Fhenix Secured $15M Series A Funding and Launches Helium Testnet

Fhenix, a Layer 2 solution for Ethereum, raised $15 million for its Series A funding round, led by Hack VC, Amber Group, Collider, Primitive Ventures, GSR, and Stake Capital. The round saw participation from Gate.io Ventures, Foresight Ventures, WAGMI Ventures, XT Hi-Tech, Orrick, dao5, NGC Ventures, Panga Capital, Protagonist, and SuDo Research.

Fhenix also launched the initial version of its testnet, named Helium. This release enables developers to deploy confidential smart contracts using fully homomorphic encryption (FHE), ensuring data remains encrypted even during processing.

Ethereum, despite its advancements, still lacks confidentiality. To address this, Fhenix leverages FHE, allowing computations on encrypted data, thus maintaining security without decryption. Recent advancements in FHE and hardware have made this feasible.

Fhenix invites developers to explore the new possibilities enabled by confidential smart contracts. The network is EVM-compatible, supporting tools like Hardhat and Remix, making it accessible for Solidity-based development.

The Fhenix testnet, Helium, is now live. Developers can begin deploying their applications and apply for early access to upcoming grant and bounty programs via the Fhenix documentation.

Fhenix, founded in 2023 by Guy Itzhaki, previously raised their $7 million Seed round last year, led by Collider and Multicoin Capital.