June 12, 2024
Irys, a developer specializing in on-chain data, has successfully completed a funding round that raised $3.5 million. This round was spearheaded by Lemniscap, a venture firm with a focus on cryptocurrency, bringing the total funds raised by Irys to $8.9 million.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Irys | $8.9M | June 12, 2024 | Funding Round | $8.9M | Leminscap | Web3 |
The funding round saw participation from various entities including Framework, Primitive Ventures, Hypersphere, Permanent Ventures, EV3, Berachain co-founder Smokey the Bera, Ryan Watkins, Daniel Cheung, and others, as per a press release shared with The Block.
Previously known as Bundlr Network, Irys has broadened its services beyond just bundling transactions. It now focuses on improving storage throughput for the development of scalable on-chain data. Furthermore, the platform is developing infrastructure to trace and authenticate data to tackle the issue of digital misinformation.
Josh Benaron, the CEO of Irys, stated that the funds raised will be used to enhance data throughput and storage efficiency, scale the infrastructure to handle increased transaction volume, and establish strategic alliances to expand the company’s market presence.
About Irys
Irys is a unique provenance layer that enables users to scale permanent data and precisely attribute its origin. By tracing and verifying where data comes from, Irys paves the way to incorporate accountability into all information.
A provenance layer acts as a ledger of record for digital information, tracking the origins and modifications of data. Data on a provenance layer must be permanent, precise, and unconstrained. Irys has become the only solution to the Provenance Trilemma by ensuring that data on it is permanent, precise, and unconstrained.
Data stored on Irys is censorship-resistant and immutable, forever. Each piece of data is timestamped with a high-precision timestamp, providing a reliable sequence of events. Users can always read, write, and easily discover data at any scale, making the data fully composable.
Irys’s developer tools make it easy to add permanent data with strong provenance to your projects. All uploads to Irys are verifiable. After uploading data, you’re given a receipt that can be used by anyone to verify the data’s provenance at any time.
Website: https://irys.xyz/
X Account: https://x.com/irys_xyz
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About Investor
Investor: Leminscap
Lemniscap is an investment firm that specializes in investments in emerging cryptoassets and blockchain startups. They believe that blockchain technology will revolutionize traditional business models, leading to significant changes in the global economy. Their primary goal is to drive this transformation towards a more decentralized and transparent future.
The team at Lemniscap comprises talented individuals with backgrounds in financial markets, PE/VC, technology, and entrepreneurship. They have been involved in the blockchain space since 2014 as both investors and advisors, and they leverage their deep relationships with other participants in the ecosystem.
Location: George Town, KY
Website: https://lemniscap.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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