Cryptography hardware startup Fabric Cryptography on Monday announced raising $33 million in a Series A funding round that brings 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.
Founded in 2022, the Santa Clara, California-based company is working on the development of microprocessors, software, and cryptographic algorithms.
The startup plans to use hardware-software codesign techniques employed by AI hardware to build a new chip for cryptography, named the Verifiable Processing Unit (VPU).
The processing unit, the company claims, is poised to bring to cryptography the power that Nvidia’s GPUs and other startups’ chips are offering for AI.
Using an instruction set architecture specific to cryptography, the custom silicon chip will natively accelerate the mathematical building blocks of any cryptographic algorithm, improving advanced cryptographic workload speed and costs.
The VPU is set to enter production later this year and Fabric has already received significant pre-orders for it from the blockchain space. The company is also working on a software stack to make the technology accessible to developers, along with algorithms to protect personal data when using AI models in the cloud.
Fabric will invest the new funds in developing the next generation VPU chips, and in scaling its software and cryptography teams.
“Supporting cryptographers’ most ambitious ideas is core to the Fabric mission, because of the power these ideas could have anywhere we interact with the digital world. Our mission is to scale the speed and availability of next-gen cryptography through exponential advances across the hardware and software stack,” Fabric co-founder and CEO Michael Gao said.
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