August 20, 2024 at 08:24AM
Fabric Cryptography, a cryptography hardware startup, has raised $33 million in a Series A funding round, bringing the total raised to $39 million. Co-led by 1kx and Blockchain Capital, the investment includes support from Matter Labs, Offchain Labs, and Polygon. The Santa Clara-based company is developing the Verifiable Processing Unit (VPU) to improve cryptographic workload speed and costs.
From the meeting notes, the key takeaways are:
– Fabric Cryptography, a hardware startup, has raised $33 million in a Series A funding round, bringing the total raised by the company to $39 million.
– The investment round was co-led by 1kx and Blockchain Capital, with additional support from Matter Labs, Offchain Labs, and Polygon.
– The company, founded in 2022 and based in Santa Clara, California, is focused on developing microprocessors, software, and cryptographic algorithms.
– Fabric Cryptography plans to build a new chip for cryptography called the Verifiable Processing Unit (VPU), which is set to bring increased power to cryptography through hardware-software codesign techniques.
– The VPU is designed to accelerate cryptographic algorithms, improving speed and costs for advanced cryptographic workloads.
– Fabric has received significant pre-orders for the VPU from the blockchain space and is developing a software stack to make the technology accessible to developers.
– The company intends to invest the new funds in developing the next generation VPU chips and scaling its software and cryptography teams.
– Fabric’s co-founder and CEO, Michael Gao, emphasized the company’s mission to scale the speed and availability of next-gen cryptography through advances across the hardware and software stack.