Israel’s Fhenix Raises $15m to Advance Confidential Blockchain Technology

Fhenix, an Israel-based company specializing in Layer 2 blockchain technology that leverages fully homomorphic encryption (FHE), has successfully closed a $15 million Series A funding round.

The round was led by Hack VC, with additional investments from Dao5, Amber Group, Primitive, GSR, Collider, and Stake Capital, among others. This latest funding round brings Fhenix’s total funding to $22 million to date.

The company plans to utilize the newly acquired funds to advance the initial stage of its open testnet, named Helium.

This testnet will allow developers to deploy smart contracts on the Fhenix network for the first time, marking a significant milestone in the project’s development.

Fully homomorphic encryption is a groundbreaking cryptographic technique that enables data to be processed without being decrypted.

Fhenix is pioneering the integration of FHE into blockchain technology, offering an Ethereum Virtual Machine (EVM)-compatible smart contract platform.

This platform allows developers to encrypt parts or all of their Solidity-based applications using familiar tools, eliminating the need for prior knowledge of FHE encryption.

“My life’s work has been research into secure computation with the goal of bringing confidentiality onchain. After exploring every available technical solution to this problem, I concluded that FHE is the best possible solution. The launch of the Fhenix testnet is an important step towards bringing encrypted computation onchain,” said Guy Zyskind, co-founder of Fhenix.

The integration of FHE into the Fhenix blockchain addresses a critical need for privacy and confidentiality in the blockchain space. Traditional blockchains, while secure, often lack robust mechanisms for keeping data confidential during computation.

By enabling encrypted computation, Fhenix aims to fill this gap and provide a more secure environment for blockchain applications.

The participation of prominent investors such as Hack VC and Dao5 highlights the growing interest and confidence in Fhenix’s innovative approach.

Amber Group, Primitive, GSR, Collider, and Stake Capital’s involvement further underscores the project’s potential to revolutionize the blockchain industry.

As Fhenix moves forward with its testnet, the company is poised to attract more developers interested in creating secure, confidential blockchain applications.

The success of the Helium testnet will be crucial in demonstrating the viability and effectiveness of FHE in a blockchain context.

With the additional $15 million in funding, Fhenix is well-positioned to continue its mission of enhancing blockchain security and confidentiality.

The company’s innovative use of FHE is set to pave the way for a new era of privacy-preserving blockchain applications, offering developers and users alike a secure and confidential platform for their transactions and computations.

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