Fabric Cryptography raises $33M in a Series A funding round

#FabricCryptography secures $33M in a Series A funding round co-led by Blockchain Capital and 1kx with participation from Offchain Labs, Polygon and Matter Labs. Fabric Cryptography will use raised funds to build computing chips, software and cryptographic algorithms.

Fabric Cryptography is a developer of custom cryptography hardware designed to accelerate cryptography algorithms. The company's system provides the infrastructure for real-world applications of the blockchain using technologies like zero-knowledge proofs, fully homomorphic encryption, and verifiable delay functions.

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Fabric Cryptography To Develop Cryptography Processing Unit After Raising $33 Million !!

Fabric Cryptography, a Silicon Valley hardware startup, has reportedly raised $33 million in a Series A funding round.

The round was co-led by Blockchain Capital and 1kx, with participation from Offchain Labs, Polygon and Matter Labs.

The team plans to use the funds to develop a cryptography processing unit, which it calls the Verifiable Processing Unit (VPU).

The company’s press release describes the VPU as a “custom silicon chip that uses an instruction set architecture specific to cryptography.”

They expect the VPU to be able to “drastically improve the speed and cost of running advanced cryptographic workloads” compared to currently available CPUs and GPUs. The new chips are slated to go into production later this year.

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MAJOR RECENT CRYPTO FUNDRAISING EVENTS

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#Polygon Labs has partnered with #FabricCryptography to develop zero-knowledge #ZK chips, enhancing privacy and scalability in Web3.
These ZK chips will be integrated into AggLayer, Polygon's latest technology for improving blockchain efficiency. The collaboration aims to push forward ZK-based solutions that secure and streamline cryptographic computations, benefiting the wider ecosystem of decentralized applications and blockchain infrastructure.
#PolygonLabs #TrendingTopic