QuintessenceLabs has announced it has recently raised additional capital in a round led by Chevron Technology Ventures. The Canberra-based company says it will use the funds in its mission to deliver advanced quantum-enhanced cybersecurity solutions to large enterprise customers worldwide. This latest financing closely follows a A$25 million funding round led by Main Sequence Ventures and Telus Ventures.
“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 solutions 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 latest investment from our Core Energy Fund, which focuses on technologies that have the potential to improve our current businesses. We welcome QLabs to this portfolio.”
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 can make today’s 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.
“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 CEO, Dr Vikram Sharma. “Safeguarding data—our most valuable resource—has never been more critical. We look forward to an exciting new growth stage and to continuing to develop world-leading solutions to secure our increasingly digital lives.”
It is expected that quantum cybersecurity will soon be one of the critical pillars of a robust cybersecurity strategy for most large enterprises.
