Itheum Inches Closer to Launch, Yields $2.5 Million from Top VCs

Itheum, a multi-purpose Web3 platform for data brokerage, is going to unveil its mainnet version soon. To fuel its technical progress, the Itheum team secures additional funding.

Extra fundraising on eve of mainnet

Incubated by Dubai-based Elrond VC hub, Itheum data platform is set to change the narrative in data logistics for the Web3 era. Its mechanisms are getting closer to a full-fledged release as its team completed an additional funding round.

Led by Elrond Foundation, it also yielded contributions from Mechanism Capital, Ascensive Assets, Woodstock, Skynet EGLD Capital, ZBS Capital, MHC Digital Finance and Spark Digital Finance.

This round pushed the net volume of funds raised by Itheum over $4 million. As covered by U.Today previously, in January 2022, Itheum secured $1.5 million from VC major Morningstar Ventures.

Mark Paul, founder of Itheum, is excited about the role of recent fundraising in supercharging the progress of its ecosystem:

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

Recently, Itheum partnered with Elrond through Maiar Launchpad, a next-gen hub for DeFi and GameFi protocols.

Data brokerage for Web3 and Metaverses

Danilo Carlucci, CEO at Morningstar Ventures, adds that investing in Itheum is a prominent milestone for Morningstar’s strategy of expansion in the global crypto ecosystem:

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 is designed to change the narrative in data management for Web3 platforms. It pioneers NFMe-ID avatar technology crucial for digital ID in GameFi and metaverses.

Introduction of NFMe-ID will protect users’ data from being harvested by corporations and advance identification in decentralized gaming protocols.