Irys raises a total of $8.9 million in Lemniscap-led funding round

On-chain data developer Irys closed a $3.5 million funding round led by the crypto-focused venture firm Lemniscap, bringing Irys's total raised to $8.9 million. 

Framework, Primitive Ventures, Hypersphere, Permanent Ventures, EV3, Berachain co-founder Smokey the Bera, Ryan Watkins, Daniel Cheung and others participated in the funding round, according to a release shared with The Block. 

Irys, formerly known as Bundlr Network, has expanded its services beyond bundling transactions to enhance storage throughput for developing scalable on-chain data. Additionally, the platform is building infrastructure to trace and verify data in order to combat digital misinformation.

Irys intends to use the fundraise to bolster data throughput and storage efficacy, scaling the infrastructure for transaction volume and creating strategic partnerships to widen the firm's market reach, Irys CEO Josh Benaron told The Block. 

"This is the first in a series of exciting announcements from Irys," Benaron said. "Our upcoming milestones will further showcase our commitment to revolutionizing the programmable data economy and providing scalable and affordable on-chain storage. Irys users include prominent platforms like Backpack, Metaplex, Sound.xyz and Lens Protocol, all of which leverage our technology to ensure data integrity and transparency. We are thrilled to continue pushing the boundaries of innovation and look forward to sharing more groundbreaking updates soon."

In early May 2022, Irys raised $5.2 million in seed funding co-led by Framework Ventures, Arweave, Hypersphere Ventures, and Permanent Ventures. The platform has processed nearly 2 billion transactions as of publication. 

(Clarifies that the new fundraise is worth $3.5 million and a previous fundraise was $5.2 million.)