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Fhenix Raises $15 Million Series A to Confidentially Bring to the Ethereum Blockchain
Fhenix, a developer of layer 2 blockchains that guarantee confidentiality and based on fully homomorphic cryptography, announced the closing of a $15 million Series A fundraising round led by Hack VC with participation from Dao5, Amber Group, Primitive, GSR, Collider and Stake Capital, among others. This brings the project’s total funding to date to $22 million. The company plans to use these funds to support the initial phase of its open test network, called Helium, which will allow developers to deploy smart contracts on the Fhenix network for the first time.
Fully homomorphic encryption (FHE) is a new form of encryption that allows data to be computed blindly without ever having to be decrypted. Fhenix is the first blockchain to natively integrate FHE to provide an EVM-compatible smart contract platform that allows developers to encrypt all or part of their Solidity-based applications using familiar tools without any prior knowledge of FHE encryption.
“My life’s work has been researching secure computing with the goal of bringing privacy to the chain. After exploring every available technical solution to this problem, I have come to the conclusion that FHE is the best possible solution. The launch of the Fhenix testnet is an important step towards bringing encrypted computation onto the chain,” said Guy Zyskind, co-founder of Fhenix.
Fhenix recently announced a technical partnership with EigenLayer to develop FHE coprocessors, which allow host chains, whether Ethereum itself, L2, or L3, to offload specific computational tasks to a designated processor, allowing developers on any EVM-compatible chain to integrate the encrypted computation into the application logic.
“After growth, privacy is the next big obstacle that Ethereum must solve to reach mainstream adoption. FHE is the most elegant solution to the encryption problem because, unlike existing privacy solutions based on zero-knowledge technology, it allows end-to-end computation of encrypted data,” said Guy Itzhaki, CEO of Fhenix.