Fabric Systems develops crypto hardware, focusing on an immersion (liquid)‑cooled bitcoin miner and a dedicated processor for advanced cryptographic algorithms like zero‑knowledge proofs. The company says its Bitcoin miner will set a new industry standard for energy efficiency, cost and form factor and will be the first out‑of‑the‑box immersion‑cooled machine. Most of the newly raised capital will be allocated to the Bitcoin miner development, with a portion reserved for pilot experiments on the zero‑knowledge‑proof processor. Fabric aims to have machines in full production and mining at customers' facilities by the end of next year. The startup is positioning a more efficient computer to attract crypto miners during a down market. The company acknowledges the difficulty of entering a market largely controlled by large incumbents.

Total raised

$13M

Funding rounds

1

Latest round

Seed

Latest activity

Oct 2022