Irys raises $8.9 million in a funding round led by Lemniscap

On-chain data developer Irys closed a $3.7 million funding round led by the crypto-focused venture firm Lemniscap. The company has expanded its services beyond bundling transactions to enhance storage throughput for developing scalable on-chain data, and is building infrastructure to trace and verify data in order to combat digital misinformation. The fundraise will be used to bolster data throughput and storage efficacy, scale the infrastructure for transaction volume, and create strategic partnerships to widen the firm's market reach.