Fabric Cryptography, a Silicon Valley startup, has secured $33 million in funding to enhance privacy in the digital ecosystem.
Company's Technology and Objectives
Fabric Cryptography plans to use the funding to develop next-generation cryptographic technologies. The company's goal is to ensure the real-world application of privacy guarantees by leveraging new technology to enhance encryption and authentication.
Funding and Its Utilization
The funding round was co-led by Blockchain Capital and 1kx. Additionally, the startup received backing from Polygon, Offchain Labs, and Matter Labs. The company's co-founders, MIT and Stanford dropouts Michael Gao and Tina Ju, noted that the funding will help add 'mathematical trust' to the privacy and big data market. Fabric also plans to scale its software and cryptography teams as well as its cloud infrastructure.
Launch and Prospects of VPU
Fabric expects to have its silicon chip VPU go into production later this year. Once deployed, the chip will offer greater speed compared to core processing units, GPUs, and fixed-function cryptography accelerators. The VPU will enhance cryptographic algorithms currently offering more privacy guarantees, including zero-knowledge proofs, fully-homomorphic encryption, and multi-party computation.
With the secured funding, Fabric Cryptography can make a breakthrough in the fields of cryptography and data privacy, potentially significantly impacting the digital ecosystem.
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