CoinFund Leads $10M Funding Round for Layer 1 Datachain Platform Irys

Irys has successfully raised $10 million in a Series A funding round led by CoinFund, targeting the expansive $3 trillion data economy.

Irys, a programmable datachain platform, aims to address substantial inefficiencies within the $3 trillion data market. They have secured $10 million in Series A funding from reputable venture capital firms.

As reported to crypto.news on Aug. 21, the funding round was led by CoinFund, with contributions from Amber Group, Hypersphere, Tykhe Ventures, WAGMI Ventures, Varrock Ventures, Breed VC, and Echo Group. This latest funding boosts Irys’ total capital to $20 million.

We’re excited to announce we’ve led @irys_xyz‘s $10M Series A funding round!

Here’s why we’re thrilled to support the team developing a programmable datachain for decentralized storage at an affordable cost 🧵 pic.twitter.com/9jzwy4rXOj

— CoinFund (@coinfund_io) August 21, 2025

With a focus on the swiftly evolving data economy, Irys is creating a layer 1 datachain infrastructure to enable users to leverage the value their data generates. The proposed blockchain platform combines a data layer with a layer for executing native smart contracts.

This integration, paired with emerging artificial intelligence technologies, empowers users to embed directives for licensing, monetization, and access control within the data, facilitating a system where data actively generates value for its creators.

“The data economy has a significant infrastructure challenge,” stated Josh Benaron, CEO and founder of Irys. “AI companies are extracting trillions of dollars worth of content while creators receive nothing. Enterprises possess valuable datasets they struggle to monetize. We’re building the infrastructure that allows data creators to capture the value they generate, transforming statically stored data into programmable economic assets.”

An “AWS moment” for on-chain data

Irys, which launched its programmable datachain testnet in January 2025, offers Ethereum Virtual Machine-compatible execution and has seen impressive growth, establishing over 80 strategic partnerships and processing more than 600 million data transactions. The platform also boasts over 4 million active wallets.

The Irys team plans to use this funding to improve its infrastructure, expand its workforce, and forge additional strategic partnerships, aiming to accelerate institutional adoption of the datachain economy prior to its mainnet launch.

Einar Braathen, a partner at CoinFund, believes that Irys could signify the “AWS moment” in the datachain ecosystem, likening it to the transformative influence that Amazon Web Services has had on the cloud market.

“Irys represents the foundational infrastructure crucial for the AI economy,” Braathen noted. “While traditional methods require piecing together various solutions, Irys has built a cohesive infrastructure that makes data programmable. This marks the AWS moment for on-chain data.”