Phi Protocol announced on the X platform that it has completed a new round of strategic seed funding to build a decentralized authentication system dedicated to on-chain identities. 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 this round of financing. This is Phi's second round of financing following a $2 million seed round led by ChapterOne and Delphi Digital in 2022.