Overview of blockchain investing, use cases and what are some of the levers you need to pull to make a company successful

1. Introduction to Pithia
Business Strategy
Confessions of Blockchain Realist
April 2018

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4. Business Use Cases
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• Transactions are expensive and slow
§ Costs are driven out over a DLT – 30% off the top
§ Lag time for inter-agency handoffs is eliminated
• Verifying academic credentials is difficult
§ Proof-of-existence allows the subject to be verified
instantly and continuously
§ How would this affect the rental car industry?
• US Debit card market is saturated - 90%
§ To grow we need to settle micro-payments
• Lightening network
§ It’s really cool tech vs. it solves the blockchain latency
problem

5. Building a Blockchain Use Case
• Uncover
§ Get the background
§ What’s the problem you’re solving?
• Analyze
§ Break down the problem into logical pieces and steps
o They don’t need to be sequential
§ Is there a data store? If not, STOP! Not a blockchain use case
§ Market analysis
§ What do customers care about?
• Prepare
§ Where’s the earnable token?
§ Who are the parties that need to agree/collaborate?
o How will they do it?
• Satisfy
§ How will you execute? 4

6. SITA
Owned by the airline industry
• Biometric data is collected
• Passenger approves use
• A token is created
• Token is used at stops
throughout the airport
• Right to be forgotten is
enforced.
§ Passenger departs, data is deleted
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Biometric data
stored by
governments,
permissioned by
individuals
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Airports and
Airport
Services
Airlines, airports, aircraft, ground handlers,
governments, air cargo, aerospace, air navigation
service providers and international organizations
all use SITA information and communication
technology (ICT) solutions,

7. Once in a Century Event
• Cash heavy tech companies are able to
repatriate funds at lower cost
• Tens of billions are coming back to US tech
companies
• Dividends and debt payoffs are not exciting to
shareholders
• Investments in new core technologies and
funds are likely5. Top 2018 technology trends
§ Blockchain
§ Artificial Intelligence
§ Virtual Reality/Augmented Reality
§ Internet Of Things
§ VR and IOT have strong blockchain use cases
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https://seekingalpha.com/article/4135106-new-tax-bill-hits-microsoft-20bn-bill
Top Five Tech Companies with Overseas Cash
The tax bill that allows for repatriation of overseas cash (and corresponding taxes) is a boon and a burden. We
believe that tech companies will use this for R&D and investment in leading technologies.

8. More Questions To Ask
• What are the token economics?
• How will we get data into the blockchain?
• Does this require a consortium to agree to its use?
• How will we analyze the data?
• Does it perform at the speed of our business?
• What intermediaries does it remove and is that a good thing?
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#FollowtheMoney

9. Pithia - Two Metrics
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10. Core Investment Principles
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Ideas are 10%
Execution is 90%
Put foundational elements
before long term speculative
opportunities
Create Sustainable
Advantages within the
portfolio
Select Limited Partners for their
“quality of self” and the quality of
their relationships, rather than
just their ability to provide funds
Quantify and qualify
risks by market
opportunity
Only experience helps you
measure the success of a venture

11. Venture Review in Three Steps
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1. Introduction
2. Presentation
3. Due Diligence

12. Unilever buys Dollar Shave
Club
$1B – May 2016
Subscription model
11
Give us Boring

13. Pithia Snapshot
Headquarters Redmond, Wa
Founded 2017
Current Fund Size 80M CrytoTokens ~$170M USD
Fund Size Catena Fund One -$20M
Number of Funds Catena Fund One (Active)
Fund Two & Three (Planning cycle)
Target Industries • Blockchain-enabled services
• Financial Services (non-crypto)
• Hi-Tech
• Media & Entertainment
• Healthcare
Geographies • North America (primary focus)
• No limit
Investment/Deal Style • Significant minority (10 – 15% equity)
• Board and Operational Support
Key Investment Criteria • Foundational to the blockchain ecosystem
• Growth oriented
• Transformational in their industry
Website www.pithia.com
Contact Lawrence.Lerner@pithia.com 12
Select Portfolio Companies
lifeID lifeID was founded with the
vision that every person in the
world deserves to own and
control their identity.
TBA
Pithia Overview
Pithia invests in new companies developing blockchain-based
businesses, existing blockchain companies adding RChain, and
software companies, foundations, and enterprises extending their
products and business models with blockchain..
We seek out businesses that are ”tilling the soil and planting seeds”
in the overall ecosystem and in select industries. Building strong
foundations enable longer term more aspirational endeavors.

14. Thank You!
Lawrence I Lerner, CEO
Lawrence.lerner@pithia.com
www.pithia.com
Twitter: @RevInnovator
Twitter: @Pithia_funds