Fabric Cryptography Secures $33M For New Cryptographic Chip

Author

Hongji Feng

Author

Hongji Feng

About Author

Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

Author Profile

Share

Copied

Last updated: 

August 19, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Fabric Cryptography has raised $33 million in a Series A funding round to develop a new cryptographic chip.

According to a press release shared with Cryptonews.com, the funding round was co-led by Blockchain Capital and 1kx, with additional participation from industry players including Offchain Labs, Polygon, and Matter Labs.

Fabric Cryptography’s Total Funding Reaches $39 Million

Following a $6 million seed round previously led by Metaplanet, with contributions from other investors including Inflection and Liquid2 Ventures, this latest round brings the total funding to $39 million.

The company plans to use the new funding to further develop its Verifiable Processing Unit (VPU), a custom chip that will improve the efficiency of cryptographic operations.

Fabric Cryptography’s goal is to enhance the processing speed and reduce the cost associated with running complex cryptographic algorithms, addressing the growing need for privacy and security in digital interactions.

The VPU is designed to handle advanced cryptographic techniques, such as zero-knowledge proofs and fully-homomorphic encryption, with a focus on providing a more efficient solution that can also adapt to future advancements in cryptography.

Cryptography Across Numerous Fields

In addition, the release stated that the company will expand its software and cryptography teams to support the integration of its technology across various sectors, including artificial intelligence, finance, and decentralized applications (dApp).

“There exists a whole world of advanced cryptographic algorithms that go beyond protecting our data, and can actually begin to guarantee trust, if we can run them efficiently,” said Fabric Cryptograph co-founder and CEO Michael Gao.

The company is also working on building a software stack that will enable developers to implement their cryptographic solutions across different platforms, aiming to meet the increasing market demand for enhanced security tools.

“Our mission is to scale the speed and availability of next-gen cryptography through exponential advances across the hardware and software stack,” stated Gao. We’ll know we’ve succeeded when trust and privacy are foundational to every digital interaction.”