Pithia, Inc. Closes Investment Deal with DigitalTown, Inc.
REDMOND,Wash. , May 17, 2018 (GLOBE NEWSWIRE) -- Pithia, Inc., a venture capital company in The RChain Cooperative ecosystem, today announces their investment in DigitalTown, Inc. (OTC:DGTW) to accelerate the development of their turn-key hosted smart city solutions. Pithia invests $2.4M in the first public company to fully adopt blockchain, specifically RChain, the third generation blockchain.
As a part of the investment, Pithia CEO Lawrence Lerner and two others will join the DigitalTown Board of Directors. DigitalTown will also dedicate two developers to another Pithia portfolio company, lifeID, to bolster the company’s identity management platform development.
This marks the third Pithia investment in recent months as the company continues to advance the blockchain 3.0 ecosystem.
“The investment in DigitalTown brings foundational services via blockchain to consumers in everyday 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 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, London, and more.
“DigitalTown has a history of securing value-added investors,” said DigitalTown CEO Rob Monster. “The Pithia team are seasoned and knowledgeable 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 the DigitalTown vision of thriving, sovereign and connected communities, both online and offline.”
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 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.
About DigitalTown DigitalTown, Inc. (OTC:DGTW) powers Smart Cities to succeed in the Digital Age. The company 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. For more information please visit www.digitaltown.com. About Pithia, Inc. Founded in 2017, Pithia is a venture capital company The RChain Cooperative ecosystem. 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.
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