Irys Secures $10M Series A to Scale Programmable Datachain for $3 Trillion Economy

Irys, a layer 1 datachain platform, has successfully closed a $10 million Series A funding round led by CoinFund, bringing its total funding to $20 million since 2024 [1]. The investment round also saw participation from Amber Group, Hypersphere, Tykhe Ventures, WAGMI Ventures, Varrock Ventures, Breed VC, and Echo Group [2]. The capital is intended to expand Irys’s infrastructure, team, and strategic partnerships ahead of its mainnet launch.

The platform is designed to address inefficiencies in the $3 trillion global data economy by combining a high-performance data layer with native smart contract execution [2]. This unique architecture allows users to embed instructions for licensing, monetization, and access control directly into the data they generate, enabling it to actively create value for its creators. According to Irys CEO and founder Josh Benaron, the current system leaves data creators unable to benefit from the content they produce, while AI companies and enterprises extract value from large datasets without compensating the original creators [2].

Irys’s testnet, launched in January 2025, has already seen significant adoption, including over 80 strategic partners, 600 million data transactions processed, and more than 4 million active wallets [2]. The platform supports Ethereum Virtual Machine (EVM) compatibility, streamlining integration for developers and reducing reliance on complex legacy systems. This focus on accessibility and scalability is key to its potential to drive institutional adoption in the datachain economy.

Einar Braathen of CoinFund has likened Irys to the “AWS moment” of the onchain data economy [2]. He emphasized that Irys is creating a unified infrastructure layer for the AI economy, where data can be programmable and actively generate value. This approach diverges from traditional methods that require disparate solutions to manage data workflows.

The platform’s technical advantages include infinite data capacity and a predictable pricing model tied to physical storage costs, rather than token volatility [2]. These features have attracted companies with revenue-generating models, highlighting Irys’s potential to support real-world business operations within the blockchain ecosystem.

With over 500,000 community members across eight countries and partners generating hundreds of millions in combined revenue, Irys is positioned to play a foundational role as the AI economy expands [2]. The company aims to build a data infrastructure where data is not just stored but actively monetized, creating a new paradigm for data ownership and value capture.

CoinFund, the lead investor in the round, is a blockchain-focused venture capital firm that targets early-stage projects building infrastructure for the decentralized economy [2]. The firm’s portfolio includes projects across decentralized finance, infrastructure, and Web3 applications, underscoring its commitment to foundational innovation in the blockchain space.

Sources:

[1] Crypto News – https://crypto.news/coinfund-leads-10m-raise-for-layer-1-datachain-platform-irys/

[2] BlockTelegraph – https://blocktelegraph.io/irys-raises-10m-series-a-to-unlock-3-trillion-data-economy-with-first-programmable-datachain/