Lucidity Announces $5 Million Strategic Funding Round
3Rodeo, CoinUs, Cypher Group, Pithia, and YouBi Capital back first-to-market blockchain solution for transparency in digital advertising
Lucidity, the digital advertising blockchain protocol to deliver transparency and trust, today announced the close of their strategic funding round, with over $5 million in total participation from a group comprising: 3Rodeo, CoinUs, Cypher Group, YouBi Capital, and Pithia, a venture capital firm part of the RChainecosystem.
With this investment, Lucidity will expand its team and continue to spearhead development of its Layer 2 technology – a scalable, sidechain infrastructure to handle the high processing speeds and privacy requirements of programmatic advertising. It also further positions Lucidity as a multi- and cross- chain solution capable of supporting Ethereum, RChain and others. Lucidity’s ability to process massive volume of transactions, reduce blockchain overhead costs, and ensure privacy for its customers are unique for a blockchain platform in digital advertising.
“We are committed to investments that support a healthy blockchain ecosystem for the long term,” said Simon Shin, Managing Partner, Cypher Group. “The sheer number of advertisers and members of the advertising supply chain that could take advantage of Lucidity’s technology today makes them an ideal partner. We are excited to see what further developments of Lucidity’s Layer 2 technology will produce, and how many more companies and categories around the world it can help.”
“We’re very proud to be the first fully realized blockchain advertising solution live and in-market,” said Lucidity CEO Sam Kim. “But getting the protocol established was just the beginning, and strategic partnerships we announced today will help us to keep innovating, reduce fraud and bring much needed transparency and trust to the industry and deliver real ROI.”
Lucidity is a member of the Interactive Advertising Bureau Tech Lab’s Blockchain Working Group, which recently announced its inaugural blockchain pilot program the first of which are live campaigns verified by Lucidity’s Layer 2 technology. Lucidity has already secured a variety of customers and pilot partners including GameStop, Viamedia, The Richards Group, Giant Spoon, and more. Lucidity was recently awarded Blockchain Startup of 2018 by The Blocks Awards and is nominated for Best Marketing Analytics/Attribution Platform in the Digiday Technology Awards.