Key takeaways
Fhenix raises $15 million in Series A funding led by Hack VC.
The Helium testnet is live, enabling confidential smart contracts.
Fhenix leverages Fully Homomorphic Encryption (FHE) for enhanced data privacy.
Fhenix is an Ethereum Layer 2 network focused on data confidentiality and a blockchain platform that leverages Fully Homomorphic Encryption (FHE) to enable confidential on-chain computations on Ethereum that allow end-to-end encrypted smart contracts.
In a recent Series A funding round, Fhenix has raised $15 million, bringing their total funding to $22 million, with participation from Dao5, Amber Group, Primitive Ventures, GSR, Collider Ventures, and Stake Capital.
1/ Today marks an important milestone in our mission to bring confidentiality to Ethereum through the first L2 powered by fully homomorphic encryption (#FHE). We're excited to announce we've raised $15M in Series A funding and released our initial testnet: Helium. pic.twitter.com/6de3EQeg1f
— Fhenix (@FhenixIO) June 4, 2024
What is Fully Homomorphic Encryption (FHE)?
Fully Homomorphic Encryption (FHE) is a cutting-edge technology that enables computation on encrypted data without decrypting it. This means that data can be processed while still encrypted, ensuring end-to-end privacy and security. Fhenix’s use of FHE sets it apart from other similar solutions, as it provides a more comprehensive and secure approach to data privacy.
Fhenix Secures $7 Million in Funding
Helium Testnet launch
Fhenix has also announced its open testnet, Helium (previously planned to be named Renaissance). This testnet allows developers to deploy confidential smart contracts on the Fhenix Layer 2 network. Utilizing FHE, Fhenix ensures that data remains encrypted even during processing. This feature is crucial for applications requiring high levels of privacy in a lot of areas, including :
confidential voting
blind auctions
decentralized identity
DeFi, AI, and gaming
Fhenix encourages developers to join its testnet and explore the potential of confidential smart contracts.
"After scaling, confidentiality is the next major hurdle Ethereum needs to solve 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."—Guy Itzhaki, co-founder and CEO of Fhenix
Fhenix plans to launch its mainnet in the first quarter of next year. The mainnet will bring even more advanced features and broader adoption of FHE technology. Fhenix has also partnered with EigenLayer to develop an FHE co-processor, which will provide FHE services to other Layer 1 and Layer 2 networks with minimal modifications.
Revolutionizing blockchain confidentiality
Conclusion
Fhenix spent years in the cryptographic and blockchain space researching the ideal solution to to securely safeguard confidential data on Ethereum. It has finally found the solution in fully homomorphic encryption (FHE). With it, Fhenix is poised to transform the blockchain landscape on data confidentiality. The $15 million Series A funding and the launch of the Helium testnet mark significant milestones in achieving their vision. With this funding round, Fhenix will increase its efforts to offer a robust solution for secure and private data processing on the blockchain.