Fhenix Secures 15 Million in Funding and Introduces Helium Testnet to Enable Private Smart Contracts on Layer 2
Fhenix, a developer of an Ethereum Layer 2 network with a focus on data confidentiality, has successfully raised $15 million in a Series A funding round led by Hack VC. This brings the total funding for Fhenix to $22 million. The company has also launched its open testnet called Helium, allowing developers to deploy “confidential” smart contracts on the Fhenix Layer 2 network for the first time.
Fhenix utilizes fully homomorphic encryption (FHE) technology from Zama, a cryptography company, to enable end-to-end data encryption, even during the processing stage. The project aims to drive data confidentiality across the entire blockchain ecosystem and has partnered with EigenLayer to develop an FHE co-processor.
The Fhenix mainnet is expected to launch in the first quarter of 2025, and the company has established a grants program to attract developers to its testnet.
Furthermore, Fhenix, a developer of an Ethereum Layer 2 network with a focus on data confidentiality, has announced the successful completion of a $15 million Series A funding round. The round was led by Hack VC and saw participation from investors such as Dao5, Amber Group, Primitive Ventures, GSR, Collider Ventures, and Stake Capital. This latest funding brings Fhenix’s total funding to $22 million, following a $7 million seed round in September 2023.
In addition to the funding announcement, Fhenix has launched its open testnet called Helium, allowing developers to deploy “confidential” smart contracts on the Fhenix Layer 2 network for the first time. The project uses fully homomorphic encryption (FHE) technology from Zama to enable end-to-end data encryption, even during the processing stage. Fhenix plans to launch its mainnet in the first quarter of 2025 and has set up a grants program to attract and support developers in exploring the capabilities of its testnet.
Fhenix’s long-term vision extends beyond its own Layer 2 network, as the company aims to drive data confidentiality across the entire blockchain ecosystem. To further this goal, Fhenix has partnered with EigenLayer to develop an FHE co-processor. This co-processor will act as a stateless rollup, enabling Layer 1 and Layer 2 networks to access FHE services with minimal modifications. Fhenix’s focus on data confidentiality and its innovative use of FHE technology position the project as a promising player in the Ethereum ecosystem.
