DePHY Secures Seed Funding Round at $40 Million Valuation

DePHY, a DePIN infrastructure startup, has recently completed a seed funding round, achieving a $40 million valuation and amassing several million dollars in investment. 

DePHY is an all-in-one DePIN framework to drastically decrease the cost and timeframe associated with DePIN project development. DePHY provides open source hardware solutions, decentralised messaging layer, and automatic tokenomics execution for all DePIN projects. DePHY’s messaging layer facilitates the secure, verifiable, and swift transfer of data from hardware to blockchain, utilising Trusted Execution Environment (TEE) and Zero-Knowledge (ZK) Oracles to guarantee data verifiability and low-latency.

DePHY will also be deploying a trusted DID (Decentralised Device Identity) solution on Solana and has recently received a grant from the Solana Foundation.

This financial milestone drew support from a varied group of venture capital firms, such as Blockchain Builders Fund, Foresight Ventures, IoTeX, Paramita, FutureMoneyGroup, Waterdrip Capital, DefinanceX, PAKA and Candaq Fintech Group. Additionally, DePHY is currently participating in the Stanford Blockchain Accelerator and DePIN Surf Accelerator. 

With an eye toward broadening its impact and fostering a vibrant community of developers, DePHY has already supported the launch of five projects on its platform. It is actively expanding its range of use cases and, in a strategic move to bolster its ecosystem, is planning on announcing a grant program to attract new projects and developers. This effort underscores DePHY's commitment to innovation and to shaping the future of DePIN infrastructure. 

This post is commissioned by DePHY and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.