WISeKey Signs Strategic Partnership Agreement with Synergy Quantum

Rhea-AI Summary

WISeKey International Holding has entered a strategic partnership with Synergy Quantum to enhance cybersecurity solutions through post-quantum encryption. This collaboration aims to develop two-factor authentication for the financial services sector using WISeKey's semiconductors combined with Synergy Quantum's encryption technologies. The partnership seeks to leverage India's emerging semiconductor ecosystem, backed by substantial government investment, to establish a foothold in quantum security technologies.

Positive

• Strategic partnership with Synergy Quantum enhances WISeKey's cybersecurity offerings.
• Collaboration aims to develop advanced post-quantum encryption solutions.
• Partnership positions WISeKey to capitalize on India's growing semiconductor market.

Negative

• None.

WISeKey Signs Strategic Partnership Agreement with Synergy Quantum

Geneva – March 14, 2022 – WISeKey International Holding Ltd (“WISeKey “) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, AI, Blockchain and IoT company, announces the signing of a strategic partnership with Synergy Quantum SA, a Swiss based quantum technology company that offers high impact Industry solutions using Quantum technologies, and has developed a technology that protects private data with post-quantum end-to-end encryption.

The purpose of the partnership is to offer the financial services industry two-factor authentication based on current and new post-quantum WISeKey semiconductors in combination with Synergy Quantum post-quantum encryption solutions.

WISeKey and Synergy Quantum will co-develop post-quantum NFC/ID card solutions for second factor identification and post-quantum encryption chips and software platform for PQE tunnelling solutions.

Of note, in October 2021, Synergy Quantum SA signed a joint venture agreement with the I-Hub Quantum Technology Foundation, under the National Mission for Interdisciplinary Cyber Physical Systems, Ministry of Science and Technology, Government of India to provide its knowhow and skills for the productization and commercialization of co-developed technologies in the field of quantum sciences.

On December 15, 2021, India’s Union Cabinet approved the Semicon India Program (Program for Development of Semiconductors and Display Manufacturing Ecosystem in India), with an outlay of INR 760 billion (>US$10 billion) for the development of a sustainable semiconductor manufacturing ecosystem in India. According to the India Electronics and Semiconductor Association, semiconductor consumption in India was worth US$21 billion in 2019, growing at the rate of 15.1 percent.

Carlos Moreira, CEO of WISeKey stated: “WISeKey has a highly sophisticated supply chain that already covers a number of countries in South-East Asia, and through this partership intends not only to expand its geographic footprint and customer base in India but intends to extend its supply chain in the country as well.”

India intends to build up capabilities for post-quantum security technologies identified under the National Mission on Quantum Technologies. Despite the importance of post quantum cryptography, there are currently only a few companies in India which provide quantum-safe products. This makes it imperative for the Indian government, and for Indian banks and industries, to ensure timely safeguards for the same. The Indian government has earmarked an outlay of Rs. 8000 Crores (1.2bn USD) over a period of 5 years for the National Mission On Quantum Technologies And Applications.

Jay Oberai, Founder of Synergy Quantum, stated, “The deep tech partership between Synergy Quantum and WISeKey will help India gain a leadership position in the development of Quantum technologies and secure semiconductor design and manufacturing.”

About WISeKey
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.).  WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.

Our technology is Trusted by the OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.

Press and investor contacts:
WISeKey International Holding Ltd
Company Contact:  Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com        

WISeKey Investor Relations (US)
Contact:  Lena Cati
The Equity Group Inc.
Tel: +1 212 836-9611
lcati@equityny.com

Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties, and other factors, which could cause the actual results, financial condition, performance, or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

FAQ

What is the recent partnership announced by WISeKey?

WISeKey announced a partnership with Synergy Quantum to develop post-quantum encryption solutions.

How will the partnership with Synergy Quantum affect WISeKey's business?

The partnership aims to enhance WISeKey's offerings in cybersecurity and expand its market presence in the financial services sector.

What technologies will WISeKey and Synergy Quantum co-develop?

They will co-develop two-factor authentication solutions and post-quantum NFC/ID card solutions.

What is the significance of the Indian government's investment in semiconductors for WISeKey?

The Indian government's substantial investment in semiconductors provides a favorable environment for WISeKey to grow its operations in quantum security technologies.

What are the expected outcomes of the WISeKey and Synergy Quantum partnership?

The partnership aims to position India as a leader in quantum technologies and secure semiconductor design, leveraging both companies' expertise.