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Bulgarian Startup’s Quantum-Resistant Encryption Algorithms Offer Hope For AI, Banking & Telecommunications

As the rush to protect systems against the power of quantum computers approaches, startups are seeing where they can capitalize

Photo by Hristo Sahatchiev on Unsplash

Ready For The Future

Already in 2020, we can see how quantum computers have advanced from virtual concepts a few decades ago to working machines today, however error-ridden. Still far away from anything revolutionary, one thing guaranteed is that someday in the future they will be a very integral part of our lives, like classical computers are now.

To counter this, we must get ready for a time when they will be able to break current encryption methods based on classical systems, as they will —  no doubt —  be impotent to the power of quantum computing (QC).

These quantum-resistant encryption algorithms will be needed to counter quantum computers’ ability to decrypt sensitive data. This ‘post-quantum cryptography’, as it is called, will have plenty of customers waiting outside the door.

In light of this, startups — as well as the larger corporations — see the opportunity to make a name for themselves as well as creating a viable cash cow.

Are you ready for the future?

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The question is a poignant one but also the slogan of one startup doing just that.

Qaisec, a Bulgarian startup, was founded in 2019 and is ‘dedicated to providing state of the art solutions for industry and state in the fields of quantum encryption and artificial intelligence.’


Located in Bankya, a small town a dozen or so miles west of the country’s capital, Sofia, Qaisec has plans to service the AI, finance and telecom markets with its own quantum encryption solutions.

In AI, the startup’s focus is in:

— AI risk assessment for banking

 — AI security modelling and profiling

 — Access control platform based on AI behavioural biometrics

 — Formalized Ethical AI system

 — Logical Neural Networks (LNNs) as an approach to AGI

In the financial sector, Qaisec intends to build custom solutions for banking, which includes a quantum encrypted blockchain (QEB). While in telecommunications, the startup promises quantum secured networks for a world where the reality of 5G looms large.

So where do all these ideas come from?

A great partnership built on years of expertise, that’s what.

Qaisec’s triumvirate of CEO Boris Grozdanoff, COO Zdravko Popov and CTO Svetoslav Sotirov has a worldwide reputation in business and science. This, naturally, will be important as the startup makes inroads within the business and marketplace.

Grozdanoff has two PhDs: the first from the Bulgarian Academy of Sciences in the history and philosophy of science and technology; the second, in the analytic theory of knowledge from the Central European University, Budapest. Both a scientist and businessman, his interests lie in physics, AI, and cryptography amongst other things. A Marie Curie Fellow at the University of Oxford in the philosophy of physics, he also has nearly two decades as a researcher at universities across the globe.

With an extensive career in international diplomacy and business, COO Popov has held positions as a company founder, chairman of the board and many high-ranking posts in diplomacy.

‘We believe in the secure digital future and we work hard to contribute to it. Where human-made crypto algorithms fail physics never does. We provide safety through security by using state of the art quantum encryption solutions for finance, industry, state, entertainment, healthcare, critical infrastructure and communications.’

 — Qaisec

With two and a half decades’ experience in fintech, Sotirov, an engineer by profession, has expertise in the design and development of software systems, as well as systems analysis. With an M.Sc. in banking and insurance from the Technical University, Sofia, Qaisec’s CTO also founded New Bulgarian Technologies SA and New Banking Technologies Ltd.

With such a wide-ranging skillset in business and technology, Qaisec’s team is all set to take the next step.

James Dargan

James Dargan is a writer and researcher at The Quantum Insider. His focus is on the QC startup ecosystem and he writes articles on the space that have a tone accessible to the average reader.

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