Silicon Valley, Aug 20: Fabric Cryptography, a startup at the forefront of advanced cryptographic technology, has secured $33 million in Series A funding.
The funding round was co-led by Blockchain Capital and 1kx, with participation from prominent industry leaders such as Offchain Labs, Polygon, and Matter Labs.
This follows a previous $6 million seed round, bringing the total funds raised to $39 million.
Founded by MIT and Stanford dropouts Michael Gao and Tina Ju, alongside hardware veterans like Sagar Reddy, Fabric Cryptography is developing the Verifiable Processing Unit (VPU), a revolutionary chip designed to handle complex cryptographic algorithms.
The VPU is set to significantly improve the speed and cost of cryptographic processes, offering a specialized architecture that natively supports the mathematical requirements of advanced cryptography.
Michael Gao, Co-Founder and CEO, emphasized the importance of this development: “There exists a whole world of advanced cryptographic algorithms that go beyond protecting our data and can actually begin to guarantee trust, if we can run them efficiently.”
The VPU is particularly relevant in the blockchain space, where Zero-Knowledge Proofs (ZKPs) are crucial for scaling decentralized infrastructure.
Fabric has already received tens of millions in pre-orders for the VPU, signaling strong market demand.
The company is also building a software stack to make this technology accessible to developers, along with algorithms to ensure privacy when using AI models in the cloud.
Dr. Wei Dai, cryptographer and research partner at 1kx, highlighted the VPU’s adaptability: “The VPU can be programmed to run virtually any cryptographic workload efficiently using its innovative instruction set. Unlike other fixed-function chips, the VPU is future-proof—it can adapt to new cryptography algorithms as they are developed and productionized.”
The Series A funding will be used to further develop the VPU chips and expand Fabric’s software and cryptography teams to meet growing market demand. Fabric Cryptography aims to extend the application of its technology to AI, finance, medtech, insurance, and more, positioning the VPU as a cornerstone in the next generation of digital privacy and trust.
“We could not be more thrilled to partner with Fabric on their mission to accelerate all cryptographic operations,” said Yuan Han Li, investor at Blockchain Capital.
Fabric Cryptography is on the brink of a breakthrough that could redefine how privacy and trust are integrated into our digital systems. With their VPU, they are poised to lead the next wave of innovation in cryptography.
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