CoinFund spearheads $10M funding round for layer 1 datachain platform Irys

Irys has successfully secured $10 million in a Series A funding round led by CoinFund, aiming to tap into the vast $3 trillion data economy.

Irys, a programmable datachain platform, aims to resolve significant inefficiencies within the $3 trillion data market. They have raised $10 million in Series A funding from notable venture capital entities.

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

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

Here’s why we’re excited to back the team that’s building a programmable datachain for decentralized storage at a low cost 🧵 pic.twitter.com/9jzwy4rXOj

— CoinFund (@coinfund_io) August 21, 2025

Focusing on the rapidly growing data economy, Irys is developing a layer 1 datachain infrastructure designed to enable users to harness the value generated by their data. The envisioned blockchain platform integrates a data layer with a native smart contracts execution layer.

This combination, alongside emerging artificial intelligence technologies, allows users to embed directives for licensing, monetization, and access control within the data, creating a design where data actively produces value for its creators.

“The data economy has a massive infrastructure problem,” stated Josh Benaron, CEO and founder of Irys. “AI companies scrape trillions of dollars worth of content while creators see nothing. Enterprises hold valuable datasets they are unable to monetize. We’re developing the infrastructure that permits data creators to capture the value they produce, transforming data that has traditionally been stored statically into programmable economic assets.”

An “AWS moment” for on-chain data

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

The Irys team intends to utilize this funding to enhance its infrastructure, expand its team, and establish more strategic partnerships, focusing on accelerating institutional adoption of the datachain economy ahead of its mainnet launch.

Einar Braathen, a partner at CoinFund, suggests that Irys could represent the “AWS moment” in the datachain ecosystem, referring to the transformative effect Amazon Web Services has had on the cloud market.

“Irys embodies the infrastructure layer essential for the AI economy,” Braathen remarked. “Where traditional methods necessitate assembling various solutions, Irys has constructed a unified infrastructure, rendering data programmable. This signifies the AWS moment for on-chain data.”