# Fabric Systems

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/fabric-systems

- Industry: Hardware
- Headquarters: US
- Website: www.fabricsystems.com
- Total disclosed funding: $13M
- Latest round: Seed (Oct 14, 2022)
- Investors on record: 3

## 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.

## Funding rounds

- Seed, Oct 14, 2022, $13M — Blockchain.com, Metaplanet Holdings, 8090 Industries

## Investors

- Blockchain.com — Seed
- Metaplanet Holdings (https://capitalatlas.ai/funds/metaplanet-holdings) — Seed
- 8090 Industries (https://capitalatlas.ai/funds/8090-industries) — Seed