Iris, a startup founded by Jules Miller, has exited stealth mode after securing $43 million in funding. The entire investment was provided by the Balesia Group, a family office with extensive experience in the telecommunications sector across the Americas.
The platform functions as a financial layer integrated into existing telecom infrastructure. It utilizes a dedicated Avalanche Layer 1 blockchain to facilitate onchain transaction settlements and balance sheet reserves for mobile carriers.
The system incorporates USDi, a dollar-backed stablecoin issued by Agora. This allows operators in regions with volatile local currencies to conduct settlements in a dollar-denominated environment without replacing their core billing or identity systems.
Bolivian telecom operator VIVA is the first carrier to implement the technology. Following the integration, the company reported a 33% decrease in prepaid customer churn and a 35% increase in the lifetime value of prepaid customers.
The choice of an Avalanche-based architecture provides the platform with a dedicated chain, offering control over parameters while maintaining interoperability with the broader ecosystem. The company plans to expand its services to additional carriers.
