Itheum lands fresh funding from Elrond Foundation, Mechanism Capital, others as it gears for launch
Just last week, we wrote about Itheum after the startup announced the plan to transform data into metaverse assets using Elrond’s internet-scale blockchain infrastructure. It was part of the company’s effort to enhance metadata for individual Metaverse avatars. Itheum continues to gain momentum as it gears for launch and investors are paying close attention.
Today, Itheum announced it has received new investment from Elrond, Mechanism Capital, and other crucial investors in the crypto and blockchain space. The funding extends the earlier $1.5 million round funded by Morningstar Ventures which incubated Itheum via their Elrond Dubai Incubator.
Itheum continues to turn heads in the cryptocurrency and blockchain world. The data brokerage project for Web3 development has secured additional funding from numerous prominent VCs and investors.
The extra funding notes participation from the Elrond Foundation, Mechanism Capital, Ascensive Assets, Woodstock, Skynet EGLD Capital, ZBS Capital, MHC Digital Finance, and Spark Digital Finance. Thanks to this extra financial injection, Itheum has now raised $4 million in funding, enabling the team to push the boundaries of how personal data can be owned and traded in the Metaverse.
The new investments mark another significant milestone for the Itheum team. Additionally, Itheum recently partnered with Elrond to become part of its ecosystem through the Maiar Launchpad, bringing its service to more users and developers.
Mark Paul, Founder of Itheum comments on the news: It’s been an exciting few months for Itheum, with our web3 data technology establishing a unique value proposition for a decentralized, open metaverse. In a time when the world is concerned about data centralization and data exploitation, Itheum provides a much-needed opportunity for change – a vision that is shared by our amazing investors with whom we are glad to now share this journey.
Danilo Carlucci, CEO at Morningstar Ventures added: We are excited about this new batch of fresh investors that will help us support Itheum long term, and seeing them aligned with the strong conviction we have had in them, provides many opportunities.
Itheum lets users control their personal data as assets with the help of Elrond’s internet-scale blockchain technology. Data conversion to assets occurs via the NFMe-ID NFT technology, establishing “soulbound” Data Avatars to use in the Metaverse.
Enabling users to add a metadata layer to their avatars enhances the personal Web3 experience and unlocks a naturally recurring revenue stream for the Metaverse economy. Itheum’s go-to-market strategy in the highly hyped web3 gaming industry is also amassing strong interest, as they use their NFMe-ID avatar technology to spawn “player passports” that enable the millions of gamers around the world to own their player data and earn new income via an exciting “share-data-to-earn” dynamic.
More importantly, NFMe-ID technology is a crucial catalyst for end-user adoption of the Metaverse. Simultaneously, it allows data consumers to gain more valuable and accurate data sets at competitive prices, aligning the values of Web3 users and data consumers.
Itheum is the world’s first decentralized multi-chain data-brokerage platform powered by the Elrond blockchain. It has been in development for the last three years with a vision to unlock data silos created and closely guarded by Web2 organizations. Itheum’s team recognizes that data is a highly tradable asset with immense worth for its controllers and aims to help users own and trade their data in the Web3 and metaverse era.