Fhenix Raises $15M in Series A Funding

Fhenix Raises $15M in Series A Funding

Fhenix, a Tel Aviv-based startup, has successfully secured $15 million in Series A funding. The funding round was led by Hack VC, with additional participation from Dao5, Amber Group, Primitive Ventures, GSR, Collider Ventures, and Stake Capital. This latest round brings the total amount raised by the company to $22 million.

The primary goal of Fhenix is to introduce confidentiality to Ethereum through a Layer 2 solution powered by fully homomorphic encryption (FHE). With the newly acquired funds, the company plans to expand its operations and further enhance its development efforts.

One significant milestone achieved by Fhenix is the recent release of the initial version of its testnet, known as Helium. This testnet allows users to deploy confidential smart contracts on the network using FHE to encrypt their applications fully or partially. This groundbreaking technology opens up new possibilities for enhancing privacy and security within the Ethereum ecosystem.

With the successful completion of this funding round, Fhenix is well-positioned to continue its mission of revolutionizing confidentiality on the Ethereum network. As the company moves forward with its development initiatives, the industry eagerly anticipates the impact of Fhenix’s innovative approach to enhancing privacy and security in the world of blockchain technology.