The venture capital firm Pithia has recently announced an investment in Lucidity, a company aiming to improve the authenticity of digital advertising analytics through distributed ledger technology. Lucidity is a layer two solution which has created a scalable, sidechain infrastructure to handle high processing speeds and privacy needs of digital advertisers. This technology powers the Lucidity analytics platform which helps marketers resolve data discrepancies, and in-turn, reduce billing time, flag fake web traffic to eliminate fraud, and optimize advertising campaigns for performance.
How will the funds from Pithia be used?
The funding from Pithia, a firm in the RChain Cooperative ecosystem, will be used to expand the Lucidity’s operations and engineering department in addition to initiating international marketing initiatives. “Collaborating with Pithia and the RChain Cooperative supports Lucidity’s mission to build the most scalable and inter-operable layer two blockchain infrastructure to solve for pressing issues in the digital ad supply chain,” said Sam Kim, CEO of Lucidity. “Our product is live and now we are even better positioned to innovate and handle a massive volume of transactions, reduce blockchain overhead costs, and ensure privacy for our customers.”
The Lucidity protocol operates on the Ethereum blockchain, and as a part of this investment, it will develop an RChain-compatible version to further its positioning as a multi and cross-chain solution supporting Ethereum, RChain, and others. This effort will give support to RChain in attracting digital advertisers to move their business on the RChain blockchain.
Pithia views Lucidity as one of the few blockchain use cases which is market-ready, providing the firm with a great opportunity for investment. Lucidity already has a variety of partners and customers including GameStop, Viamedia, The Richards Group, Giant Spoon, and more. It also is a member of the Interactive Advertising Bureau Tech Lab’s Blockchain Working Group pilot program, providing real-world environments for testing products and services using blockchain technology.
“There’s a lot of speculation in the blockchain ecosystem but very few real-world uses,” said Pithia CEO Lawrence Lerner. “By focusing on market-ready solutions like Lucidity, we are incubating the future of the industry and supporting companies that will impact millions of businesses and consumers in the years to come.”
With $170 million in assets under management, Pithia is part of the RChain Cooperative ecosystem and seeks to invest in blockchain 3.0 solutions. The firm has a slew of recent investments which underscore their mission of investing in enterprise protocols and companies in identity, storage, supply chain, payment, and governance solutions.
Dan is a freelance cryptocurrency and blockchain content writer. He has written content for startups, ICOs, financial planners, venture capital firms, and more. Previously he founded an e-commerce company that grew to $1 million in revenue and profitability in less than 3 years. Dan has a degree in Economics and Finance from Bentley University.