Fabric Cryptography, a Santa Clara-based startup founded in 2022, has announced a successful $33 million Series A funding round. This latest investment brings the company’s total funding to $39 million. The funding round was co-led by prominent investors 1kx and Blockchain Capital, with additional support from Matter Labs, Offchain Labs, and Polygon. The new capital will be used to advance the development of the company’s flagship product, the Verifiable Processing Unit (VPU), a state-of-the-art chip designed to accelerate cryptographic processes.
The VPU represents a significant leap forward in cryptographic technology. Fabric Cryptography plans to leverage hardware-software codesign techniques, similar to those used in AI hardware, to create a chip tailored specifically for cryptographic applications. This chip will offer a custom silicon architecture that accelerates the mathematical operations essential to cryptographic algorithms, potentially transforming the efficiency and cost-effectiveness of cryptographic workloads.
Scheduled to enter production later this year, the VPU has already attracted substantial pre-orders from within the blockchain industry. Fabric Cryptography is also developing a comprehensive software stack to support the new chip and is working on algorithms aimed at protecting personal data, particularly in cloud-based AI applications. The startup’s efforts are focused on enhancing the speed and accessibility of advanced cryptographic technologies.
Fabric Cryptography’s co-founder and CEO, Michael Gao, emphasized the company’s mission to drive forward the capabilities of next-generation cryptography. “Supporting cryptographers’ most ambitious ideas is core to our mission, given the transformative power these technologies have in the digital world,” said Gao. With its new funding, the company aims to significantly advance both its hardware and software capabilities, positioning itself as a key player in the future of secure digital interactions.
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