Elrond-based “Open Metaverse” Data Platform Itheum Lands $1.5M Seed Round

Itheum is a decentralized data platform that seeks to harness the power of blockchain technology for personal privacy and ownership. The Elrond-based company plans on creating an alternative to Facebook, Google and other social media giants with their own “open metaverse.”

Elrond is a decentralized, open-source metaverse data platform that enables the creation of virtual worlds and provides a unified API for all major VR platforms. The company has now raised $1.5M in seed funding to further develop its platform.

11th January 2022, Dubai, United Arab Emirates

Itheum has received a $1.5 million seed investment from Morningstar Ventures, which will also fund further incubation for the Elrond-based Itheum initiative in order to guarantee proper development from its early stages so that it may realize its full potential.

Itheum is the first initiative to emerge from Morningstar Ventures’ Elrond Dubai Incubator, which opened in October 2021. Morningstar Ventures has invested $15 million in the incubator to attract additional developers and ideas to the Elrond ecosystem. Elrond’s state-sharding technique enables transactions to be processed at previously unheard-of speeds, opening the path for more sophisticated goods and services based on blockchain technology and smart contracts.

Itheum sees the UAE market as the first stop on the way to establishing the world’s first decentralized multi-chain data brokerage platform, with exciting and innovative use cases ranging from enterprise-level data sharing to personal data-backed Metaverse identity technology, thanks to the team’s and investors’ strong presence in the region.

“Itheum offers a set of technologies that allow high-value data to be bridged from web2 to web3 and then exchanged peer-to-peer with no centralized middlemen,” says Mark Paul, founder of Itheum. Users may take ownership of their data and participate in the Web3 and Metaverse data economies thanks to the deployment of blockchain technology.

“After receiving interest from 100s of projects over the last three months since our announcement of our Dubai Elrond Incubator, and deep-diving on a dozen of quality projects, we couldn’t be more excited to reveal Itheum to our community,” says Danilo, CIO at Morningstar Ventures, which led the seed round. By developing consumer data products in the NFT, Gaming, and Metaverse sectors, the Itheum team has made the complicated (and important) technology problem of decentralized data ownership and trade “sexy and relevant.”

Itheum will continue to expand the infrastructure after the fundraising round in order to become the fundamental data platform for the Web3 ecosystem and the “Open Metaverse.” Users will be able to utilize the Data DEX to conduct peer-to-peer data trade, build their own virtual avatar identity based on their own data, mint personal datasets as NFTs, communicate with other data avatars, conduct cross-metaverse data trade, and align themselves with Data Coalition DAOs.

The Itheum core platform is now available on Ethereum, Polygon, and Binance Smart Chain, with plans to bring its main core implementation to Elrond in the near future, opening the way for a multi-chain, data-driven Metaverse. 

Itheum’s Background

Itheum is the world’s first multi-chain data brokerage platform that is decentralized. It has been under development for the last two years with the goal of breaking down data silos that Web2 companies have constructed and carefully guarded. Itheum believes in providing fresh value to the data’s owners. Itheum’s team understands that data is a highly transferable commodity with enormous value for its owners, thus they want to empower people by assisting them in regaining ownership of their data in the Web3 and Metaverse age.  

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Morningstar Ventures is a company that invests in startups.

Morningstar Ventures is a digital asset and blockchain technology investment business that focuses on early-stage token and equity rounds. The company is very enthusiastic in assisting the Elrond environment.

https://morningstar.ventures/  

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The “morningstar capital” is a company that has been created to build the Elrond-based “Open Metaverse” Data Platform. The platform will be used for future decentralized applications on the blockchain.

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