Inery, a UAE-based decentralized data management system, has secured an investment from web3-focused blockchain VC firm Metavest at the valuation of $128m to bring DB to Web3.
Inery provides low-cost data management system to ensure users, including governments, enterprises, aviation, GameFi, healthcare retain control of their data in the metaverse via owner-controlled data assets.
According to Inery CEO and co-founder Dr. Naveen Singh, “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.”
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.
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.
Recently, Simon Murray, the founder of Orange Telecom and ex-Chairman of Glencore joined Inery Blockchain as Chairman. Murray is an ex-chairman of Glencore, ex-head of Deutsche Bank in Asia, ex- group MD of Hutchison Whampoa Limited, present executive director of General Enterprise Management Services Ltd (GEMS).
Having global business experience across countries like Singapore, USA and Hong Kong, he is recognized for his extensive experience investing and operating in finance, transportation, natural resources, infrastructure and power sectors. During his time in Hong Kong, he became a central figure in the business community in a number of high-profile roles. He co-founded Orange, a global telecommunications company, which was ultimately sold for $36 billion in 1999. He is also best known for serving as a former chairman of the world’s largest diversified commodities trader Glencore and helped lead the giant through its $11 billion flotation.
Throughout his extensive career, he has served in various financial roles including executive chairman of Deutsche Bank’s Asian arm, board positions at Hermes and Richemont, and GEMS. Prior to founding SBC, Murray was the Group Managing Director of Hutchison Whampoa, one of Fortune 500 companies and Hong Kong’s largest companies. He was also known for being the right-hand man and managing director for Hong Kong billionaire Li Ka-Shing.
He is also known for serving positions at leading corporations including Vodafone, Huawei, Tommy Hilfiger, Vivendi Universal, Hermès, Macquarie Bank, NM Rothschild, Unisor SA and Bain & Company.
As Chairman, Murray’s role will mainly focus on articulating the transition for web2 companies to decentralize their data structures with Inery. This will meet conventional enterprise needs to optimize their data infrastructure and venture to web3.
Inery will list its token in Q3 of this year (2022).