QuSecure raises USD $28 million to boost quantum security

QuSecure has announced the completion of a Series A funding round that totals USD $28 million, with investments led by Two Bear Capital and participation from Accenture Ventures, as the company focuses on advancing post-quantum cryptography solutions.

The infusion of capital is intended to support QuSecure's product development, expedite market entry strategies, and expand its client base in sectors such as government, finance, and critical infrastructure. Michael Goguen, Founder and Managing Partner of Two Bear Capital, highlighted the significance of upgrading enterprise technologies to post-quantum cryptographic standards, stating, "QuSecure's unique ability to facilitate this migration, without disruption to existing technology solutions, positions them as a pivotal player in this endeavor. We're proud to partner with and support QuSecure during this critical and transformative period of growth and opportunity." He further noted that this financial boost would help QuSecure transition to focusing on large-scale customer acquisition and the adoption of its QuProtect platform.

Rebecca Krauthamer, a co-founder, has been appointed as the new Chief Executive Officer. Her background includes roles such as Vice President of Engineering and Chief Product Officer at QuSecure. She brings expertise from her time at Stanford University, where she studied Symbolic Systems with a focus on Artificial Intelligence. Ms. Krauthamer remarked on the immediate necessity to address quantum threats, stating, "The quantum threat isn't a distant possibility – it's a reality that organizations need to address today. In a progressively digital world, as AI and quantum threats to encryption emerge at an ever-faster pace, it is critical that we evolve from encryption management that requires several years to upgrade algorithms to orchestrated crypto agility for the ability to push a button and upgrade an entire system at once."

The advancement of quantum computing is predicted to have substantial impacts on existing encryption standards, as it could potentially compromise traditional encryption measures quickly. This has prompted actions such as the U.S. executive order calling for a transition to quantum-safe encryption. The National Security Memorandum, along with measures in the Endless Frontiers Act, reflects this urgency, identifying post-quantum cryptography as a national priority.

QuSecure provides a software-only security architecture that can be integrated into existing infrastructures. This facilitates a seamless transition to new cryptographic standards, offering multi-layered security to protect against vulnerabilities. Its flagship product, QuProtect, is a cryptographic-agility platform aimed at assisting organisations in adopting post-quantum cryptography efficiently.

Tom Patterson, Emerging Technology Security Lead at Accenture, underscored the need for reliable, quantum-resilient cybersecurity solutions: "Organizations need a reliable quantum-resilient cybersecurity solution that not only adheres to the National Institute of Standards and Technology's (NIST) post-quantum encryption standards, but can be easily integrated across all parts of a communications network. We're investing in trusted providers like QuSecure to help our clients future-proof their global networks today to protect high-risk data faster."

QuSecure's customer base includes significant entities such as the United States Army and Air Force, as well as prominent players in telecommunications, energy, financial sectors, and global cloud providers.