CoinFund and Hypersphere Invest £7.41M in Blockchain Startup Irys, Founded by Josh Benaron
This article covers the August 2025 Series A funding round for Irys, a London-based blockchain startup founded by Josh Benaron, which secured £7.41 million ($10 million) led by CoinFund and seven other investors.
What does Irys do?
Irys provides a programmable blockchain datachain that enables users to embed executable logic directly into data so smart contracts and AI agents can interact with on-chain datasets. Its architecture includes a Submit Ledger for initial validation, a Publish Ledger for long-term verifiable storage, term-based ledgers for configurable storage durations, and the IrysVM, an EVM-compatible execution layer that integrates with on-chain data.
Why is Irys useful?
Irys addresses limitations of existing data networks and infrastructure, which mainly store data without embedded instructions and were not built to handle the increasing demand for high-performance on-chain data; it also aims to reduce retrieval and storage costs and provide more stable pricing to support programmable data use cases.
How much did Irys raise?
Irys raised £7,410,000 in a Series A round (about $10m), led by CoinFund with participation from Hypersphere, Tykhe Ventures, Varrock Ventures, Breed VC, Echo Group, Amber Group and WAGMI Ventures.
Who invested in Irys?
The £7.41 million Series A round was led by CoinFund, a New York–based blockchain investment firm with a track record of backing early movers in decentralised infrastructure and Web3 applications. CoinFund has been active in Europe as well as the US, supporting startups that bring practical use cases to blockchain technology.
Alongside CoinFund, the round drew participation from seven other investors, including Hypersphere, Tykhe Ventures, Varrock Ventures, Breed VC, Echo Group, Amber Group, and WAGMI Ventures. Collectively, these firms represent a mix of specialist crypto funds and diversified venture backers, providing Irys with both capital and strategic networks to accelerate its growth in blockchain data management.
If you're researching potential backers in this space:
- Explore our list of blockchain venture capital firms in the UK
- Browse our directory of blockchain angel investors in the UK
Who founded Irys?
Josh Benaron, Founder & CEO: Josh Benaron is the Founder and CEO of Irys, a London-based startup he has led since March 2021. Before founding Irys, he worked as a Consultant at VantagePoint (2020–2021) and completed short internships with Found. (June 2019) and BAE Systems (June 2018). He briefly studied Computer Science at the University of Surrey (2020–2021) after completing A Levels in Maths, Computer Science, and Further Maths at Chislehurst and Sidcup Grammar School (2013–2018).
Where is Irys based?
Irys is based in London, UK.
What sector is Irys in?
Irys operates in the blockchain and data management sector, building infrastructure for programmable on‑chain data. This sector matters now because enterprises need verifiable data provenance, and because AI and smart contracts increasingly require secure, interoperable data sources.
Key trends and challenges are clear. Integration of on‑chain data with AI is accelerating. There is growing demand for EVM‑compatible high‑performance execution layers. Scalability and long‑term verifiable storage remain technical and cost challenges. Quick examples:
- Submit Ledger for initial validation and Publish Ledger for archival storage.
- IrysVM as an EVM‑compatible execution layer for programmable datasets.
- Term‑based ledgers enabling customisable retention policies.
The scale of the opportunity is large. The global blockchain market is projected to reach $160 billion by 2029 with a compound annual growth rate of about 56%. The broader enterprise data and analytics opportunity is estimated to be over $100 billion in the next few years.
For a deeper look at innovation in this space, see the blockchain startups in the UK.
They've invested in Irys
Get to know these blockchain investors
| Investor | Sector | Stage | Activity | Team | Connect |
|---|---|---|---|---|---|
 CoinFund | 2 investments investments | 13 contacts contacts | |||
 Hypersphere | 1 investment investment | more info | |||
 Tykhe Ventures | 1 investment investment | more info | |||
 Varrock Ventures | 1 investment investment | more info | |||
 Breed VC | 1 investment investment | more info | |||
 Echo Group | 1 investment investment | more info | |||
 Amber Group | 1 investment investment | more info | |||
 WAGMI Ventures | 1 investment investment | more info |
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