IYK Raises $16.8 Million in Seed Funding
IYK, a web3 startup that offers tools to brands like Adidas and Johnnie Walker, has secured $16.8 million in seed funding. The round was led by A16z Crypto, with participation from investors including 1kx, Collab Currency, Lattice Capital, and gmoney.
Although the details of the seed round and valuation were not disclosed, IYK’s co-founder Ryan Ouyang confirmed the funding but declined to provide further information.
What is IYK?
IYK allows brands, musicians, and creators to build digi-physical experiences that connect the physical and digital worlds. Its products include a near-field communication chip for tokenizing physical products and events as NFTs. Additionally, IYK offers developer APIs and customizable modules for enhanced experiences.
Since its establishment in 2021, IYK has onboarded over 100 creators across various industries. To expand its user base, the company plans to launch a self-service platform for creating digi-physical experiences.
The Flexibility of IYK
IYK provides creators with flexibility by allowing them to choose between ready-to-use experiences created with no-code tools or inviting developers to customize experiences using IYK APIs. Unlike competitors such as Collect.ID or LNQ, IYK does not require consumers to sign up for an account or download their mobile app.
Growth Plans for IYK
IYK intends to hire its first business development executive as part of its growth strategy. Currently, the company has ten employees and plans to expand its engineering team in the near future.
The Meaning Behind “IYK”
The acronym “IYK” stands for “If You Know,” which is a shortened version of “IYKYK” (If You Know You Know). According to Ouyang, it represents the idea of needing to know that a chip exists behind a patch or toy, unlocking a digital universe that evolves over time and rewards user engagement.
Hot Take: IYK Empowers Brands to Connect Physical and Digital Worlds
IYK’s recent seed funding of $16.8 million demonstrates the growing interest in bridging the gap between physical and digital experiences. With its tools and technologies, IYK enables brands, musicians, and creators to create innovative digi-physical experiences that engage customers and fans. By tokenizing physical products and events through NFTs and offering customizable modules, IYK provides flexibility and empowers creators to build unique interactions. As the company expands its offerings with a self-service platform and new hires, it is poised to shape the future of brand-consumer relationships in the digital age.
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