Austrian startup Quantum Industries raises $10 million to bring cybersecurity technology to market, aiming to protect critical infrastructure from cyber threats and the looming risks of quantum computing. The funding round was led by two well-known European ventures, Sparring Capital Partners and Findus Venture, as well as global asset manager KGAL, which focuses on infrastructure investment.
With this investment, Quantum Industries is adding Dr. Wolfgang Bernhard to its board of directors. Bernhard, a former member of the Daimler AG Board and former CEO of DaimlerTrack, represents sparring capital along with figures from other major industries and investments. The company is also securing grants from government innovation agencies and strengthening its research and development efforts.
Fresh capital is directed towards scaling operations, bringing its quantum communication technology to real applications. QI’s technology is based on Nobel Prize-winning physics and is designed to build quantum secure communications networks over vast distances critical for national security and critical infrastructure.
The urgency regarding cybersecurity is increasing. Microsoft recently predicted that advanced quantum computers that can break current encryption standards will be years away, not decades. This means that before Quantum Technology deprecates today’s encryption, organizations need to act now to protect their systems.
Cybercrime costs are projected to exceed $10 trillion by 2025, with over half of these attacks covering critical infrastructure. QI’s technology provides unbreakable security for communications networks and provides unique solutions by addressing both traditional cyber threats and future challenges posed by quantum computing.
Quantum Industries was founded by Physicists behind the groundbreaking research, Dr. Felix Tiefenbacher and Dr. Rupert Ursin, using quantum entanglements to ensure communication. This method makes hacking fundamentally impossible, as interference changes the system immediately. With the longest coverage distance in the industry, QI solutions stand out as the only one that can create quantum secure networks across the continent.
Commenting on the funding, Dr. Felix Tiefenbacher, co-CEO and co-founder of Quantum Industries GmbH, said: Cyberattacks on critical infrastructure are costly large, and organizations cannot afford to take risks with security. ”
Co-CEO and co-founder Dr. Rupert Ursin added: From the beginning, our goal was to establish a global leader in this field. With this investment, we now have the resources and support to make that vision a reality. Our investors share this belief, and together we are working to ensure the future of critical infrastructure around the world. ”
Quantum Security receives $10 million boost as Quantum Industries builds a non-hackable network
Europe ranks second in China for government investment in quantum technology, ahead of the US in this sector. Given the current geopolitical landscape, QI has a clear opportunity to position itself in major European communications.
QI’s Quantum Key Distribution (EQKD) technology provides encryption through laws of physics rather than mathematical algorithms, making it impermeable to attempt hacking.
The company is taking major efforts to build a quantum secure communication backbone throughout Europe. That approach offers the highest level of security over the longest distance, while still lowering costs over existing alternatives. As a major supplier of the European Quantum Communications Infrastructure (EuroQCI) program, QI is already working with leading infrastructure providers to implement the next generation of secure communications networks. In its second year business, the company secured 1.8 million euros on pre-ordered sales.
With the growing demand for computing power, QI’s technology is also suitable for the next wave of data centers, allowing for secure connections between multiple quantum computers. The company’s systems generate a recording count of intertwined photons, a critical component of quantum secure communication, allowing for secure and efficient interconnectivity.
Source link
