Silicon Valley-based Fabric Cryptography, has announced a boost to its innovative operations with a successful $33m Series A funding round.
The round was co-led by Blockchain Capital and 1kx, and included contributions from sector leaders such as Offchain Labs, Polygon, and Matter Labs. This comes on the heels of a $6m seed funding round, bringing their total raised to $39m.
The company specialises in developing state-of-the-art hardware and software for advanced cryptographic operations. They are on the brink of launching their Verifiable Processing Unit (VPU), which promises to transform the cryptographic landscape by offering a custom silicon chip designed specifically for cryptographic processes.
The newly acquired funds are earmarked for the development and production of the VPU chips, scaling the software, and expanding the cryptographic teams to support increased market demands. The VPU is set to enhance the efficiency, speed, and cost of running advanced cryptographic workloads, making it a significant advancement over traditional CPUs and GPUs.
Fabric Cryptography aims to address the urgent need for improved cryptographic solutions that can secure data privacy and enable trust. Their technology supports a variety of advanced algorithms, including Zero-Knowledge Proofs (ZKPs), Fully-Homomorphic Encryption (FHE), and Multi-Party Computation (MPC). These are critical for enabling secure computations on private data and facilitating cooperation between distrusting parties.
Michael Gao, Co-Founder and CEO of Fabric Cryptography, expressed his enthusiasm about the future impact of their technology. “Supporting cryptographers’ most ambitious ideas is core to the Fabric mission, because of the power these ideas could have anywhere we interact with the digital world. Our mission is to scale the speed and availability of next-gen cryptography through exponential advances across the hardware and software stack. We’ll know we’ve succeeded when trust and privacy are foundational to every digital interaction.”
Fabric Cryptography has already positioned itself as a significant player in the blockchain sector by securing tens of millions of dollars in pre-orders for their VPUs. They are also developing a software stack to make this technology accessible to software developers and working on algorithms that can protect personal data used in cloud-based AI models.
Dr Wei Dai, a cryptographer and research partner at 1kx, praised the versatility of the VPU. “What sets the VPU apart is its unique combination of programmability, flexibility, and performance,” he said. “The VPU can be programmed to run virtually any cryptographic workload efficiently using its innovative instruction set. Unlike other fixed-function chips, which are common in cryptography, the VPU is future-proof — it can adapt to new cryptography algorithms as they are developed and productionized.”
As Fabric Cryptography looks to the future, they envision their full stack hardware platform expanding into sectors such as AI, finance, medtech, and insurance, promising transformative privacy and trust guarantees.
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