The Labor government’s flagship National Reconstruction Fund is deploying 0.1% of its $15 billion war chest to fund a $20 million raise for 20-year-old Canberra cybersecurity firm QuintessenceLabs.
The $15 million from the independent NRF comes as the government moves into caretaker mode ahead of a federal election on May 3.
The National Reconstruction Fund Corporation’s (NRFC) latest investment comes several weeks after tipping in $32 million in a $179 million Series C for medical diagnostics analysis platform Harrison.ai.
Quintessence Labs previously raised a $25 million series B in October 2021, topped up with $5 million from Chevron the following year.
The quantum cybersecurity veteran, founded in 2005, protects data using quantum random number generators and advanced data access control software.Â
Also backing the latest raise were existing investors Main Sequence Ventures, Canadian VC Telus, and Mizuho Financial Group-backed InterValley Ventures, which helps Australian tech companies crack the Japanese market.
The funding will be used to expand manufacturing and target offshore markets.
In December last year, the NRFC backed both cybersecurity and quantum companies with 12-year-old sovereign cloud data security company Vault Cloud scoring $22.5 million and synthetic diamond creator Quantum Brilliance shining on with $13 million towards what ultimately became a $30 million raise.
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