Fhenix, a blockchain company specializing in confidential transactions, recently announced a successful $7 million Seed round led by Multicoin Capital and Collider Ventures. The funding round also saw participation from Node Capital, Bankless, HackVC, TaneLabs, and Metaplanet, among others. Notable participants include Robot Ventures, guided by Tarun Chitra and Robert Leshner.
The newly acquired funds will be used to launch the Fhenix Network’s public testnet in early 2023. Additionally, the company aims to support the development of applications within its ecosystem. Fhenix operates a confidential smart contract platform utilizing fully homomorphic encryption (FHE), a cutting-edge cryptographic scheme that facilitates computation over encrypted data without compromising its underlying content.
By incorporating FHE technology into smart contracts, transactions, and on-chain assets, Fhenix seeks to advance application development within the Ethereum ecosystem. This move will introduce data encryption and encrypted-data computation to these processes for the first time.
One of the critical problems Fhenix addresses is the lack of encryption for commercially sensitive data within the Ethereum ecosystem. Guy Zyskind, founder of Fhenix and Secret, highlights the importance of enabling users to confidently place sensitive data on public blockchains. Moreover, he emphasizes the need to equip developers with the necessary tools to compute and transform this data securely. As the demand for data confidentiality continues to grow, innovative technologies like FHE are increasingly sought after. Collaborations between complementary blockchains, such as Fhenix and Secret, are actively being fostered to ensure a more secure and privacy-centric future.
The foundation of Fhenix’s secure network lies in the fhEVM protocol, developed by Zama, a leading cryptography company specializing in open-source homomorphic encryption solutions for blockchain and artificial intelligence (AI). Through a strategic partnership, the protocol has been seamlessly integrated into the Fhenix Network.
Fhenix is spearheaded by CEO Guy Itzhaki, a former Director at the Homomorphic Encryption & Blockchain Division at Intel. His expertise, along with the support from industry leaders and the $7 million Seed round, positions Fhenix as a promising contender in the field of confidential blockchain transactions.
With the continued development of advanced encryption technologies like FHE, the future of blockchain applications looks brighter and more secure. Fhenix’s innovative approach brings much-needed confidentiality to the Ethereum ecosystem, ensuring sensitive commercial data can be securely stored and processed on public blockchains. As the Fhenix Network gears up for its public testnet launch, the blockchain community eagerly anticipates the benefits this new technology will bring to the ecosystem.
