Quantum cybersecurity leader raises Series B round to tap multibillion-dollar quantum safe crypto solutions and services market
QuintessenceLabs, a pioneer and leader in quantum cybersecurity solutions, announced that it has recently raised a A$25 million round of capital funding led by Main Sequence and TELUS Ventures, with participation from Mizuho Financial Group-backed InterValley Ventures and Terry Snow’s Capital Property Group. This investment underscores QuintessenceLabs’ commitment of providing quantum safe crypto solutions and services to support security communities worldwide. Main Sequence is Australia’s deep tech investment fund, founded by Australia’s national science agency, CSIRO. TELUS Ventures is the strategic investment arm of TELUS Corporation and one of Canada’s most active and longest-standing corporate venture capital (CVC) funds.
“TELUS is at the forefront of network security practices with an eye on the future of quantum safe technologies”
The next greatest threat to data and information is the advent of quantum computing. Quantum computing capabilities and power transcend that of current computing, making today’s information vulnerable to quantum computing attacks and data breaches. Organizations need to start assessing their cybersecurity posture from a quantum-safe perspective.
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“We are delighted to have secured investments from Main Sequence and TELUS Ventures and be recognized for our breakthrough commercialization of quantum enhanced cybersecurity solutions,” said QuintessenceLabs’ Founder and CEO, Dr Vikram Sharma. “Safeguarding data—our most valuable resource—has never been more critical and we look forward to this exciting new growth stage while continuing to develop world-leading solutions to secure our increasingly digital lives. ”
Australian-based QuintessenceLabs is a global leader in quantum cybersecurity recognized for its advanced quantum-safe data protection capabilities. The company has been widely recognized for its cybersecurity innovations around the world, most recently through its selection as a World Economic Forum Global Innovator as well as winning a prestigious 2020 CyberTech100 Award.
“As computing power increases exponentially, the tools needed to secure critical data and assets must stay several steps ahead,” said Bill Bartee, Partner at Main Sequence. “Dr Sharma and the team at QuintessenceLabs are global leaders in developing quantum-based cybersecurity tools that help protect sovereign and commercially sensitive information. We’re excited to support the QuintessenceLabs team as they scale their business and provide customers with a critical layer of protection.”
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“TELUS is at the forefront of network security practices with an eye on the future of quantum safe technologies,” said Mario Mele, vice president Corporate Strategy, TELUS Ventures. “We’re pleased to align with the leader in this space to gain a broader lens into cybersecurity innovations and how they may impact our industry.”
It is expected that quantum cybersecurity will soon become mainstream and will be one of the critical pillars of a robust cybersecurity strategy for most organizations. QuintessenceLabs is primed to deliver global leadership in supporting customers to achieve a resilient quantum-safe cybersecurity posture in a complex cyber threat environment, while transforming society and industry in a positive way for years to come.
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