QuintessenceLabs, Westpac-Backed Quantum Security Company, Provides $ 25 Million in New Funding

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QuintessenceLabs’ products are based on the ability to generate “keys” that have truly random combinations derived from an unpredictable quantum source, which the company claims are not hackable.

Broaden its footprint

Dr Sharma said the funding would allow him to expand his international footprint from the United States through the United Kingdom, Japan and India.

He said the company’s US subsidiary, established in 2013, would be strengthened, including the hiring of a revenue manager, while an office in the UK would also be created, with the AUKUS defense partnership recently. announced, boosting its business prospects.

The growing importance of ransomware attacks has also helped sharpen the minds of potential QuintessenceLabs customers facing the threat of breaching their systems.

“We have been fortunate to see the evolution of the quantum industry since our inception in 2008 as Australia’s premier quantum technology company. Practical applications of quantum technology have been on the horizon for some time now, and we have made incredible strides, both in Australia and abroad, in recent years, ”said Dr Sharma.

Data breaches can be made irrelevant

“The pandemic has finally been a wake-up call to many companies that increasingly recognize that data is more vulnerable than it thinks.

“As computing power grows exponentially and quantum computing becomes more accessible through cloud-based offerings, we have the opportunity and the responsibility to help businesses and governments protect themselves. against these attacks with sophisticated data protection.

“With properly implemented access controls, data breaches can be largely rendered unnecessary. “

Main Sequence partner Bill Bartee said his fund supports the company because Dr Sharma and his team have established themselves as world leaders in developing quantum cybersecurity tools that could help protect information. sovereign and commercially sensitive.

Dr Sharma said there is a broader opportunity for Australian industry to forge a leadership position in the age of quantum computing, as some of the world’s top research is taking place in the country.

“Quantum technologies offer Australia an unprecedented opportunity for early leadership in an area that will significantly contribute to the Fourth Industrial Revolution,” he said.

“The economic and societal benefits over the next two decades and beyond are likely to be substantial. With the right investments and the right policy settings, we can build leading industrial capacity and create the highest quality jobs. “

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