Speaking to the Herald from Moscow, Read said if the money was raised it would be used to get the technology from a working prototype to a commercially releasable product.
The Time3 application, which could display HTML content but did not use a web browser, was a secure way of distributing information, he said.
"It's not a fiction, it's not vapourware, this is [a] demonstrable product," Read said.
About 160 shareholders had put close to $30 million into the venture, he said.
Read was most recently bankrupted in 2010 and remains so because the Official Assignee has objected to his automatic discharge.
The businessman said his lawyers had requested the assignee to provide evidence to justify this objection or discharge him.
Read said he did not control Time3 Global, although said he had influence as a representative of the major shareholder.
Asked whether he should have disclosed his bankruptcy on Fundable, he said: "Nobody except anybody in New Zealand thinks that's important."
Read was critical yesterday of the liquidator of Pakiri Investments, in which the Read Family Trust held a large stake, and whose shareholders were transferred to Time3 Global before its insolvency.
The liquidator, Mark Norrie, said in his latest report that the transfer of assets from Pakiri to Time3 Global had been set aside.
Read disputed this and said there was no such court ruling that ordered it.
Norrie could not be contacted for comment yesterday.
