SEATTLE, Aug. 15, 2018 (GLOBE NEWSWIRE) -- Pithia, a venture capital firm in The RChain Cooperative ecosystem, today announces their investment in Lucidity to further development of the company’s technology that improves trust and transparency within the digital advertising supply chain.
The programmatic advertising space is plagued by data discrepancies, fraud, and a general lack of transparency. The result is waste and eroded trust among supply chain partners.
Lucidity aims to improve the authenticity of digital advertising analytics through a neutral, decentralized shared ledger. The company’s blockchain protocol empowers marketers to resolve data discrepancies so billing is faster, fraud is prevented by flagging fake traffic sources, waste is identified, and campaigns are optimized for performance. The funding will be used to expand the company’s operations and engineering departments as well as begin international marketing initiatives.
"Collaborating with Pithia and the RChain Cooperative supports Lucidity's mission to build the most scalable and interoperable Layer 2 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 company is a member of the Interactive Advertising Bureau Tech Lab’s Blockchain Working Group pilot program, which provides real-world environments for testing products and services using the technology. Winner of the Blockchain Startup of 2018 award by The Blocks, Lucidity has already secured a variety of customers and partners including GameStop, Viamedia, The Richards Group, Giant Spoon, and more.
As a Layer 2 solution, Lucidity created a scalable, sidechain infrastructure to handle the high processing speeds and privacy needs of digital advertising. The Lucidity sidechain implementation uses sharding to scale the system and a Plasma implementation to ensure the system remains secure.
The protocol currently runs on Ethereum and as a part of this investment, Lucidity is further positioned to be a multi- and cross-chain solution supporting Ethereum, RChain, and others. Tracking high volumes of data processed by Lucidity will showcase the scalability of RChain and will provide the necessary components for digital advertisers to move their business onto the blockchain.
“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.”
This marks the fourth recent investment by Pithia as the firm continues to develop the underpinnings of the blockchain 3.0 ecosystem. Pithia expects to close around 10 additional deals in the next 12 months in preparation of the RChain mainnet launch slated for Q4 2018.
About Pithia
Founded in 2017, Pithia is a venture capital firm in The RChain Cooperative ecosystem. With $170M in assets under management, Pithia invests in blockchain 3.0 solutions and increases enterprise adoption through strategic investments in identity, storage, supply chain, payment, and governance solutions. For more information, please visit http://pithia.com.