionally, The Morpheus Labs has signed an memorandum of understanding with Singapore-based venture builder Momentum Works to spearhead a joint collaboration on ICO projects in Asia. The collaboration will allow Morpheus Labs the access to revenue generating companies and some of the best talent in the region.

According to the founders, The Morpheus Labs helps enterprises obtain services, ideas, or tools by soliciting contributions from a wide range of partner experts and curation of crowd contribution, allowing broad aggregation of innovative ideas and solutions in a relatively short period of time.

Additionally, the utility-based platform enables enterprises to experiment, develop and deploy in-house blockchain applications quickly compared to the current installation of blockchain nodes, hiring developers and finally deploying it.