On-chain data developer Irys has completed a total of $8.9 million in funding, led by Lemniscap.

ChainCatcher news, according to The Block, on-chain data developer Irys has completed a total of $8.9 million in financing, led by Lemniscap, with participation from Framework, Primitive Ventures, Hypersphere, Permanent Ventures, and others.

It is reported that Irys has expanded its services beyond bundled transactions to improve storage throughput for developing scalable on-chain data. Additionally, the platform is building infrastructure to track and verify data to combat digital misinformation.

According to the Web3 asset data platform RootData, Irys is an origin layer that enables users to expand permanent data and accurately attribute its source. By tracking and verifying the origin of data, Irys paves the way for accountability in all information. The origin layer acts as a distributed ledger for digital information, tracking the origin and modifications of data.