Westpac saw the potential of the technology for its own use, as well as being an investment back in 2015, when it took an 11 per cent stake in QuintessenceLabs. Vikram Sharma, founder & CEO of QuintessenceLabs, said the fresh funding would help the company’s global expansion plans. The company has existed since 2005 working in the futuristic realm of quantum computing, from the perspective that the eventual wider availability of such fantastically powered computers will pose nightmarish cyber security threats to business systems based on traditional classical computing.ĭr. We’re excited to support the QuintessenceLabs team as they scale their business and provide customers with a critical layer of protection.QuintessenceLabs, a Westpac-backed cyber security company that looks to use advanced quantum computing principles to defend against the myriad threats facing companies’ tech infrastructure, has raised $25 million from a suite of investors led by the CSIRO’s venture capital arm, 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. Main Sequence partner Bill Bartee added, “As computing power increases exponentially, the tools needed to secure critical data and assets must stay several steps ahead. 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.” QuintessenceLabs founder and CEO Vikram Sharma said, “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. Organisations need to start assessing their cybersecurity posture from a quantum-safe perspective.”Īccording to QuintessenceLabs, this recent investment underscores its commitment of providing quantum safe crypto solutions and services to support security communities globally. Quantum computing capabilities and power transcend that of current computing, making today’s information vulnerable to quantum computing attacks and data breaches. The firm commented, “The next greatest threat to data and information is the advent of quantum computing.
The company was recently selected as a World Economic Forum Global Innovator.
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The round was led by Main Sequence and TELUS Ventures, and also including participation from InterValley Ventures and the Capital Property Group.įounded in 2008, QuintessenceLabs claims its products combine world class security expertise with advanced science to create high-value technology, including a quantum-based random number generator and an interoperable key and policy manager as well as a broad range of strong encryption solutions.
Quantum cybersecurity firm QuintessenceLabs has secured A$25m in financing as it pushes forward its aim to take quantum cybersecurity global.
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