Quantum Industries raises $10M for quantum-era cybersecurity

Cybercrime is estimated to cost over $10 trillion by 2025 and critical infrastructure is the target of over half of attacks. This funding will enable QI to commercialise its technology which provides critical infrastructure with security from cyber-attacks on communications systems and the looming threat of quantum computing, which will break today’s conventional encryption systems in seconds.[1]

QI’s proprietary Quantum Key Distribution (eQKD) technology is based on the principle of quantum entanglement – an approach to cybersecurity that provides encryption via a law of physics which is inherently impossible to hack.

QI is uniquely positioned to build a pan-continental backbone quantum secure communication network. It is the only company capable of providing the highest level of security, over the longest distances, using a more efficient approach that results in lower costs. It is a key supplier of the European Quantum Communication Infrastructure programme (EuroQCI) and is working with national and international critical infrastructure providers to deliver the foundations of the most secure communication in the world. This has already resulted in €1.8 million of booked sales in QI’s second year of operation. 

With ever-increasing demand for computing power, QI’s technology is also ideally suited to enable the next generation of data centres that connect multiple quantum computers to store, process, and secure data. Producing record numbers of entangled photons – the building blocks of quantum secure communication – QI’s technology is able to securely and efficiently connect multiple quantum computers within these facilities.

The financing round was led by Sparring Capital Partners and Findus Venture, two prominent European venture capital firms, as well as KGAL, a global asset manager specialising, among others, in infrastructure investments. Dr. Wolfgang Bernhard, former Board Member of Daimler AG, CEO of Daimler Trucks and Supervisory Board Member of Andritz AG and AMAG will join the Board of QI for Sparring Capital along with other industry and investment professionals. QI has also secured grants from government innovation agencies, further supporting its ambitious research and development agenda.

“We are thrilled to have the support of both private investors and public institutions as we drive forward the next generation of quantum-secure communications. The financial and societal cost of cyber-attacks on critical infrastructure is huge so organisations cannot afford to compromise on security,” said Dr. Felix Tiefenbacher, Co-CEO and Co-Founder of Quantum Industries GmbH. “The enthusiasm for our technology is incredible — every potential customer we’ve spoken to recognises its value and wants to learn more. With our first customer projects already underway, this marks a significant step towards commercialisation.”

[1] Cybersecurity Ventures, Official Cybercrime Report, 15 December 2022.

World Economic Forum, These sectors are top targets for cybercrime, and other cybersecurity news to know this month, 10 September 2024.