Fabric Cryptography has secured $33 million in a Series A funding round to propel the development of a cutting-edge cryptographic chip. The funding round was spearheaded by Blockchain Capital and 1kx, along with contributions from industry giants like Offchain Labs, Polygon, and Matter Labs, as revealed in a press release disclosed to Cryptonews.com.
This latest financing round builds upon a prior $6 million seed round led by Metaplanet and backed by investors such as Inflection and Liquid2 Ventures, bringing the total funding for Fabric Cryptography to an impressive $39 million.
Fabric Cryptography’s Total Funding Reaches $39 Million
The overarching goal of Fabric Cryptography’s latest funding is to advance the development of its Verifiable Processing Unit (VPU), a custom-designed chip aimed at enhancing the efficiency of cryptographic operations. The VPU is strategically designed to expedite cryptographic processes and concurrently reduce the costs associated with running intricate cryptographic algorithms to meet the escalating demand for privacy and security in the digital realm.
Moreover, the company is embarking on an expansion of its software and cryptography teams to facilitate the integration of its technology across diverse sectors, encompassing artificial intelligence, finance, and decentralized applications (dApp).
Cryptography Across Numerous Fields
In a statement, Fabric Cryptography’s co-founder and CEO, Michael Gao, highlighted the importance of advanced cryptographic algorithms in not just safeguarding data but also in establishing trust within digital transactions. Gao emphasized the company’s commitment to scaling the speed and availability of next-generation cryptography through significant advancements in both hardware and software.
Fabric Cryptography is dedicated to developing a software stack that enables developers to seamlessly implement cryptographic solutions across various platforms, in response to the escalating market demand for bolstered security measures. Gao envisions a future where trust and privacy form the bedrock of every digital interaction, underscoring Fabric Cryptography’s mission to revolutionize the realm of cybersecurity.
