TL;DR
- Fhenix has secured a $15 million investment in a Series A round.
- The funding will support the launch of the Helium testnet, which enables the implementation of smart contracts.
- Fhenix integrates Full Homomorphic Encryption (FHE), offering an EVM-compatible platform for smart contracts.
Fhenix, an innovative Layer 2 blockchain using Full Homomorphic Encryption (FHE), has closed a $15 million Series A funding round, according to the latest updates shared on June 5.
This round was led by Hack VC and saw participation from investors including Dao5, Amber Group, Primitive, GSR, Collider, and Stake Capital, bringing Fhenix’s total funding to $22 million.
1/ Today marks an important milestone in our mission to bring confidentiality to Ethereum through the first L2 powered by fully homomorphic encryption (#FHE).
We're excited to announce we've raised $15M in Series A funding and released our initial testnet: Helium. pic.twitter.com/6de3EQeg1f
— Fhenix (@FhenixIO) June 4, 2024
The funds will go towards the launch of Fhenix’s new open testnet, Helium, which will allow developers to deploy smart contracts on the network for the first time.
Fhenix is revolutionizing blockchain technology by integrating FHE, an advanced cryptographic method that allows calculations to be performed on encrypted data without the need to decrypt it.
This makes Fhenix the first blockchain to offer a smart contract platform compatible with the Ethereum Virtual Machine (EVM) with native support for FHE.
Developers on the platform can encrypt parts or all of their Solidity-based applications using familiar tools, bringing a new level of confidentiality up the chain.
Guy Zyskind, co-founder of Fhenix, emphasized his long-term dedication to secure computing, noting that after exploring all available technical solutions, he concluded that FHE is the best possible solution for on-chain confidentiality.
CEO Guy Itzhaki highlighted that confidentiality is the next big hurdle for widespread Ethereum adoption and praised FHE for its ability to enable end-to-end encrypted data computation, unlike existing confidentiality solutions based on blockchain technology. zero knowledge.
The ability to perform calculations on encrypted data opens new opportunities for developers working on confidential voting, blind auctions, decentralized finance (DeFi), artificial intelligence (AI), and gaming applications.
Additionally, Fhenix has established a partnership with EigenLayer to develop FHE coprocessors.
These coprocessors will allow multiple host chains, whether Ethereum, layer 2 or layer 3, to delegate specific computational tasks to a dedicated processor, making encrypted computation easier for developers on any EVM-compatible chain.
Advances and Future of Fhenix
With the successful fundraising and launch of the Helium testnet, Fhenix is on track to continue its development, possibly culminating in the launch of a mainnet.
This platform not only improves the security and privacy of blockchain transactions, but also opens a door to a wide range of applications that require secure data processing.
Developers are invited to explore the open testnet and apply for early access to the Fhenix scholarship program, allowing them to experience first-hand the unique capabilities that FHE offers.
Fhenix is positioned to become a leader in the adoption of blockchain technology, with a special focus on data privacy and security.
Integrating FHE into its EVM-compatible platform not only ensures that data remains secure during processing, but also allows developers to create more robust and secure applications.
With continued investor interest and growing recognition of the importance of confidentiality in blockchain, Fhenix is well positioned to lead the way in the next generation of decentralized applications.
The development of FHE coprocessors in partnership with EigenLayer is a significant step towards creating a more secure and efficient ecosystem for developers.
These coprocessors will enable more efficient delegation of computational tasks, ensuring that even the most complex chains can benefit from Fhenix’s advanced encryption technology.
With these innovations, it is poised to address some of the biggest challenges in the blockchain space and continue to drive the evolution of this transformative technology.
