Fabric Cryptography secures $33 million to enhance privacy in the digital ecosystem

by Giorgi Kostiuk

2 years ago

Made with AI

Company's Technology and Objectives
Funding and Its Utilization
Launch and Prospects of VPU

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.

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. Billions of dollars have been poured into better AI chips of all kinds, but researchers and industry projects in cryptography have had to settle with CPUs or GPUs, which were never made for the kind of intensive math that advanced cryptography uses.Michael Gao, co-founder of Fabric Cryptography

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.