Irys secures $8.9m to ‘accomplish the next phase of our growth’

Irys has successfully concluded a strategic funding round led by Lemniscap in an effort to improve on-chain management and combat misinformation.

Irys, previously known as Bundlr Network, is a storage layer innovator dedicated to scalable on-chain data solutions. It has processed over 1.9 billion transactions and has gained significant market traction. Irys’ goal is to improve the scalability and efficiency of on-chain data management in blockchain ecosystems.

“We are thrilled to have secured this strategic funding round, which positions us well to accomplish the next phase of our growth,” said Josh Benaron, CEO of Irys. “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 rebranded from Bundlr to reflect its updated mission and expanded focus. Irys initially focused on improving storage throughput through transaction bundling. Now, the company is also prioritizing its contributions to provenance, performance, and scalability in on-chain data, highlighting its commitment to solidifying its position in the Web3 ecosystem.

With the new funding, Irys will try to accelerate its growth and further develop its technology, solidifying its role in the future of on-chain data management.

Misinformation

The recent funding for Irys underscores its importance in addressing the widespread issue of trust and misinformation. With the rise of AI and digital content, it has become more difficult to accurately identify the source of news, data, or information. Irys allows users to securely track and confirm the origin of data, setting the stage for a future where data can be permanently stored with precise attribution, ultimately rebuilding trust in digital information.

Lemniscap’s funding validates Irys’s capabilities and influence.

“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,” said Roderik van der Graaf, Founder and Managing Partner at Lemniscap.

The recent funding round is crucial for Irys as it grows its operations and focuses on its mission. Irys is dedicated to transforming the use of data to address the changing requirements of developers and businesses.