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

Irys, previously known as Bundlr Network, is an innovator in scalable on-chain data solutions. With over 1.9 billion transactions processed, Irys has gained significant market traction. The company aims 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 on-chain.”

Irys rebranded from Bundlr to reflect its updated mission and expanded focus. Initially, the company focused on improving storage throughput through transaction bundling. Now, it also prioritizes 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 aims 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 on-chain, while combating 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.

Stay updated with the latest in the world of cryptocurrencies, investing, and finance on Global Crypto News.

Post Views: 6