Canada-based quantum-safe cybersecurity product developer evolutionQ has raised $5.5m in its Series A funding round.
Paris-based venture capital firm Quantonation served as the lead investor. Contributions also came from firms across the US and Canada, including Toronto-based fund The Group Ventures.
This capital injection will help evolutionQ develop its products, expand its service offerings and boost its sales across Europe and North America. It also plans to hire staff and expand its German and Canadian teams.
Its flagship product BasejumpQDN is a quantum-safe software that allows organisations to build a network based on quantum key distribution devices to easily deploy and manage quantum technologies across their network.
Alongside building cybersecurity products that protect against quantum computers, it also supplies risk assessments to help clients better safeguard their digital infrastructure.
evolutionQ co-founder and CEO Dr. Michele Mosca said, “Quantum computers are coming, and all our digital infrastructures are vulnerable.
“The stakes are too high to be unprepared, and that’s why we’re passionate about helping organizations protect their digital systems and safeguard against future attacks. This funding means we’ll be able to scale faster and enable more organizations to future-proof their systems.”
Quantum computers and related services to financial services are expected to grow rapidly over the coming years. Research from IQT Research claims the market will grow to over $2bn by 2030.
Last year, fellow quantum computing cybersecurity firm QuintessenceLabs raised AUD 25m in a funding round led by Main Sequence and TELUS Ventures.
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