Inery, a decentralized data management system, has announced that it has secured an investment from web3-focused blockchain VC firm Metavest in the first week of September at the valuation of $128m.

Inery is a decentralized data management system bringing DB to Web3. It provides low-cost, reduced latency, secure, and tamper-resistant way for data management. The data management system aims to ensure users, including gamers and businesses, retain control of their data in the metaverse via owner-controlled data assets.

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Inery’s use cases can be applied to diverse sectors, including governments, enterprises, aviation, GameFi, healthcare, and metaverse. It provides a potential cross-chain solution for users to interact with their data assets in the entire metaverse domain using its DB solution. The project rolled out its first public testnet on August 10, 2022, preceding its upcoming launch and is also scheduled for listing at the end of the third quarter of 2022.

Through this funding, Inery aims to expand its use cases—particularly in GameFi, where the company seeks to explore the full potential of the booming gaming industry with verified digital ownership of assets. Additionally, Inery aims to build a space for its users to seamlessly create and share NFTs.

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Metavest has previously invested in and made strategic partnerships with several successful blockchain projects. Their investment portfolio includes Concordium, CasperLabs, Coinlist, Gala Games, Bored Ape Yacht Club, Splinterlands, Star Atlas, Duelist King, Nakamoto Games, Ember Sword, and more.

“Inery is very selective when it comes to new partnerships and collaborations. We aim to become a pillar of Web3, which is why when Metavest showed interest in our project, we were more than happy to partner with a Metaverse and NFT-focused platform. We believe that Inery and Metavest can extensively help each other reach both companies’ goals,” said Inery CEO and co-founder Dr. Naveen Singh.