Itheum secures fresh investment from Elrond Foundation

Itheum has announced new investment from key partners, adding to the $1.5 million the Web 3 project secured in its seed round in January.

In a press release shared on Thursday, the Elrond-based decentralised data brokerage platform said the new funds were from the Elrond Foundation, Mechanism Capital, and Ascensive Assets. Other investors to have contributed to the extra funding are Skynet EGLD Capital, Woodstock, MHC Digital Finance, ZBS Capital and Spark Digital Finance.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

The fresh funding brings to $4 million the total amount of investment capital to come to the Itheum coffers, the platform noted in the announcement.

It’s been a few busy weeks for Itheum, with the extra financing deals coming hot on the news of a major partnership with Elrond.

Earlier this March, Elron confirmed the “Open Metaverse” project would expand its services via the Maiar Launchpad. The open metaverse tag befits Itheum’s push to decentralise and open up ownership and trading of personal data in the metaverse-

Mark Paul, the founder and CEO of Itheum had this to say about Itheum’s unique value proposition for the web3 data technology space:

“In a time when the world is concerned about data centralisation 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.” 

Itheum uses its technology to help avail the concept of true data ownership in a decentralised Web3 environment. With Elrond’s Internet-scale technology and Itheum’s NFMe-ID NFT technology, users can convert their personal data into assets.

The result is Data Avatars that owners can utilise in the metaverse, including monetising them by adding a metadata layer.

The Itheum team expects the project to go live on Elrond’s Maiar Launchpad this March.