Quantum cybersecurity firm Crypta Labs secures £2.7m
Crypta Labs has announced the completion of a £2.7m funding round lead by Bloc Ventures and includes £1m debt finance from Innovate UK.
The quantum cybersecurity company develops IP, hardware and related software using the quantum properties of light to secure data and communication devices for the aerospace, communication, medical, military, and transport sectors.
The investment will allow Crypta Labs to further the development of its Quantum Random Number Generation (QRNG) IP portfolio and to bring to market the first Quantum-enabled Hardware Security Module (QHSM).
The company first developed its QRNG technology for the UK MoD for applications requiring it to withstand extreme external influences such as vibration and temperature fluctuations.
One of its first commercial applications is for connected automotive applications in the Czech Republic, where Crypta Labs is deploying its Hardware Security Module (HSM).
Joining the board will be Denis Bidinost, former founder and CEO of NextG-Com (now part of ARM) and ex-director of ARM.
NextG-Com is an expert cellular protocol stack technology development supplier of next generation IP products for LTE, Satellite and other wireless technologies customized for IoT solutions.
In addition, Bloc Ventures will have a board position adding its deep knowledge of the semi-conductor, compute and communications sectors to the Crypta Labs team.
“We are delighted to announce Bloc Ventures as our first institutional investor and look forward to working together during our next stage of growth,” said Crypta Labs CEO, Joe HQ Luong.
“The potential market for QRNG technology is unlimited given the need for portable, cost efficient, fast and robust hardware security for connected devices that does not currently exist in the market today.
“This requirement will only become more pronounced with the emergence of 5G and further proliferation of IoT connected devices – driven by what we call the need for quantum hardware security by default.”
David Leftley, CTO and co-founder at Bloc Ventures added: “The threat of quantum computing to security is that it enables new areas of mathematics which will significantly weaken, if not make redundant, much of the security in use today. The weakness is the lack of truly random numbers with which to generate strong cryptographic keys.
“We see Crypta’s QRNG technology as fundamental to securing the data and communications networks of the future.
“What we like about Crypta Labs’ technology is the robustness of the technology, which is unique in the market, and that it can be used to strengthen the critical systems of today and not just those in the future.”