Ethereum Layer 2 Fhenix, focused on confidentiality, raises $15 million in Series A funding

Fhenix, an Ethereum Layer 2 network developer focused on data confidentiality, has raised $15 million in a Series A funding round.

The Series A round brings Fhenix's total funding to $22 million. Last September, the startup raised $7 million in a seed round from Multicoin Capital and others. Itzhaki said there was inbound interest from investors in Fhenix, so it raised the Series A round.Fhenix also launched its open testnet, called Helium , on Tuesday. With the launch of Helium, developers can deploy "confidential" smart contracts on the Fhenix Layer 2 network for the first time.

"After scaling, confidentiality is the next major hurdle Ethereum needs to solve in order to reach mainstream adoption," Itzhaki said. "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."The Fhenix mainnet is expected to be launched in the first quarter of next year, Itzhaki said.

The Fhenix Layer 2 is the first stage of the project's vision, according to Itzhaki, who said Fhenix's long-term plan to drive data confidentiality "everywhere." Fhenix recently partnered with EigenLayer to help it develop an FHE co-processor.

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