Silicon Beach Report July 2: New COO at Lucidity

Yang joins Lucidity; BionicLogic gets $1.5 million; changes to Snap board

New COO at Lucidity

Lucidity, subsidiary of Marina del Rey’s KR8OS Inc., named Nikao Yang as its chief operating officer. SoCal Tech reports Yang formerly co-founded Brentwood-based AdColony Inc., before it was acquired by another software company. Lucidity builds Ethereum-based blockchain technology, and the company aims to use it to aid billing reconciliation and transparency in the digital currency market.

Games Company Raises $1.5 Million

Santa Monica-based software company BionicLogic raised $1.5 million from investors, the Business Journal reports. Five investors took part in the sale, which was made in conjunction with the sale of GSN Games Inc. assets to BionicLogic holding company Tactics Network. BionicLogic was founded one year ago and employs 10 people. Last year, it acquired multiplayer video game provider CPMStar.

Snap’s Board Shifts

Snap Inc.’s board of directors will change, following the June 29 departure of Benchmark general partner Mitch Lasky. Lasky has opted not to be re-elected to the board despite investing in Snap, TechCrunch reports. Until recently, Benchmark was one of the largest Snap stockholders, with ownership of roughly 23 percent of Class B and 8 percent of Class A stock. After going public, Snap’s valuation has declined to $16.5 billion from $29 billion.

Tech reporter Samson Amore can be reached at samore@labusinessjournal.com or (323) 556-8335. Follow him on Twitter @samsonamore.

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