Fabric Systems Asset Profile

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Year established

2022

Location

Primary Industry

Hardware

About

Founded in 2022 by Michael Gao (CEO), and Sagar Reddy (CTO), and based in the US, Fabric Systems operates as a cryptography hardware accelerator company that performs calculations at a faster rate to enable bitcoin mining. In October 2022, Fabric raised USD 13 million in seed funding from new investors 8090 Partners, Blockchain.com Ventures, and Metaplanet Holdings. The company provides a programmable Bitcoin mining ASIC (Application-specific integrated circuit) cryptography accelerator developed using the company's proprietary closed-loop immersion cooling system, which runs multiple cryptographic algorithms such as Zero Knowledge Proofs (ZKPs), fully homomorphic encryption, and verifiable delay functions faster than general processing units to provide transformative use cases in bitcoin mining both inside and outside of the blockchain. The company intends to use the October 2022 funding to further develop its product.

Current Investors

Blockchain.com Ventures, Metaplanet Holdings, 8090 Industries

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Primary Industry

Hardware

Sub Industries

Hardware, Analytics & Performance Software

Website

www.fabricsystems.com

Verticals

Blockchain, Manufacturing

Company Stage

Angel & Seed

Total Amount Raised

Subscriber access only

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