Key Takeaways
- Irys secured a strategic financing round led by Lemniscap, bringing total funding to $8.9 million.
- Irys aims to combat the crisis of trust and misinformation in an era dominated by AI.
- By scaling on-chain storage to manage increased data throughput and ensure persistent storage, Irys enables users to confidently track and verify the provenance of their data.
Iris, 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.
Iris took the spotlight. With its on-chain data storage capabilities, it boasts over 1.9 billion transactions processed to date. This shows not only the ability to outperform some of the largest chains in the industry, but also the demand for such projects within the industry.
of the company Rebranding from Bundlr Network It reflects its evolution and expanded mission, emphasizing its commitment to providing provenance, performance, and scalability in on-chain data management.
The strategic funding round not only highlights investor confidence in Irys’ vision, but also highlights the platform’s critical role in combating the crisis of trust and misinformation that pervades today’s digital environment.
An era dominated by AI As digital content becomes more pervasive, the ability to accurately determine where data comes from is increasingly important. Irys solves these problems by providing solutions that help users securely track and verify data provenance and restore trust in digital information.
“This investment is a testament to the trust our investors have in our vision and our ability to bring the world’s data on-chain,” said CEO Irys. Josh Benaron said in a statement.
- Roderik van der Graaf, Founder and Managing Partner of Lemniscap, said: “We are excited to support Irys in bringing the world’s data on-chain while fighting the spread of misinformation in today’s society.
- “Irys enables accurate attribution of data sources through proof of provenance.We look forward to working closely with the Irys team to deliver on this very important and timely mission,” Roderik added.
The funding round also saw participation from other high-profile funds including Framework, Primitive Ventures, Hypersphere, Permanent Ventures and EV3, as well as prominent angel investors including: Smokey the Vera, Ryan Watkins, and Daniel Cheong. These diverse investors highlight the widespread recognition of Irys’ potential to reimagine on-chain storage and its commitment to pushing the boundaries of innovation in the blockchain industry.
The timing of this strategic funding round is particularly important as Irys continues to scale its operations and focuses on improving performance, scalability and user experience.
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