Agios Theofanis of Sigriani was the founder of the Monastery of Ypsilou. He was expelled from the Patriarchate of Constantinople as he argued against the government-led iconoclasm of the time, and took refuge in a cave in Faneromeni.
In 1994, at the entrance of the village in a prominent position on a rock, this church was built in his memory and is part of the Holy Monastery of Ypsilou.