TechFlow News — On November 5, the on-chain identity system Phi announced the completion of a new strategic funding round led by Neoclassic Capital, with participation from Decima Fund, Cyber, PAKA Fund, and Incubate Fund.
This marks Phi’s second fundraising round since its $2 million seed round in 2022, which was co-led by ChapterOne and Delphi Digital.
The newly raised funds will be used to build a decentralized authentication system dedicated to on-chain identity.
Founded in January 2022, Phi launched its first product, Phi Land—a social metaverse designed by pixel artist eBoy that visualizes on-chain activities on ENS. Since launching the Phi Protocol binding website in March this year, after nine months of development, the team officially released Phi Protocol this week.
