Irys, a pioneering on-chain data developer, has successfully closed a $3.5 million funding round led by Lemniscap, a renowned crypto-focused venture firm, bringing its total funding to $8.9 million. This significant investment was joined by a robust lineup of participants, including Framework, Primitive Ventures, Hypersphere, Permanent Ventures, EV3, Berachain co-founder Smokey the Bera, Ryan Watkins, Daniel Cheung, and several others.

formerly known as Bundlr Network, Irys has expanded its services beyond transaction bundling to enhance storage throughput for scalable on-chain data. The platform is also building infrastructure to trace and verify data, combatting digital misinformation. This innovative approach has garnered significant attention, with prominent platforms like Backpack, Metaplex, Sound.xyz, and Lens Protocol leveraging Irys' technology to ensure data integrity and transparency.

According to Irys CEO Josh Benaron, the funding will be utilized to bolster data throughput and storage efficacy, scaling the infrastructure for transaction volume, and creating strategic partnerships to widen the firm's market reach. Benaron expressed his enthusiasm, stating, "This is the first in a series of exciting announcements from Irys. Our upcoming milestones will further showcase our commitment to revolutionizing the programmable data economy and providing scalable and affordable on-chain storage."

Irys has already demonstrated remarkable growth, having processed nearly 2 billion transactions as of publication. This funding marks a significant milestone in the company's journey, enabling it to continue pushing the boundaries of innovation. In early May 2022, Irys raised $5.2 million in seed funding co-led by Framework Ventures, Arweave, Hypersphere Ventures, and Permanent Ventures, setting the stage for its current success.

As the on-chain data economy continues to evolve, Irys is poised to play a leading role in shaping its future. With its commitment to scalability, affordability, and data integrity, the platform is revolutionizing the way data is stored and verified. As Benaron hinted, more groundbreaking updates are on the horizon, and the industry can expect exciting developments from Irys in the coming months.