quintessencelabs 25m main sequence venturesparktechcrunch

QUINTESSENCELABS 25M MAIN SEQUENCE VENTURESPARKTECHCRUNCH GENERATOR
QUINTESSENCELABS 25M MAIN SEQUENCE VENTURESPARKTECHCRUNCH SERIES

The company will implement a planned geographic and sectoral expansion strategy as the world starts to reopen around 2022, he mentioned.Īustralia's national science agency CSIRO recently released a report on Australia's quantum industry in which it forecasts an $86 billion global market size in the quantum industry by 2040. QuintessenceLabs deferred its growth plans to 12-15 months due to the uncertainty caused by a global pandemic, Sharma said. In parallel, QuintessenceLabs is developing partnerships in Japan and India, Sharma noted. that is also an ideal location for its EMEA headquarters, Sharma said, adding that it is in discussions with several U.K. In the first half of next year, QuintessenceLabs plans to set up an office in the U.K. is the second-largest cybersecurity market and somewhat similar to Australia in terms of market dynamics, legal systems and business culture, according to Sharma. 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 25M MAIN SEQUENCE VENTURESPARKTECHCRUNCH GENERATOR

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.

QUINTESSENCELABS 25M MAIN SEQUENCE VENTURESPARKTECHCRUNCH SERIES

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. 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.

Quintessencelabs 25m main sequence venturesparktechcrunch