Fabric Cryptography Pulls $33M to Drive VPU Chip Development

August 19, 2024

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Fabric Cryptography, a startup specializing in advanced cryptographic solutions within the technology sector, has successfully raised $33 million in a Series A funding round. This funding round was co-led by Blockchain Capital and 1kx, two major players in the venture capital space. Other prominent investors, such as Offchain Labs, Polygon, and Matter Labs, participated in the round.

Benefits of the Fabric Cryptographic FundRaise

According to the release, this significant capital injection underscores the growing confidence in Fabric’s potential to revolutionize the cryptography landscape. However, this funding round comes after a $6 million seed round led by Metaplanet and other investors.

The newly raised fund is allocated to developing the next generation of Fabric’s Verifiable Processing Unit (VPU) chips. These VPU chips are designed to enhance security and efficiency in cryptographic processes, a crucial need as demand for secure and scalable cryptographic solutions continues to surge.

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Fabric Cryptographic VPU is the First-of-its-kind

Likewise, Fabric’s VPU chips represent a breakthrough in hardware design, offering enhanced verifiability and performance that are expected to set new industry standards. In addition to advancing its hardware capabilities, Fabric Cryptography plans to use the capital to scale its software and cryptography teams.

Furthermore, the Silicon Valley hardware company aims to develop additional software and cloud infrastructure to complement its VPU chips. Meanwhile, the company affirmed that the production of the new chips is slated for later in the year.

a16Z to Focus on AI and Computing

Venture capital firm Andreessen Horowitz (a16z) recently raised $7.2 billion to fuel investments across various technology sectors, excluding additional funds for cryptocurrency ventures. The investment strategy encompasses multiple sectors, with the “Growth” venture strategy securing the largest portion of the raise at $3.75 billion. This strategy also supports early-stage startups.

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The “Infrastructure” and “Apps” strategies will receive $1.25 billion and $1 billion, respectively. Notably, a16z’s infrastructure strategy focuses on backing teams in the AI, computing, and data industries, while the Apps funds target consumers, enterprises, and fintech application builders.

According to PitchBook, a well-known data provider for private and public market investors, the crypto market during the first quarter of 2024 has seen a surge in fundraising, amounting to $2.4 billion.