evolutionQ, a Kitchener-Waterloo-based company pioneering the development of quantum-safe cybersecurity products, is pleased to announce the closing of US$5.5 million in Series A funding from a group of international venture capital (VC) partners. Quantonation, a Paris-based VC fund dedicated to quantum technologies, led the investment, with participation from the USA and Canada, including The Group Ventures, a Toronto-based fund focused on early-stage tech start-ups.
With these funds, evolutionQ plans to advance product development, expand service offerings, and grow sales across Europe and North America, building upon the success of its flagship product, BasejumpQDN(TM). The quantum-safe software allows organizations building a network based on Quantum Key Distribution devices to easily deploy and cost-effectively manage quantum technologies throughout their network.
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“Quantum computers are coming, and all our digital infrastructures are vulnerable,” said Dr. Michele Mosca, Co-founder and Chief Executive Officer of evolutionQ. “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.”
“New standards are emerging and this will greatly accelerate the rate of transition to quantum-safe cryptography,” said Chief Cryptographer of evolutionQ, Dr. David Jao.
In addition to developing cybersecurity products that protect against quantum computers, evolutionQ provides services such as risk assessments for clients wishing to safeguard their digital infrastructures. As evolutionQ continues to grow product sales and service offerings internationally, a portion of the Series A funds will be used to recruit top global talent and expand the Company’s teams in Germany and Canada.
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“We are thrilled to see evolutionQ growing from its start in 2015, and now taking another big step with the international expansion of our technical team of security architects, software developers, and our sales team,” said Dr. Norbert Lütkenhaus, Co-founder and Chief Technology Officer of evolutionQ. “It’s an exciting time as our growing team shapes the future of quantum-safe cybersecurity for global enterprises.”
Dr. Christophe Jurczak, Managing Partner at Quantonation, said, “evolutionQ has been founded by the most remarkable team of academic founders in the field of quantum-safe cybersecurity, with seminal contributions in the sector and a unique viewpoint giving them the ability to understand the threat that emerging quantum computers represent for companies, governments and individuals. I have been very impressed with their focus on creating value for their customers by reducing expenses through optimal use of quantum-safe devices and minimizing technology-switching costs between hardware vendors. They are providing the missing component to build technologically and economically effective quantum networks, towards the Quantum Internet. We are very excited to join them in their entrepreneurial journey in North America and Europe.”
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