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. The latest funding was led by Main Sequence and TELUS Ventures, with participation from Mizuho Financial Group-backed InterValley Ventures and Capital Property Group. The startup has now raised $25 million in a Series B round to enhance its security in quantum solutions. T o increase data security, Canberra, Australia-based quantum cybersecurity solution provider QuintessenceLabs safeguards sensitive data through its quantum random number generators and advanced data access control software. “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,” he said.As computing power increases exponentially, the ability to secure our data against brute force and other types of attacks gets more complicated, with the scale and sophistication of cyberattacks continuing to challenge companies’ ability to implement effective data access control and encryption. TELUS Ventures vice president of corporate strategy Mario Mele said his VC firm “is at the forefront of network security practices with an eye on the future of quantum safe technologies”. The company is considered a global leader in quantum cybersecurity recognised for its advanced quantum-safe data protection capabilities and has been recognised as a World Economic Forum Global Innovator as well as winning a prestigious 2020 CyberTech100 Award. He’s predicting that quantum cybersecurity will soon become mainstream and one of the critical pillars of a robust cybersecurity strategy for most organisations. “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. “We are delighted to have secured investments from Main Sequence and TELUS Ventures and be recognised for our breakthrough commercialisation of quantum enhanced cybersecurity solutions,” he said. Sharma said the investment underscores his company’s commitment of providing quantum safe crypto solutions and services to support security communities worldwide. His company protects data using quantum random number generators and advanced data access control software. QuintessenceLabs CEO and founder Vikram Sharma believes the next greatest threat to data and information is the advent of quantum computing and that organisations need to start assessing their cybersecurity posture from a quantum-safe perspective. The company is using the cash to build its customer base globally, targeting financial services, cloud providers, government agencies and the defence sectors. The round was led by the CSIRO’s VC fund Main Sequence Ventures and Canadian VC TELUS Ventures, with additional participation from Mizuho Financial Group-backed InterValley Ventures, which helps early stage Australian tech companies crack the Japanese market, and Capital Property Group. Canberra-based quantum cybersecurity venture QuintessenceLabs has raised $25 million in a series B.
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