June 04, 2024
Fhenix, an Ethereum Layer 2 network developer emphasizing data confidentiality, recently secured $15 million in a Series A funding round. The round was led by Hack VC, with participation from Dao5, Amber Group, Primitive Ventures, GSR, Collider Ventures, and Stake Capital. Co-founder and CEO Guy Itzhaki confirmed that the firm-initiated fundraising in March and concluded it last month.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Fhenix | $15M | June 04, 2024 | Series A | $22M | Hack VC | Security |
While details about the round’s structure, valuation, and board seats remain undisclosed, the Series A funding brings Fhenix’s total funding to $22 million. Notably, in September, Fhenix raised $7 million in a seed round backed by Multicoin Capital and other investors. The company’s growth attracted significant interest from inbound investors, prompting the Series A financing.
About Fhenix
Fhenix, a blockchain company, prioritizes security and privacy for decentralized applications. They achieve this through fully homomorphic encryption (FHE). Fhenix provides a platform for creating encrypted smart contracts and conducting confidential computations, ensuring end-to-end encryption for Ethereum-based applications. Their target audience includes developers and organizations in the blockchain sector aiming to enhance data security and privacy. Founded in 2023, Fhenix is headquartered in Tel Aviv, Israel.
Website: https://www.fhenix.io/
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About Investor
Investor: Hack VC
Hack VC is a web3 venture capital firm that partners with both on-chain and off-chain hackers who are shaping the future of the Internet. Founded by veteran crypto investors Alex Pack and Ed Roman, Hack VC invests in crypto, blockchain infrastructure, and web3-native companies. They have an impressive portfolio with investments across 100+ crypto startups and 25+ unicorns. The firm plays a crucial role in supporting innovative projects within the cryptocurrency and decentralized technology space
Location: San Francisco
Website: https://www.hack.vc/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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