Marina del Rey advertising blockchain firm Lucidity (an affiliate of KR8OS Inc.) announced Aug. 15 it completed a funding round of $5 million in total, comprised of investments from six venture capital firms.
Investors participating in the round include 3Rodeo Partners, Cypher Systems Group Inc., Pithia Inc. and Korean firm YouBi Capital.
Lucidity chief executive Sam Kim said that the company was “very proud to be the first fully realized blockchain advertising solution live and in-market,” and added that “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 will use the $5 million to continue to financing and developing its patented Layer 2 technology, which handles high processing speeds and advertising privacy requirements through blockchain. Its current clients include GameStop Corp., the Richards Group Inc. and Viamedia Inc.
“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,” Simon Shin, Managing Partner, Cypher Group said.
Tech reporter Samson Amore can be reached at firstname.lastname@example.org or (323) 556-8335. Follow him on Twitter @samsonamore.