Fhenix Secures $15 Million Series A to Propel Confidentiality on Ethereum Blockchain
Fhenix, a pioneering developer in confidentiality-enabling Layer 2 blockchain technology, has successfully raised $15 million in a Series A funding round. This crucial investment, led by Hack VC with participation from Dao5, Amber Group, Primitive, GSR, Collider, and Stake Capital, brings the project's total funding to $22 million.
This fresh influx of capital will be allocated to support the initial phase of Fhenix's open testnet, dubbed Helium. Helium will, for the first time, allow developers to deploy smart contracts to the Fhenix network, marking a significant advancement in blockchain confidentiality.
Revolutionizing Blockchain with Fully Homomorphic Encryption
At the heart of Fhenix's innovation is fully homomorphic encryption (FHE), a groundbreaking cryptographic technology that enables data to be processed in encrypted form. This eliminates the need for decryption, thereby maintaining data confidentiality throughout computation. Fhenix is the first blockchain to natively integrate FHE, creating an EVM-compatible smart contract platform. This platform 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 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.
Strategic Partnerships to Enhance Encrypted Computation
Fhenix has also announced a technical partnership with EigenLayer to develop FHE Coprocessors, which enable host chains—whether Ethereum itself, L2s, or L3s—to offload specific computational tasks to a designated processor. This collaboration empowers developers on any EVM-compatible chain to integrate encrypted computation into their application logic seamlessly.
"After scaling, confidentiality is the next major hurdle for Ethereum to overcome in order to reach mainstream adoption. FHE is the most elegant solution to the problem of encryption because, unlike existing confidentiality solutions based on zero-knowledge technology, it allows for end-to-end computation of encrypted data," said Guy Itzhaki, CEO of Fhenix.
Next Steps for Fhenix
The Helium testnet represents a significant milestone in the journey to achieving secure, confidential computation on the Ethereum blockchain. By pioneering the use of FHE within blockchain technology, Fhenix aims to address one of the most critical challenges facing the industry and unlock new possibilities for decentralized applications.
Stay updated with Fhenix's journey as they continue to push the boundaries of blockchain technology and deliver transformative solutions for developers and users alike.
