Phi Protocol, an on-chain identity system, has closed a new strategic seed round of funding

On November 5, Phi Protocol announced on Platform X that it has closed a new strategic seed round of funding aimed at building a decentralized authentication system dedicated to on-chain identity. The round was led by Neoclassic Capital, a global investment firm led by Steve Lee and Mike Bucella, and backed by Marc Andreessen (a16z General Partner) and Chris Dixon (a16z Cryptocurrency Managing Partner). decima Fund, Cyber, PAKA fund and Incubate Fund also participated in the round. This is Phi's second round of funding following a $2 million seed round in 2022 led by ChapterOne and Delphi Digital.