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QuintessenceLabs Raises A$25 million to take Quantum Safe Cybersecurity Worldwide
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QuintessenceLabs, a leader in quantum cybersecurity, has raised A$25 million in a Series B funding round led by Main Sequence and TELUS Ventures. This funding aims to enhance their quantum-safe crypto solutions amidst increasing quantum computing threats. The investment underscores the importance of robust cybersecurity measures in a digital landscape. QuintessenceLabs is recognized for its advanced capabilities and has been awarded titles like the World Economic Forum Global Innovator. The company is set to play a pivotal role in mainstream quantum cybersecurity solutions.
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Secured A$25 million funding to enhance quantum-safe crypto solutions.
Recognition as a leading player in quantum cybersecurity by the World Economic Forum.
Investment from notable funds like Main Sequence and TELUS Ventures indicating strong market trust.
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Quantum cybersecurity leader raises Series B round to tap multibillion-dollar quantum safe crypto solutions and services market
CANBERRA, Australia--(BUSINESS WIRE)--
QuintessenceLabs, a pioneer and leader in quantum cybersecurity solutions, announced today 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.
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.
“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.”
“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.
About Main Sequence
Main Sequence is Australia’s deep tech investment fund tackling the world’s biggest challenges by turning today’s scientific discoveries into tomorrow’s industries. It works closely with scientists, researchers, and industry collaborators to create, fund and accelerate new companies and industries that accelerate humanity for a more prosperous future.
Main Sequence was set up in 2017 to manage the CSIRO Innovation Fund, founded by the Australian Government and the national science agency to reinvest its historic contributions into the successes of the future. Fund I was backed by CSIRO, and to date has invested in 26 companies that are changing the way healthcare is delivered, food is produced, spaces are connected and more. Its second Fund was announced in April 2021 with eight investments made to date.
About TELUS Ventures
As the strategic investment arm of TELUS Corporation (TSX: T, NYSE: TU), TELUS Ventures is one of Canada’s most active corporate venture capital funds. TELUS Ventures invests globally in companies from Seed to Pre-IPO with a focus on innovative technologies such as AgTech, HealthTech, Connected Consumer, IoT, AI, and Security to actively drive new solutions across the TELUS ecosystem. Led by a team of experienced operators, investors and executives, the Ventures team is passionate about creating positive social impact through financial tools and has invested in more than 90 companies since inception. For more information please visit: ventures.telus.com.
About QuintessenceLabs
QuintessenceLabs, a global leader in quantum cybersecurity, offers a suite of unrivaled cybersecurity solutions and services for today and tomorrow, including their flagship product the Trusted Security Foundation (TSF). The TSF is the industry’s most secure key management platform, incorporating the security of a FIPS 140-2 Level 3 hardware security module (HSM) with advanced key and policy management (KMS), and qStream, the world’s fastest quantum random number generator (QRNG), delivering the strongest foundation for encryption and data security. QuintessenceLabs continues in the advancement of quantum cybersecurity with their latest quantum-safe solution, qOptica Quantum Key Distribution (QKD). For more information on QuintessenceLabs, visit www.quintessencelabs.com, or follow the company on LinkedIn at https://www.linkedin.com/company/700055/admin/.
What is the significance of QuintessenceLabs raising A$25 million funding for TU investors?
The A$25 million funding will enhance QuintessenceLabs' quantum-safe cybersecurity solutions, positively impacting its market position and potential growth.
Who led the Series B funding round for QuintessenceLabs?
The Series B funding round was led by Main Sequence and TELUS Ventures.
Why is quantum cybersecurity important for organizations today?
Quantum cybersecurity is crucial as quantum computing poses significant risks to current data protection methods, making quantum-safe solutions essential.
What type of solutions does QuintessenceLabs provide?
QuintessenceLabs provides advanced quantum-safe data protection solutions and services.
What companies participated in the funding round besides Main Sequence?
Besides Main Sequence, participation in the funding round included TELUS Ventures, Mizuho Financial Group-backed InterValley Ventures, and Capital Property Group.
