Canberra-based quantum cybersecurity company QuintessenceLabs raised $ 25 million in a Series B.
The round was led by CSIRO’s venture capital fund, Main Sequence Ventures and Canadian VC TELUS companies, with additional participation from Mizuho Financial Group InterValley Companies, which helps Australian start-ups enter the Japanese market, and Capital Property Group.
The company uses liquidity to grow its customer base globally, targeting financial services, cloud providers, government agencies and the defense industries.
QuintessenceLabs CEO and Founder Vikram Sharma believes the next biggest threat to data and information is the advent of quantum computing and organizations need to start evaluating their cybersecurity posture from a quantum security perspective. .
His company protects data by using quantum random number generators and advanced data access control software.
Sharma said the investment underscores her company’s commitment to providing secure quantum encryption solutions and services to support security communities around the world.
“We are delighted to have secured investments from Main Sequence and TELUS Ventures and to be recognized for our groundbreaking commercialization of quantum enhanced cybersecurity solutions,” he said.
“Data protection – our most precious resource – has never been more critical and we look forward to this exciting new stage of growth as we continue to develop cutting-edge solutions to secure our increasingly digital lives. “
He predicts that quantum cybersecurity will soon become mainstream and one of the essential pillars of a robust cybersecurity strategy for most organizations.
The company is considered a global leader in quantum cybersecurity, recognized for its advanced quantum security data protection capabilities and has been recognized as a Global Innovator by the World Economic Forum and won a prestigious CyberTech100 award in 2020.
TELUS Ventures Vice President of Corporate Strategy Mario Mele said his venture capital firm “is at the forefront of network security practices with an eye on the future of network technology. quantum security ”.
“We are excited to align with the leader in this field to have a broader view of cybersecurity innovations and their impact on our industry,” he said.