Funding expansion for Irys's infrastructure reached $10 million in their Series A round.
London-based Irys, a programmable datachain, has successfully raised $10 million in a Series A funding round. The funding round was led by CoinFund and also included participation from Hypersphere, Tykhe Ventures, Varrock Ventures, Breed VC, Echo Group, Amber Group, and WAGMI Ventures.
The funds raised will be used to support infrastructure growth and broader adoption of Irys's technology. Irys's unique feature allows for use cases like automated licensing and programmable intellectual property rights, which could potentially address the issue of data monetization for creators.
According to Irys's CEO, Josh Benaron, AI companies are currently scraping trillions of dollars worth of content without compensating creators. The infrastructure being built by Irys aims to turn previously static data into programmable economic assets, enabling data creators to capture the value they generate.
Enterprises are reportedly sitting on valuable datasets they cannot monetize, and Irys's technology could provide a solution to this problem. Since its founding in London, Irys has raised a total of $20 million, with this round marking a significant step forward in its development.
The upcoming mainnet launch of Irys is highly anticipated, as it offers a unique feature compared to earlier datachains: it enables smart contracts to directly interact with stored data. The funding round was reported by Business Insider, and with this new investment, Irys is poised to make a significant impact in the data industry.
However, there is no information available about who led the company Irys before its Series A financing round. Despite this, the future looks bright for Irys as it continues to innovate and expand its technology to better serve data creators and enterprises alike.
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