Crypto hardware technology startup Fabric Systems has raised $13 million in seed equity funding, with the capital to be used to build two products – a liquid-cooled bitcoin miner and a computer processor for advanced cryptographic algorithms such as zero-knowledge proofs.
“Most of the funding is going to be used on the Bitcoin side,” Fabric co-founder Michael Gao told CoinDesk. “Some of the funding will be used for pilot experiments in the zero-knowledge-proof side.”
Participating in the round were Metaplanet - the investment vehicle of Skype co-founder Jaan Tallinn – Blockchain.com and 8090 Partners.
“Fabric’s Bitcoin miner will set a new standard for the industry in terms of energy efficiency, cost and form factor,” the company said in a statement. “Beyond its extremely energy efficient Bitcoin mining chips, it will be the first out-of-the-box immersion cooled machine."
Making bitcoin mining chips, however, is no easy task as the market is mostly controlled by large manufacturers...
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