DEPHY Raises Millions in Seed Funding to Expand DEPIN Infrastructure

DEPHY, a DEPIN infrastructure, has successfully raised millions of dollars in a seed funding round, reaching 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 utilized for the expansion and operation of developer communities and platform projects. Additionally, DEPHY plans to deploy a trusted Decentralized Device Identity (DID) solution on SOLANA, having recently received 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. Its messaging layer leverages Trusted Execution Environments (TEE) and Zero-Knowledge (ZK) Proofs to ensure data verifiability and low latency, facilitating secure, verifiable, and rapid data transfer from hardware to blockchain.