over the next two to three years, Sharma said. is by far the largest cybersecurity market, QuintessenceLabs will continue to grow its team in the U.S. in 2013 with an initial team of three people to make a more significant commitment to the U.S.Īs the U.S. The Australia-headquartered company opened an office in the U.S. Department of Homeland Security, focused on strengthening data protection across participating agencies, Sharma told TechCrunch. In the last year, one of its significant achievements was making the approved products list for a $2 billion program run by the U.S. The company sells its product to global corporations, Sharma said. “We have spent more than a decade getting the technology right and preparing for commercial adoption,” Sharma said. The market for this type of technology was small when QuintessenceLabs started in 2008, and it took time to mature and bring it to a commercial level, he said. QuintessenceLabs uses quantum physics to build data security tools and has developed qStream, a quantum random number generator (QRNG) that provides encryption keys with full entropy, which means they are truly random, Sharma explained. It is expected that quantum cybersecurity will soon be one of the critical pillars of a robust cybersecurity strategy for most large enterprises.QuintessenceLabs will use the Series B funding to expand its customer base, including private and public organizations in financial services, cloud providers, government agencies and defense sectors globally, CEO and founder of QuintessenceLabs Vikram Sharma told TechCrunch. We look forward to an exciting new growth stage and to continuing to develop world-leading solutions to secure our increasingly digital lives.” “Safeguarding data-our most valuable resource-has never been more critical. “We are delighted to have secured this investment from Chevron Technology Ventures and to be recognized for our breakthrough commercialization of quantum-enhanced cybersecurity solutions,” said QuintessenceLabs’ Founder and CEO, Dr Vikram Sharma. Prudent risk management suggests that organizations need to start assessing their cybersecurity posture from a quantum-safe perspective. Quantum computing capabilities are designed to transcend the power of current supercomputers, which can make today’s information vulnerable to quantum computing attacks and data breaches. We welcome QLabs to this portfolio.”Ī looming threat to data and information is the advent of quantum computers. “We are excited for this latest investment from our Core Energy Fund, which focuses on technologies that have the potential to improve our current businesses. QLabs has the potential to contribute to the development of cybersecurity solutions that can keep corporate data safe from sophisticated attacks,” said Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron. “As companies plan for encryption in a quantum future, the need for quantum computing risk management has never been greater. This latest financing closely follows a A$25 million funding round led by Main Sequence Ventures and Telus Ventures. The Canberra-based company says it will use the funds in its mission to deliver advanced quantum-enhanced cybersecurity solutions to large enterprise customers worldwide. QuintessenceLabs has announced it has recently raised additional capital in a round led by Chevron Technology Ventures.
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