Fhenix, a Tel Aviv, Israel-based provider of a blockchain empowered by homomorphic encryption (FHE), raised $7M in Seed funding.
The round was led by Multicoin Capital and Collider Ventures, with participation from Node Capital, Bankless, HackVC, TaneLabs and Metaplanet. Other investors included Tarun Chitra’s and Robert Leshner’s Robot Ventures.
The company intends to use the funds to bring its network into public testnet early next year, and to support ecosystem application development.
Led by CEO Guy Itzhaki, Fhenix provides a confidential blockchain empowered by homomorphic encryption. Through the usage of fhEVM, it enables Ethereum developers to build encrypted smart contracts and perform encrypted computation of data, all while using Solidity and other familiar tools.
Fully homomorphic encryption (FHE) is a novel cryptographic scheme that enables direct computation over encrypted data without ever revealing the underlying data. Fhenix’s goal is to advance application development in the Ethereum ecosystem by bringing data encryption and encrypted-data computation to smart contracts, transactions and on-chain assets for the first time. The fhEVM protocol was originally developed by Zama, a cryptography company building open source homomorphic encryption solutions for blockchain and AI, and was integrated directly into the Fhenix Network through a strategic partnership.
Fhenix launched a private devnet in July 2023. The devnet provides an approachable FHE playground for interested developers. The company is expected to launch “Renaissance”, its official public testnet in the first half of 2024. “Renaissance” will serve as an FHE blockchain “playground” for developers, with multiple testing and building incentivized campaigns.
FinSMEs
26/09/2023