The web3 startup known as IYK has managed to secure $16.8 million in seed funding. Leading the pack in terms of investment is A16z Crypto. Other notable contributors to this funding round include 1kx, Collab Currency, Lattice Capital, and gmoney. This announcement was made by IYK itself.
Meanwhile, having previously been a participant in the a16z Crypto Startup School, IYK has quietly secured these funds. Notably, this startup accelerator program is run by the prominent venture capital firm. The specific timeline and closure details of this fundraising effort have been kept under wraps.
However, Co-founder Ryan Ouyang has chosen to refrain from providing any comments on the funding structure and valuation at this time.
What is IYK all About?
IYK’s primary mission is to empower brands, musicians, and creators by bridging the gap between the physical and digital realms. Their specialty lies in facilitating the development of digital-physical experiences.
This enables these entities to establish connections with and gratify their customer base and fan communities. Moreover, one standout offering is their NFC chip designed for tokenizing physical products and events, including the popular NFT format. Additionally, IYK extends its capabilities through developer APIs and customizable “modules.”
IYK Secures $16.8 Million Seed Round Led by A16z Crypto and Expands Digital-Physical Experiences
Notably, Since its inception in 2021, IYK has onboarded over 100 creators from diverse industries, including fashion, music, and art. To extend its reach and better serve brands and creators, the company is introducing a self-service platform.
This platform is designed to streamline the creation of digital-physical experiences. Furthermore, according to Ouyang, creators using the IYK platform have options for flexibility. They can either construct a ready-made experience using no-code tools or engage developers to enhance and customize the experience with IYK’s APIs.
Conversely, in contrast to some competitors like Collect.ID or LNQ, IYK takes a different approach. They avoid directing users into a first-party experience. Moreover, this eliminates the requirement for consumers to create accounts with IYK or download specific mobile apps.
Subsequently, as part of their growth strategy, IYK is actively seeking to hire its inaugural business development executive. Currently, IYK boasts a team of ten individuals, and Ouyang envisions expanding the engineering team in the near future.
IYK, short for “If You Know,” draws its inspiration from the acronym IYKYK, which stands for “If You Know You Know,” as clarified by Ouyang. Interestingly, this naming choice conveys the concept of requiring knowledge, the awareness that a chip is seamlessly integrated into your clothing or discreetly hidden within your toy penguin.
Lastly, it signifies the recognition that interacting with a physical product can transport you into a dynamic digital universe. This universe evolves over time and offers rewards for your active engagement.
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