SEATTLE, May 17, 2018 (GLOBE NEWSWIRE) -- DigitalTown (OTC:DGTW) today announces a $2.4M investment from Pithia, Inc., the venture capital company of The RChain Cooperative. The funds will accelerate the development of the DigitalTown technology integrating self-sovereign identity for thriving local economies as a core design principle. DigitalTown is the first public company to fully adopt blockchain, specifically RChain, the third generation blockchain.
Pithia CEO Lawrence Lerner and two others join the DigitalTown Board of Directors, while DigitalTown is partnering with a Pithia portfolio company, lifeID, to bolster the company’s identity management platform development. DigitalTown and lifeID are now working together to deliver self-sovereign identity capability to every citizen of the world at no cost.
This is the third Pithia investment in recent months as the company continues to advance the blockchain 3.0 ecosystem, comes hot on the heels of the $1M investment in DigitalTown from students from the University of California, San Diego (UCSD), via TRITON FUNDS, announced April 25, 2018.
DigitalTown CEO, Robert Monster, comments: “DigitalTown has a history of securing value-added investors. The Pithia team, led by Lawrence Lerner, are seasoned and battle-tested executives from a range of operating backgrounds. RChain is on the cutting edge of high performance distributed Internet. The combination is a potent one and allows us to accelerate execution of DigitalTown's vision for thriving, sovereign and connected communities, both online and offline."
Pithia CEO, Lawrence Lerner, adds: “The investment in DigitalTown brings foundational services via blockchain to consumers in every day businesses such as restaurant, hotels and other services,” said Lerner. “It is one more of the layers of infrastructure services bringing us another step closer to impactful, real world use cases for performant blockchains. Pithia is thoughtfully building the underpinnings of the blockchain era, and nothing is more foundational than the cities we live in and how we interact with one another.”
DigitalTown is currently rolling out solutions in the Central Texas corridor from Austin to San Antonio. Entrepreneur Graham Weston, who previously served as Chairman of Rackspace Hosting and resides is leading a high-tech urban renewal in San Antonio, comments: “We are excited to have a platform like DigitalTown. New business models like this are revolutionary and we want our ecosystem to be early adopters of this type of blockchain technology.”
DigitalTown layers on both the RChain and lifeID platforms, providing services and additional infrastructure on which blockchain developers can create decentralized applications. This investment demonstrates the true power of the blockchain and enables developers and consumers to continue to earn value for themselves.
DigitalTown is a pioneer in the use of Smart City technology and decentralized applications for cities. The company provides a web and mobile application that empowers residents, visitors, merchants and municipalities to work together to create thriving sovereign local communities. DigitalTown has created solutions for various cities including Miami, Nashville and London.
About DigitalTown, Inc.
DigitalTown, Inc. (DGTW) powers Smart Cities to succeed in the Digital Age. It provides turn-key hosted solutions to power "Digital Towns", which improve Quality of Life for residents and visitors through locally owned solutions for economic development, civic engagement and digital inclusion for cities around the world. You can download the DigitalTown App from the App Store, or visit one of our many city sites such as Austin.City to get a feel for how DigitalTown is creating value for cities around the world.
About Pithia, Inc.
Founded in 2017, Pithia is a venture capital company of The RChain Cooperative. With $170M in assets, Pithia is developing the blockchain 3.0 ecosystem and increasing enterprise adoption through strategic investments in identity, storage, supply chain, payment, and governance solutions. For more information, please visit http://pithia.com.
Contact
Rob Monster, Chief Executive Officer
+1-425-295-4564; rob@digitaltown.com
Karen Floyd, Chief Brand Officer
+34 692 336 787 karen@digitaltown.com
Disclaimer - Forward Looking Statement
Safe Harbor Language: Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act 1995. Readers are cautioned not to place undue reliance on forward-looking statements. DigitalTown, Inc. undertakes no obligation to update any such statements to reflect actual events.