Investment of $10M for Irys' Series A facilitates their infrastructure expansion
Irys, a unique London-based programmable datachain, has recently announced the successful completion of a Series A funding round, securing $10 million. The round was led by CoinFund, with participation from Hypersphere, Tykhe Ventures, Varrock Ventures, Breed VC, Echo Group, Amber Group, and WAGMI Ventures.
This latest funding brings Irys's total funding to $20 million since its inception in 2024. The funds raised will be utilised to support the growth of Irys's infrastructure and the broader adoption of its groundbreaking technology.
Irys offers a distinctive feature that enables smart contracts to directly interact with stored data. This innovation opens up a world of possibilities, including automated licensing and programmable intellectual property rights. The company's stated goal is to allow data creators to monetise their data, tackling the issue of trillions of dollars worth of content being scraped by AI companies without compensation.
The CEO of Irys, Josh Benaron, emphasised this point, stating, "Enterprises hold valuable datasets they can't monetise, and data, traditionally stored statically, will be turned into programmable economic assets through Irys's infrastructure."
Irys's upcoming mainnet launch is eagerly anticipated, but details about the launch have yet to be disclosed. The company's infrastructure is being built to allow data creators to capture the value they generate, revolutionising the way data is monetised.
However, no specific value or number was given for the potential monetisation of data through Irys's infrastructure. The statement did not elaborate on the use cases of Irys's technology beyond automated licensing and programmable intellectual property rights.
Despite the lack of details about new investors or additional funding, Josh Benaron reiterated his stance on the importance of Irys's mission. He highlighted the issue of AI companies scraping content without compensation and the potential for enterprises to monetise their valuable datasets through Irys's technology.
The search results do not contain information about who founded the company Irys. Regardless, the future of Irys looks promising, with its innovative approach to data monetisation and the backing of some of the industry's leading venture capital firms.
