Fabric Cryptography Secures $33 Million in Series A Funding to Revolutionize Cryptographic Processing

Fabric Cryptography Secures $33 Million in Series A Funding

Fabric Cryptography, an innovative startup specializing in hardware solutions, has successfully raised $33 million in a Series A funding round. This round was co-led by renowned venture firms Blockchain Capital and 1kx, with additional backing from notable investors including Offchain Labs, Polygon, and Matter Labs. Prior to this, the company had already raised $6 million during a seed funding round led by Metaplanet.

Founded by a dynamic team of MIT and Stanford dropouts—Michael Gao and Tina Ju—alongside experienced hardware professionals like Sagar Reddy, Fabric aims to revolutionize the field of cryptography. According to a recent press release, the newly acquired funds are earmarked for the development of advanced computing chips, sophisticated software, and cutting-edge cryptographic algorithms.

At the core of Fabric’s ambitious roadmap is a groundbreaking processing unit known as the verifiable processing unit (VPU). This innovative unit is specifically designed to handle complex cryptographic tasks efficiently. As the demand for rapid computation grows, particularly in the realms of artificial intelligence (AI) and blockchain technology, companies are increasingly focused on creating specialized computing chips.

Fabric’s press release highlights that the VPU represents “the first custom silicon chip that employs an instruction set architecture tailored for cryptography.” This pioneering design allows for the decomposition of any cryptographic algorithm into its mathematical components, which can be natively accelerated and efficiently supported by the chip.

The VPU is set to enter production later this year, promising to drastically enhance the speed and reduce the costs associated with executing advanced cryptographic workloads. According to the press release, these chips are expected to “transform cryptography in a manner similar to how Nvidia’s GPUs and various other startups’ chips have reshaped the AI landscape.”

As Fabric Cryptography continues to pave the way for the future of cryptographic processing, the implications of their technology could be profound, impacting a wide range of industries reliant on secure and efficient data transactions.