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

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As a crypto investor with experience in the blockchain space, I’m excited about the recent funding round led by Lemniscap for Irys. I’ve been following Irys, previously known as Bundlr Network, since its early days, and I’ve been impressed by its commitment to improving on-chain data solutions and scalability.

Irys has completed a significant investment round, with Lemniscap taking the lead, aimed at enhancing on-chain administration and combating false information.

Irys, formerly referred to as Bundlr Network, stands out as a pioneer in the field of storage solutions for scalable on-chain data within the realm of blockchain technology. Boasting over 1.9 billion processed transactions and generating substantial market interest, Irys is committed to enhancing the capacity and productivity of on-chain data management systems in the blockchain industry.

As a crypto investor, I’m excited to share that Irys, the company I’m invested in, has successfully closed a funding round. This strategic investment sets us up for the next stage of growth. The confidence our investors have in our vision and our capability to onboard the world’s data onto the blockchain is evident through this investment.

Irys underwent a rebranding process from Bundlr to better align with its revised objectives and broader focus. Previously, Irys primarily aimed to enhance data storage efficiency by bundling transactions. However, the company now places equal importance on proving data provenance, enhancing performance, and ensuring scalability within decentralized data systems, underscoring its dedication to establishing a strong presence in the Web3 sector.

Using the fresh injection of funds, Irys aims to quicken its expansion and enhance its tech, cementing its position as a key player in the evolving landscape of on-chain data administration.

Misinformation

As an analyst, I’d put it this way: The latest investment in Irys underscores its significance in tackling the pervasive challenge of verifying the authenticity and reliability of information in today’s digitally-driven world. With AI and digital content increasingly shaping the news landscape and data sources, it has grown exponentially harder to pinpoint the origin of trustworthy information. Irys empowers users by enabling them to trace and authenticate the source of data with confidence, paving the way for a future where attribution is indelible, thereby restoring trust in the digital information ecosystem.

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

Roderik van der Graaf, Founder and Managing Partner at Lemniscap, expressed his enthusiasm for helping Irys make the world’s data accessible on the blockchain, all while addressing the issue of misinformation in our current society. By means of Irys’ innovative proof of provenance feature, we can accurately trace the origin of data, and we are eager to collaborate closely with the Irys team on this significant and urgent initiative.

As a growth analyst at Irys, I can assert that our latest funding round holds significant importance for us as we expand our operations and remain committed to our objective: revolutionizing how data is utilized to meet the evolving needs of developers and businesses.

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2024-06-12 17:02