let us check on the surrounding crypto FHE landscape fhenix - raised $22m for a FHE L2 using zama tech - pivoted to own coprocessors - never fully launched inco - raised $10m for a FHE L1 using zama tech - pivoted to TEEs - never fully launched mind network - raised $15m for a FHE L1 using zama tech - launched an EVM fork, no FHE was ever added - trades at $5m zama - raised $150m for open source FHE tech - turned out unusable - pivoted to coprocessors for institutions - unclear if FHE is still used (blackbox) - founder says the protocol offers no privacy - trades at -80% from latest round privasea - raised $15 million to build FHE for ML - pivoted to depin and “FHE ID” proof of humanity - no FHE in live code - trades at $700k primus labs - raised $6.5m for “zkFHE” - launched a TEE-based zkTLS network with coprocessors - no FHE in any live product fair math - raised $2 million for FHE research - pivoted to a “decentralized FHE computer” with an AI generated paper - never launched sightAI - announced FHE LLM - never launched FHEra - announced FHE storage - never launched honorable mentions: sunscreen - raised $5m - never really promised anything beyond a compiler - delivered lattica - raised $4M - CUDA innovation in FHE for ML / AI - delivered anything i’m missing? bottom line: FHE is HARD!