Quantum cybersecurity firm QuintessenceLabs raises $25 million series B

Canberra-based quantum cybersecurity venture QuintessenceLabs has raised $25 million in a series B.

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. 

The company is using the cash to build its customer base globally, targeting financial services, cloud providers, government agencies and the defence sectors.

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.

His company protects data using quantum random number generators and advanced data access control software. 

Sharma said the investment underscores his company’s commitment of providing quantum safe crypto solutions and services to support security communities worldwide.

“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.

“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. ”

He’s predicting that quantum cybersecurity will soon become mainstream and one of the critical pillars of a robust cybersecurity strategy for most organisations.

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.

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”.

“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.