Key Takeaways
- Irys has secured a strategic funding round led by Lemniscap, bringing total funding to $8.9 million.
- Irys aims to combat the crisis of trust and misinformation in AI-dominated era.
- By scaling onchain storage to manage increased data throughput and ensure permanent storage, Irys empowers users to confidently trace and verify data origins.
Irys, formerly known as Bundlr Network, has closed a strategic funding round led by Lemniscap, a prominent venture capital firm specializing in blockchain investments. This latest funding round brings Irys’ total funding to $8.9 million.
Irys has garnered attention for its capability to onchain data storage, boasting over 1.9 billion processed transactions to date. This showcases not only its capability to surpass some of the largest chains in the industry but also the demand for such projects within the industry.
The company’s rebranding from Bundlr Network reflects its evolution and expanded mission, emphasizing its commitment to delivering provenance, performance, and scalability in onchain data management.
The strategic funding round not only underscores investor confidence in Irys’ vision but also highlights the platform’s crucial role in combating the crisis of trust and misinformation prevalent in today’s digital landscape.
In an era dominated by AI and rampant digital content, the ability to accurately attribute the origin of data has become increasingly vital. Irys addresses this challenge by enabling users to trace and verify data origins securely, offering a solution that could restore trust in digital information.
“This investment is a testament to the confidence our investors have in our vision and our ability to bring the world’s data onchain,” Irys CEO Josh Benaron said in a statement.
- Roderik van der Graaf, Founder and Managing Partner at Lemniscap, commented, “We are excited to support Irys in bringing the world’s data onchain, while combatting the proliferation of misinformation in today’s society.
- “Irys is enabling precise attribution of data origin through proof of provenance, and we look forward to working closely with the Irys team on this very important and timely mission,” Roderik added.
The funding round also saw participation from other notable funds including Framework, Primitive Ventures, Hypersphere, Permanent Ventures, and EV3, as well as prominent angel investors such as including Smokey the Bera, Ryan Watkins, and Daniel Cheung. This diverse range of investors underscores the broad recognition of Irys’ potential to reshape onchain storage and its dedication to pushing the boundaries of innovation in the blockchain industry.
The timing of the strategic funding round is particularly significant for Irys as the company continues to expand its operations and focus on enhancing performance, scalability, and user experience.
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