Web3 Startup IYK Receives $16.8 Million Investment

Web3 startup IYK has raised $16.8 million in a seed round led by Andreessen Horowitz's crypto arm (A16z Crypto). 1kx, Collab Currency, Lattice Capital and Gmoney also participated in the round. IYK helps mainstream brands create tangible digital experiences by combining digital collectibles with real-life products. The company already counts global sporting goods and footwear giant Adidas, blended whisky brand Johnnie Walker and prolific artist Tyler Hobbs among its clients.

According to the IYK website, brands embed chips into real-life products. These are then linked to a digital collection, creating digital twins. No coding experience is required to complete the process. The connection process uses near-field communication (NFC) technology, the same technology used in point-of-sale (PoS) machines.

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Web3 Startup IYK

Mainstream brands have embraced blockchain technology to build deeper relationships with their customers and fans using NFTs. Companies such as Nike, Gucci, and even global restaurant chain Starbucks have all launched products that maximise the utility of NFTs. According to the report, IYK did not disclose when it started collecting for the seed round, when the seed round closed, or even the structure of the fundraising.

IYK claims to have recruited more than 100 creatives from many industries, including fashion, music and art. It now aims to scale its user base by creating a self-service platform where users can easily create physical (physical and digital twins) experiences. According to IYK co-founder Ryan Ouyang, his company gives freedom of choice. How? It gives creators the freedom to choose between building out-of-the-box experiences with no-code tools or inviting developers to customise and extend experiences to their liking using IYK APIs.