PANews reported on November 5 that according to Phi's official announcement, Phi successfully completed strategic financing led by Neoclassic Capital to build a decentralized on-chain identity credential system. Neoclassic Capital is led by Steve Lee and Mike Bucella, and supported by a16z partners Marc Andreessen and Chris Dixon. This round of financing also includes participation from Decima Fund, Cyber, PAKA Fund, and Incubate Fund.

Founded in January 2022, Phi launched its first product, Phi Land, which aims to visualize on-chain activities through ENS. To date, it has minted more than 4.3 million NFTs, attracted 296,000 users and more than 65 protocols. Phi Protocol is based on a community-driven on-chain identity credential system that allows users to create, verify and display on-chain activities, expanding their on-chain social and economic value.