888-384-7144 info@insidequantumtechnology.com

Aliro Quantum gains new funding from Accenture Ventures, Leaders Fund

By Dan O'Shea posted 10 Oct 2023

Aliro Quantum, a key player in enabling entanglement-based quantum networks, announced it has secured new funding from top-tier venture capital firms, including Accenture Ventures and lead investor Leaders Fund. 

The news comes just days after the EPB Quantum Network in Chattanooga, Tennessee, in which Aliro Quantum is playing a major role, opened up for subscriptions.

The funding, the amount of which was not disclosed, will allow Aliro Quantum to boost its ability to help utility companies, telecommunications providers, public sector organizations, enterprises, and researchers, among others, to design and deploy multipurpose entanglement-based secure networks, the company said in a statement. The money also will allow the firm, which is based near Boston and was spun out of Harvard University’s NarangLab, to increase its investment in R&D, and expand its go-to-market programs and professional services offerings.

Jim Ricotta, CEO of Aliro Quantum said, “Investments by Accenture and Leaders Fund provide true validation that entanglement-based multi-purpose quantum networks are the way to go. We’re excited to put these new partnerships to work to grow our customer base, fine tune our products and develop even more use cases for entanglement-based quantum networking.”

Dr. Narang, Founder and CTO of Aliro Quantum, added, “I am deeply grateful for the confidence and trust placed in our team by industry leaders such as Accenture and Leaders Fund. This additional funding reinforces the significance that quantum networking has in shaping the future of secure communications and validates our approach to designing and building scalable and commercial entanglement-based quantum networks. We are excited to use this capital infusion to propel our business growth, nurture strategic partnerships, and drive innovation in quantum information science.”

Tom Lounibos, managing director, Accenture Ventures, commented on the group’s investment in Aliro, stating, “The speed and security of quantum networking means that its impact on everything from telecommunications to cybersecurity to research will be more transformative and impactful than anything we can dream of today. We will continue to support Aliro as the company moves towards its mission to build the world’s first scalable quantum networks.”

Aliro Quantum CMO Michael Wood is scheduled to speak at IQT’s NYC event later this month on the topic of quantum repeaters. The company also is a Silver Sponsor of the event.

Dan O’Shea has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.

Categories: quantum computing

Subscribe to Our Email Newsletter

Stay up-to-date on all the latest news from the Quantum Technology industry and receive information and offers from third party vendors.

The new 20-qubit quantum computer in Finland, produced by VTT and IQM, could help make the country a key player in the rising quantum revolution.