Fun

Cryptography startup Fabric raises $33M for new data privacy chip

News Feed - 2024-08-20 06:08:17

Ana Paula Pereira2 hours agoCryptography startup Fabric raises $33M for new data privacy chipBlockchain Capital and 1kx co-led the Series A round that will back the development of a new computing chip focused on data privacy.305 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onFabric Cryptography, a Silicon Valley hardware startup, has closed a $33 million Series A funding round co-led by Blockchain Capital and 1kx to build new computing chips focusing on data privacy. 


The round also saw the participation of Offchain Labs, Polygon, and Matter Labs. The investment follows a $6 million seed round led by Metaplanet with participation from Inflection and Liquid2 Ventures, among other investors. 


According to an Aug. 19 announcement, the startup is developing a new cryptography processing unit called the Verifiable Processing Unit (VPU), a silicon chip that uses a cryptography-specific instruction set architecture. “This means that any cryptographic algorithm can be broken down into its mathematical building blocks that are natively accelerated and supported by the chip,” said the company. Source:Fabric Cryptography


The new chip is expected to go into production later this year and is planned to improve speed and cost running for cryptographic workloads when compared to central processing units (CPUs) and graphical processing units (GPUs). 


The startup is founded by former MIT and Stanford students Michael Gao, Tina Ju, and Sagar Reddy. 


“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,” said Gao in a statement. He continued: “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.”


Fabric has found a market fit for its hardware in the blockchain space amid the growing use of zero-knowledge proofs to improve privacy and security in onchain transactions. According to the startup, it has received “tens of millions of dollars in pre-orders for their VPUs” coming from the Web3 industry. 


The startup is also working on a software stack to make the technology accessible to software developers. 


“The VPU can be programmed to run virtually any cryptographic workload efficiently [...]. Unlike other fixed-function chips, which are common in cryptography, the VPU is future-proof — it can adapt to new cryptography algorithms as they are developed and productionized,” said Dr. Wei Dai, cryptographer and research partner at 1kx.

Magazine:5 dangers to beware when apeing into Solana memecoins# Blockchain# Business# Startups# CryptographyAdd reaction

News Feed

Jackson, Tennessee Mayor Praises Bitcoin’s Benefits Against Inflation, Aims to Create a BTC Hub
Jackson, Tennessee Mayor Praises Bitcoin"s Benefits Against Inflation, Aims to Create a BTC Hub Jackson, Tennessee’s mayor is a fan of bitcoin and he wants
Coinbase Sued for Allegedly Selling 79 Unregistered Crypto Securities — Including XRP, Dogecoin, Shiba Inu
Coinbase Sued for Allegedly Selling 79 Unregistered Crypto Securities — Including XRP, Dogecoin, Shiba Inu A class-action lawsuit has been filed against the Nasdaq-listed cryptoc
Derek Andersen2 hours agoDigital rupee gets big usability boost through Yes Bank integration with UPIThe Yes Bank app’s UPI integration is the first for the Indian retail CBDC, which has seen a variety of projects sinc
Over 80% of recent Binance token listings are bleeding red
Zoltan Vardai12 hours agoOver 80% of recent Binance token listings are bleeding redMost of the newly launched tokens function as “exit liquidity” for insiders capitalizing on the lack of retail access due to their hi
Base sets record high DEX volume day, surpassing $1B
Ciaran Lyons3 hours agoBase sets record high DEX volume day, surpassing $1BMost of the trading activity took place on UniSwap, accounting for 64.3% of the volume, followed by Aerodrome Finance at 9.7%, and SharkSwap at 7
Square Enix auction dates, Azuki DAO rebrands to Bean: Nifty Newsletter
Ezra Reguerra4 hours agoSquare Enix auction dates, Azuki DAO rebrands to Bean: Nifty NewsletterGame developer Square Enix announced the auction dates for NFTs of its upcoming blockchain game Symbiogenesis.827 Total views
Trudeau announces $1.8B package to boost Canada’s AI sector
Brayden Lindrea7 hours agoTrudeau announces $1.8B package to boost Canada’s AI sectorCanada is launching a fund to invest in AI infrastructure, grow startups, and create a new AI safety institute, among others.3801 Tot
YieldFinanceFarm Is Next Generation DeFi Farm to Maximize Rewards – YIF Presale Is Now Live
YieldFinanceFarm Is Next Generation DeFi Farm to Maximize Rewards - YIF Presale Is Now Live PRESS RELEASE. Yield Finance Farm (YIF) is a high-yield Defi farm tha
BUIDL Your Dream Finance With Global Cryptocurrency Trading Platform BYDFi
BUIDL Your Dream Finance With Global Cryptocurrency Trading Platform BYDFi sponsored Have you ever dreamed about a crypto exchange that is committed to your financial flourishing? A
Nvidia Limits the Efficiency of Mining Ether Using Its GPUs by 50%
Nvidia Limits the Efficiency of Mining Ether Using Its GPUs by 50% Nvidia announced that it will start limiting the efficiency of mining ethereum or any other cr
How the music industry is battling AI deepfakes one state at a time with the ELVIS Act
Savannah Fortis10 hours agoHow the music industry is battling AI deepfakes one state at a time with the ELVIS ActIn an in-depth interview, Recording Academy advocacy and public policy chief officer Todd Dupler explains h
Bitdeer is among the most ‘cost-effective’ Bitcoin miners: Benchmark
Tom Mitchelhill3 hours agoBitdeer is among the most ‘cost-effective’ Bitcoin miners: BenchmarkBenchmark analyst Mark Palmer initiated coverage of Bitdeer on Thursday, issuing the miner with a “buy” rating and set