(TechCrunch) Canberra, Australia-based quantum cybersecurity solution provider QuintessenceLabs safeguards sensitive data through its quantum random number generators and advanced data access control software. The startup has now raised $25 million in a Series B round to enhance its security in quantum solutions.
The latest funding was led by Main Sequence and TELUS Ventures, with participation from Mizuho Financial Group-backed InterValley Ventures and Capital Property Group.
QuintessenceLabs will use the Series B funding to expand its customer base, including private and public organizations in financial services, cloud providers, government agencies and defense sectors globally.
QuintessenceLabs uses quantum physics to build data security tools and has developed qStream, a quantum random number generator (QRNG) that provides encryption keys with full entropy, which means they are truly random, Sharma explained. The market for this type of technology was small when QuintessenceLabs started in 2008, and it took time to mature and bring it to a commercial level, he said.