Irys has successfully completed a strategic financing round led by Lemniscap in an effort to improve supply chain management and combat disinformation.
Irys, formerly known as Bundlr Network, is a storage layer innovator dedicated to scalable on-chain data solutions. It has processed more than 1.9 billion transactions and 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 realize 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 has been 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 on-chain data provenance, performance and scalability, underscoring its commitment to solidifying its position in the Web3 ecosystem.
With the new funding, Irys will look to accelerate its growth and further develop its technology, solidifying its role in the future of on-chain data management.
Disinformation
The recent funding for Irys underlines its importance in tackling the widespread problem 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 origins of data, paving the way for a future where data can be permanently stored with accurate attribution, ultimately restoring trust in digital information.
Lemniscap’s financing confirms Irys’ capabilities and influence.
“We are excited to support Irys in bringing data to market around the world as we fight the spread of misinformation in today’s society. Irys enables accurate attribution of data provenance 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 critical for Irys as the company expands its operations and focuses on its mission. Irys is committed to transforming the use of data to meet the changing demands of developers and businesses.