Australian-based quantum cyber security company QuintessenceLabs has announced a successful $25 million Series B capital funding round.
The funding was led by Main Sequence, the deep tech investment fund founded by the CSIRO in 2017, and Canada’s TELUS Ventures, with participation from the Mizuho Financial Group-backed InterValley Ventures as well as Terry Snow’s Capital Property Group.
“We are delighted to have secured investments from Main Sequence and TELUS Ventures and be recognised for our breakthrough commercialisation of quantum-enhanced cyber security solutions,” said Dr Vikram Sharma, founder and CEO of QuintessenceLabs.
The firm said that the advent of quantum computing was the “next greatest threat to data” and warned that companies needed to assess their cyber security posture from a quantum-safe perspective.
Quantum-safe cybersecurity solutions provided by QuintessenceLabs are currently in use by a range of Fortune 500 companies and government organisations to help protect against hacking and ransomware attacks.
“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,” Dr Sharma said.
Westpac is among the existing investors in QuintessenceLabs after the bank acquired an 11 per cent stake in 2015 which it increased to 16 per cent in 2017.
Main Sequence partner Bill Bartee said the fund was excited to support QuintessenceLabs scale its business and provide customers with quantum-safe data protection.
“As computing power increases exponentially, the tools needed to secure critical data and assets must stay several steps ahead,” Mr Bartee said.
“Dr Sharma and the team at QuintessenceLabs are global leaders in developing quantum-based cyber security tools that help protect sovereign and commercially sensitive information.”
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
