QuintessenceLabs gets funding to scale its Quantum-safe solutions

Dr Vikram Sharma, Founder and Chief Executive Officer of QuintessenceLabs

QuintessenceLabs, an innovator in quantum cybersecurity solutions, announced that it has recently raised additional capital in a round led by Chevron Technology Ventures.

The investment underwrites QuintessenceLabs’ commitment to providing quantum-safe solutions to support security communities. The Canberra-based company will use the funds to deliver quantum-enhanced cybersecurity solutions to large enterprise clients worldwide.

This latest financing closely follows a A$25 million funding round led by Main Sequence Ventures and Telus Ventures. Since closing its last investment round in September 2021, the company has focused on expanding its executive leadership team to further its growth strategy and market leadership and accelerate global commercialization ramp-up.

QuintessenceLabs sets the tempo

QuintessenceLabs is a global leader in quantum cybersecurity recognized for its advanced quantum-safe data protection capabilities, most recently through its selection as a World Economic Forum Global Innovator and winning the 2020 CyberTech100 Award.

“As companies plan for encryption in a quantum future, the need for quantum computing risk management has never been greater. QLabs has the potential to contribute to the development of cybersecurity that can keep corporate data safe from sophisticated attacks,” said Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron.

“We are excited for this investment from our Core Energy Fund, which focuses on technologies with potential to improve our businesses. We welcome QLabs to this portfolio.”

QuintessenceLabs predicts a market shift

A looming threat to data and information is the advent of quantum computers. Quantum computing capabilities are designed to transcend the power of current supercomputers, which make information vulnerable to quantum computing attacks and data breaches.

Prudent risk management suggests that organizations need to start assessing their cybersecurity posture from a quantum-safe perspective to best manage the threat.

“We are delighted to have secured this investment from Chevron Technology Ventures and to be recognized for our breakthrough commercialization of quantum-enhanced cybersecurity solutions,” said QuintessenceLabs’ Founder and Chief Executive Officer, Dr Vikram Sharma.

“Safeguarding data, our most valuable resource, has never been more critical. We are excited for this stage and will continue to develop world-leading solutions to secure our digital lives.”

It is predicted that quantum cybersecurity solutions will soon be one of the most essential pillars of a robust cybersecurity strategy for most large enterprises.

QuintessenceLabs is primed to deliver global leadership in supporting customers to achieve a resilient quantum-safe cybersecurity posture in a complex cyber threat environment, while transforming society and industry in a positive way for years to come.