Fabric Cryptography Secures $33M for New Cryptographic Chip

Fabric Cryptography, a Silicon Valley-based hardware startup, has successfully raised $33 million in a Series A funding round. The round was co-led by Blockchain Capital and 1kx, with additional participation from Offchain Labs, Polygon, and Matter Labs. The funds will be used to develop a new cryptographic chip, known as the Verifiable Processing Unit (VPU), which aims to revolutionize the field of cryptography by providing enhanced speed and efficiency for cryptographic workloads.

Innovative Cryptographic Solutions

Fabric Cryptography’s new VPU chip is designed to address the growing demand for advanced cryptographic solutions. The chip utilizes a cryptography-specific instruction set architecture, allowing it to natively accelerate and support any cryptographic algorithm. This innovative approach is expected to significantly improve the speed and cost of running cryptographic workloads compared to traditional CPUs and GPUs.

The VPU chip is set to go into production later this year, with the company already receiving tens of millions of dollars in pre-orders from the Web3 industry. The chip’s ability to handle complex cryptographic algorithms efficiently has garnered significant interest from various sectors, including blockchain and data privacy.

The development of the VPU chip is a testament to Fabric Cryptography’s commitment to pushing the boundaries of cryptographic technology. By providing a dedicated hardware solution for cryptographic workloads, the company aims to enhance the security and efficiency of digital transactions and data protection.

Strategic Partnerships and Funding

The successful Series A funding round highlights the confidence investors have in Fabric Cryptography’s vision and technology. Co-led by Blockchain Capital and 1kx, the round also saw participation from prominent industry players such as Offchain Labs, Polygon, and Matter Labs. This diverse group of investors brings valuable expertise and resources to support the company’s growth and development.

The funds raised will be used to build computing chips, software, and cryptographic algorithms, further solidifying Fabric Cryptography’s position as a leader in the field. The company’s founders, Michael Gao, Tina Ju, and Sagar Reddy, bring a wealth of experience and knowledge to the project, having previously studied at MIT and Stanford.

The strategic partnerships formed through this funding round will enable Fabric Cryptography to leverage the strengths of its investors and collaborators. By working together, the company aims to accelerate the development and deployment of its VPU chip, ensuring it meets the needs of the rapidly evolving cryptographic landscape.

Future Prospects and Impact

Looking ahead, Fabric Cryptography is poised to make a significant impact on the field of cryptography. The VPU chip’s ability to efficiently handle advanced cryptographic algorithms opens up new possibilities for secure digital transactions and data protection. The company’s innovative approach has the potential to transform industries that rely on cryptographic technology, including blockchain, finance, and data privacy.

The successful funding round and strategic partnerships position Fabric Cryptography for continued growth and success. The company’s commitment to innovation and excellence is evident in its ambitious plans for the future. By providing cutting-edge cryptographic solutions, Fabric Cryptography aims to enhance the security and efficiency of digital transactions, ultimately contributing to a more secure and trustworthy digital ecosystem.

As the VPU chip moves into production and deployment, Fabric Cryptography will continue to push the boundaries of what is possible in the field of cryptography. The company’s dedication to advancing cryptographic technology ensures that it will remain at the forefront of this rapidly evolving industry.