According to Foresight News, DePIN infrastructure DePHY has completed a multi-million dollar seed round of financing with a valuation of $40 million. Investors include Foresight Ventures, Blockchain Builders Fund, IoTeX, Paramita, FutureMoneyGroup, Waterdrip Capital, DefinanceX, PAKA and Candaq Fintech Group. The funds raised will be used to expand and operate the developer community and platform projects.
DePHY will also deploy a trusted DID (decentralized device identity) solution on Solana and has recently received funding from the Solana Foundation. DePHY is an all-in-one DePIN framework that reduces the costs and timeframes associated with DePIN project development, providing open source hardware solutions, decentralized messaging layers, and automatic tokenomics execution for all DePIN projects. Its messaging layer leverages a trusted execution environment (TEE) and zero-knowledge (ZK) notifier to guarantee data verifiability and low latency, facilitating secure, verifiable, and fast data transmission from hardware to blockchain.