Irys, the on-chain data developer formerly known as Bundlr Network, has successfully concluded a $3.5 million funding round led by Lemniscap, a prominent crypto-focused venture firm. This latest round brings Irys's total funding raised to $8.9 million.

Joining Lemniscap in this funding round were Framework Ventures, Primitive Ventures, Hypersphere, Permanent Ventures, EV3, and notable individuals including Berachain co-founder Smokey the Bera, Ryan Watkins, and Daniel Cheung. The funding underscores growing investor confidence in Irys's mission to enhance on-chain data processing and combat digital misinformation through advanced storage and verification technologies.

Originally recognized for its transaction bundling capabilities, Irys has expanded its services to significantly improve storage throughput, crucial for developing scalable on-chain data solutions. The platform is also pioneering robust infrastructure for tracing and verifying data integrity, pivotal in combating the spread of false information across digital platforms.

Josh Benaron, CEO of Irys, highlighted the strategic importance of the funding round, emphasizing plans to enhance data throughput and storage efficiency. The investment will support scaling infrastructure capabilities to handle increased transaction volumes and forge new partnerships aimed at expanding market reach.

"This funding marks the beginning of an exciting phase for Irys," stated Benaron. "Our upcoming milestones will underscore our commitment to revolutionizing the programmable data economy, offering scalable and cost-effective on-chain storage solutions. Notable platforms like Backpack, Metaplex, Sound.xyz, and Lens Protocol already rely on our technology to ensure data transparency and integrity. We look forward to unveiling more groundbreaking updates as we continue to push the boundaries of innovation."

In May 2022, Irys secured $5.2 million in seed funding co-led by Framework Ventures, Arweave, Hypersphere Ventures, and Permanent Ventures. Since then, the platform has processed nearly 2 billion transactions, cementing its position as a leader in the evolving landscape of on-chain data management.

As Irys advances towards its next phase of growth, the focus remains steadfast on advancing technology that underpins secure and reliable data management solutions in the blockchain ecosystem.