Pithia, Inc., the venture capital company of The RChain Cooperative, today announces their investment of $2.4 million in smart city technology company DigitalTown, Inc., (OTC: DGTW), to grow the RChain ecosystem and massively accelerate the adoption of DigitalTown’s turnkey solutions that connect residents, visitors and merchants who can share, shop and transact locally, on web and mobile.
DigitalTown’s purpose is local but their vision is global. They’re imagining a world of “people-centric cities” where billions of citizens interacting and transacting with businesses and peers in a secure digital environment can share ownership, drive economic success and maintain full control of their identities and data. They want to incentivize residents and visitors to buy local and buy direct to reclaim economic power.
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.
“The investment in DigitalTown brings foundational services via blockchain to consumers in every day 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 has created smart city technology solutions for various cities including Miami, Nashville, London and more. The company provides a web and mobile application that empowers residents, visitors, merchants and municipalities to work together to create thriving sovereign local communities, civic engagement and digital inclusion.
DigitalTown is currently rolling out solutions in the Central Texas corridor from Austin to San Antonio. The goal is to bring blockchain enterprise solutions directly to local communities where it can spur real world adoption with consumers and local merchants.
Entrepreneur Graham Weston, who previously served as Chairman of Rackspace Hosting and resides in San Antonio, says, “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 for blockchain developers to build decentralized applications.