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Fabric Cryptography secures $33 million for new crypto deal

The new chip promises a revolution in encryption, offering more efficient and secure solutions for businesses and institutions.

Date: 2024-08-20 Author: Marek Stiller
Fabric Cryptography secures $33 million for new crypto deal

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

According to a press release provided to 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.

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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.

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The company plans to use the new funds to further develop the Verifiable Processing Unit (VPU), a custom chip that will improve the performance of crypto operations.

Fabric Cryptography’s goal is to increase the processing speed and reduce the costs associated with running complex crypto algorithms to meet the growing need for privacy and security in digital interactions.

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

Cryptography in many fields

In addition, the announcement said the company will expand its software and cryptography teams to support the integration of its technology in various sectors, including artificial intelligence, finance and decentralized applications (dApps).

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

The company is also working on building a software stack that will enable developers to deploy their crypto solutions on different platforms, aiming to meet the growing market demand for improved security tools.

“Our mission is to scale the speed and availability of next-generation cryptography by exponentially advancing the entire hardware and software stack,” – Gao stated. We will know we have succeeded when trust and privacy become the foundation of every digital interaction.”

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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