Fabric Cryptography, a San Francisco, CA-based verifiable processing unit (VPU) startup, raised $33m in Series A funding.
The round was co-led by Blockchain Capital and 1kx, with participation from Inflection, Protocol Labs, Offchain Labs, Polygon, Matter Labs, Illia Polosuhkin, Sreeram Kannan, Alex Vlasov, Sandy Peng, Uma Roy, Daniel Shorr, Daniel Lubarov, Ben Fisch, Ben Fielding, Sandeep Nailwal, Joseph Andrews, and dcbuilder.
The company intends to use the funds to expand operations and its development efforts.
Led by Michael Gao, Tina Ju, and Sagar Reddy, Fabric Cryptography makes hardware chips to accelerate cryptographic processes. The chips, whose components exclusively serve cryptographic purposes, are based on Verifiable Processing Units (VPUs) which incorporate features of GPUs and ASICs to improve the speed and cost of advanced cryptographic workloads. With tens of millions worth of pre-orders and first chips in hand by Q4, VPUs will ship across the world early next year.
FinSMEs
20/08/2024