Quick take:
- The Series A round brings the total raised by Irys to $20 million, according to a press release shared with NFTgators.
- Irys combines a high-performance data layer with a native smart contract execution layer, enabling data to carry embedded instructions for licensing, monetization, and access control.
- Irys plans to use the funds to accelerate infrastructure expansion, strategic partnerships, team growth, and institutional adoption of datachain technology ahead of its mainnet launch.
Irys, the programmable data chain designed for data monetisation, has secured a $10 million Series A round led by CoinFund, with participation from Hypersphere, Tykhe Ventures, Varrock Ventures, Breed VC, Echo Group, Amber Group, and WAGMI Ventures.
The Series A round brings the total raised to $20 million, according to a press release shared with NFTgators.
The Irys platform combines a high-performance data layer with a native smart contract execution layer, enabling data to carry embedded instructions for licensing, monetization, and access control.
The company plans to use the funds to accelerate infrastructure expansion, strategic partnerships, team growth, and institutional adoption of datachain technology ahead of its mainnet launch.
“The data economy has a massive infrastructure problem,” said Josh Benaron, CEO and Founder of Irys. “AI companies scrape trillions of dollars worth of content while creators see nothing. Enterprises sit on valuable datasets they can’t monetize. We’re building the infrastructure that finally allows data creators to capture the value they generate, turning data that historically is stored statically, into programmable economic assets.”
Irys’ goal is to address “a fundamental inefficiency in the $3 trillion data market,” as it aims to help organisations “capture the value of data they generate.” The company has already established a network of over 80 strategic partners focused on AI use cases. It also claims to have processed over 600 million data transactions, while about 4 million active wallets engage daily on the network.
“Irys represents the infrastructure layer for the AI economy,” said Einar Braathen, Partner at CoinFund. “Where traditional approaches require piecing together multiple solutions, Irys has created unified infrastructure that makes data programmable. This is the AWS moment for on-chain data.”
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