DEPHY Secures Millions in Seed Funding to Expand DEPIN Infrastructure

DEPHY, an infrastructure project by DEPIN, has successfully raised millions of dollars in a seed funding round, resulting in a valuation of $40 million. The round saw participation from investors such as FORESIGHT VENTURES, BLOCKCHAIN BUILDERS FUND, IOTEX, PARAMITA, FUTUREMONEYGROUP, WATERDRIP CAPITAL, DEFINANCEX, PAKA, and CANDAQ FINTECH GROUP. The funds will be used to expand and operate developer communities and platform projects. Additionally, DEPHY plans to implement a trusted Decentralized Device Identity (DID) solution on SOLANA, following recent funding from the SOLANA Foundation. DEPHY aims to significantly reduce the costs and time associated with DEPIN project development by offering an integrated DEPIN framework. This framework provides open-source hardware solutions, a decentralized messaging layer, and automated tokenomics execution. The messaging layer utilizes Trusted Execution Environments (TEE) and Zero-Knowledge (ZK) Proofs to ensure data verifiability and low latency, enabling secure, verifiable, and fast data transfer from hardware to blockchain.