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

Irys has successfully completed a strategic funding round led by Lemniscap to improve on-chain governance and combat misinformation.

Irys, formerly 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 gained significant market traction. Irys’ goal is to increase the scalability and efficiency of on-chain data management in blockchain ecosystems.

“We are excited to secure this strategic round of financing, which positions us well to achieve our next phase of growth,” said Irys CEO Josh Benaron. “This investment is a testament to our investors’ confidence in our vision and our ability to transfer the world’s data on-chain.”

Irys has rebranded from Bundlr to reflect its updated mission and expanded focus. Irys initially focused on improving storage efficiency through process packaging. The company now also prioritizes its contributions to resource, performance and scalability in on-chain data and emphasizes its determination to consolidate its position in the Web3 ecosystem.

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

Incorrect information

The latest funding for Irys underlines its importance in solving the problem of widespread trust and misinformation. With the rise of artificial intelligence 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 provenance of data, ultimately rebuilding trust in digital information, paving the way for a future where data can be permanently stored with precise attribution.

Lemniscap’s funding confirms Irys’ abilities and influence.

“We are excited to support Irys in bringing the world’s data on-chain as we combat the spread of misinformation in today’s society. Irys enables precise attribution of data source through proof of origin, and we look forward to working closely with the Irys team on this very important and timely task,” said Roderik van der Graaf, Founder and Managing Partner of Lemniscap.

The latest round of funding is crucial for Irys as it grows its operations and focuses on its mission. Irys is committed to transforming the use of data to meet the changing needs of developers and businesses.