(QuantumXchange) Quantum Xchange announced that it has completed the initial close on $13.5 million of Series A capital at a $59 million post-money valuation. This follows the company’s initial funding of $10 million. The Series A capital will be used to scale operations, continue to innovate on the Phio family of solutions, and help Fortune 1,000 businesses and government agencies prepare for the looming quantum threat – when a quantum computer has the potential to break the encryption on which most enterprises, digital infrastructures, and economies rely.
In addition to the new financing, Quantum Xchange is pleased to announce an expanded leadership team to meet the vast market opportunity for protecting data in motion now and into the quantum era. The company has appointed Eddy Zervigon as its new Chief Executive Officer (CEO), Holly Neiweem as Chief Financial Officer (CFO), and Shahryar Shaghaghi as Chief Technology Officer (CTO).
The leadership changes come at a pivotal time for the company whose product line and strategic direction has undergone significant expansion opportunities with the introduction of Phio Trusted Xchange (TX) in late 2019. The first-of-its-kind, crypto-agile key distribution system supports quantum keys in any format and is uniquely capable of making traditional keys quantum-safe now, immediately improving an organization’s security posture while preparing them in an easy and affordable manner for the looming quantum threat. For organizations with long shelf-life data to protect, Phio TX safeguards against the immediate threat of harvesting attacks – when encrypted data is stolen and stockpiled, waiting for the day when a quantum computer can break the encryption.
Because Phio TX can support both math and physics-based encryption techniques – most notably Post-Quantum Cryptographic (PQC) algorithms, Quantum Key Distribution (QKD), and Quantum Random Number Generated (QRNG) keys – it straddles the QKD market, expected to reach $6.17 billion by 2025[i] and the PQC market projected to reach $9.5 billion in 2029[ii].