8/11/2023 0 Comments Quintessencelabs 25m main sequence![]() ![]() ![]() Hijacking a flaw in diodes to harness quantum physics, Australia’s QuintessenceLabs has built a full-entropy quantum random number generator with a 1Gbps output.QuintessenceLabs announced that it has recently raised a A$25 million round of capital funding led by Main Sequence and TELUS Ventures, with participation from Mizuho Financial Group-backed InterValley Ventures and Terry Snow’s Capital Property Group. QuintessenceLabs harnesses diode ‘flaw’ for new quantum number generator But the industry is onto it, and Australia’s QuintessenceLabs is playing a key role. With all of the good a quantum computer promises, one of the side effects is that it will be able to break the mechanisms currently used to secure information. How the industry expects to secure information in a quantum world The offering has been touted as the world’s first secure and scalable package for enterprise file synchronisation and sharing systems. Quantum cybers land in Vault Cloud thanks to QuintessenceLabs QLabs was formed in 2008 as a spin-off out of the physics department at the Australian National University (ANU) in Canberra, although QLabs’ product suite was developed independent of ANU. This was followed by an additional AU$528,000 to progress encryption work for the department.Īustralian banking heavyweight Westpac has also previously funded QLabs’ work, boasting a 16% stake in the company as a result. QLabs will also be developing its existing relationships in Japan and India, Sharma said.īack in 2017, QLabs picked up AU$3.26 million in funding from the Australian Department of Defence to continue the expansion of its quantum key distribution capabilities and develop an Australia-specific solution. They’ve got such a storied history in cybersecurity, amongst other technology areas, and it’s the second largest cybermarket in the world, so it’ll be a very natural expansion for us,” he said. “We already have relationships in the UK. Sharma added QLabs will also be looking to enter the UK market during the first half of next year. We’re really pleased to have closed it and we’re very much looking forward to the next two to three years.” Through that process, we achieved our customer base of some very strong names, including a dozen Fortune 500 companies, government organisations, defence agencies,” he said. “We’ve spent the best part of a decade planting a scientific seed, maturing the science, translating that science to technology, and ultimately mapping that technology to solve real-world cyber problems. Specifically, this will include growing QLabs’ US headcount from eight to more than 20 over the next 18 months, starting with hiring a chief revenue officer, followed by expanding its sales, business development, and marketing teams. Speaking to ZDNet, QLabs founder and CEO Vikram Sharma said the investment would help with the continued development of the company’s quantum-based cybersecurity solutions. The funding round was led by Main Sequence and the investment arm of Canadian telco Telus, with participation from Mizuho Financial Group-backed InterValley Ventures and Terry Snow’s Capital Property Group. ![]() Canberra-based quantum cybersecurity solutions firm QuintessenceLabs (QLabs) has completed a AU$25 million series B funding round that will be used to expand the company globally and more than double its headcount. ![]()
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