Data shielding startup Fhenix raise $15 million in Series A funding to establish a secure data privacy solution on the Ethereum blockchain network.
Privacy-focused Layer-2 company Fhenix has successfully completed a $15 million Series A round, led by Hack VC. The funding round attracted participation from a diverse group of investors, including Renaissance Investment Foundation, Dao5, Amber Group, Primitive Ventures, GSR, Collider Ventures, Stake Capital, and others.
Fhenix is leveraging fully homomorphic encryption (FHE) technology from cryptography firm Zama to enable full confidentiality in its network. This technology allows smart contract systems to use data without compromising on privacy, a significant step forward in the blockchain industry.
According to Fhenix co-founder and CEO Guy Itzhaki, confidentiality is the next major hurdle for Ethereum to solve for mainstream adoption. Itzhaki emphasized the role of FHE technology in addressing the issue of confidentiality in the blockchain industry.
Fhenix has already launched the open testnet of its platform called Helium, powered by FHE technology. The company has also set up a grand program to attract developers to its testnet, although the amount of the program remains undisclosed.
Itzhaki also stated that the launch of Fhenix's mainnet is scheduled for the first quarter of 2025. This follows in the footsteps of Inco, another blockchain company that teamed up with Zama for FHE technology earlier this year.
Shiba Inu has also collaborated with Zama to enhance ecosystem privacy and security. The Block reported the statements made by Itzhaki regarding the importance of confidentiality in the blockchain industry.
With this latest fundraising, Fhenix has raised a total of $22 million. This follows a $7 million seed round announced in September 2023. Under Itzhaki's leadership, Fhenix believes that confidentiality is the next step after scaling in the evolution of the blockchain technology industry. The company remains on course to launch its mainnet in the first quarter of 2025.
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