Kyro Digital, which says it is building infrastructure to create crypto-enabled storefronts for non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs), has closed a $10 million Series A funding round.
Kyro is blockchain agnostic, supporting multiple protocols, and as such the round saw participation from crypto venture funds from the Avalanche, Polygon, Rally and Tezos chains. Decasonic, Drive Capital and Fenbushi Capital provided strategic investments.
Users will be able to build more utility into their NFTs using its platform, Kyro said, creating digital utilities such as rewards programs, event tickets and memberships.
Kyro’s founder, Samir Arora, worked at Apple for nearly a decade, where he developed platforms for distributed applications, a precursor to layers 0 and 1 of blockchain technology. Arora was also the CEO of NetObjects, one of the first companies to offer a website editor, from 1995 to 2002.
“We still have billions of people to onboard to crypto,” he said in a press release. “We see a world in which digital assets have more utility and that physical and digital utility applications are the gateway for IP owners to provide long-term functional value beyond the current offerings on blockchains."
At the first-ever web innovator awards in 1997, CNET called Arora one of the 21 Internet Pioneers that shaped the World Wide Web.
Brad Koenig, the former global head of Goldman Sachs Technology, also participated in the round. As part of the round, he will join Kyro Digital’s board of directors.