The Top Funded Quantum Security Companies and Who’s Backing Them

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With the speculation around Sandbox AQ, the spin-out announced out of Alphabet earlier this year, we decided to take the opportunity to list some of the top-funded quantum security companies, and who’s backing them.

This is a non-exhaustive list in alphabetical order.

If you want to learn more, we’ve compiled the most comprehensive list of the top quantum computing companies available!

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1. Arqit

ArQit provides SaaS Quantum encryption solutions. We understand that their source of entropy will eventually be from a satellite and symmetric key data will be stored in global data-centres. Their focus has been on building corporate partnerships with blue-chip clients.

Including its SPAC funding, the business was aiming to raise over $400 million of capital. We understand the business raised ~$96 million net of redemptions in the SPAC however. This brings its total funding to date to an estimated $120 million. The business is now publicly traded (market cap ~$1.7 billion as of 14th April 2022) which it achieved via a SPAC in 2021.

Arqit was founded in 2016 and is headquartered in London, UK.

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2. IDQuantique

ID Quantique provides provides quantum-safe network encryption, secure quantum key generation and quantum key distribution solutions and services to the financial industry, enterprises and government organisations globally. IDQ also commercializes a quantum random number generator used in the security, simulation and gaming industries. Their focus is on quantum encryption, though they are monitoring PQC

The business has raised over $70 million of financing. After venture investment from PhysTech Ventures, the business received a $65 million strategic investment from SK Telecom.

IDQuantique was founded in 2001 and is headquartered in Geneva, Switzerland.

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ISARA provides crypto-agile technologies and quantum-safe cryptography and aims to provide a practical and cost-effective transition to new cryptographic standards. In PQC the business provides a library of quantum safe algorithms. The business increasingly is focusing on its cryptoagility suite which allows it to offer a product irrespective of quantum requirements. We understand the business has seen management changes in the C-Suite over the last few months.

The business has raised ~$27 million of capital including grants and its backers include Quantum Valley Investments and Shasta Ventures.

ISARA was founded in 2015 and is headquartered in Waterloo, Canada.

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4. Quantinuum

Quantinuum is the product of a combination between Cambridge Quantum Computing (CQC), a British quantum software company, and Honeywell Quantum Solutions (HQS), which has been carved out of U.S. parent company Honeywell (specializes in building Ion Trap quantum computers). It offers quantum cybersecurity solutions through its Quantum Origin product.

The business has raised over $300 million through (i) various funding rounds into Cambridge Quantum Computing (from the likes of Serendipity Capital, JSR Corporation, etc.) and (ii) the strategic funding from Honeywell.

The company has a dual headquarters (Colorado, US and London, UK).

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5. Quantum XChange

Quantum Xchange’s core product is Phio Trusted Xchange (Phio TX) which supports both WAN networking through point-to-multipoint communications and long-haul networking by extending QKD across long distances. The business was initially known for its quantum ready fibre network but has increasingly focused on its delivery architecture.

The business has raised $24 million over two rounds with investors including New Technology Ventures.

Quantum Xchange was founded in 2018 and is headquartered in Bethesda, USA.

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6. Quintessence Labs

Quintessance labs offers various QC security solutions. QuintessenceLabs offers centralized enterprise key and policy management, a high-speed true random number generator, an integrated hardware security module, and secure encryption for data in uncontrolled environments.

The business has raised ~$50 million over several rounds and investors include the likes of the Australian Government and In-Q-Tel.

Quintessence Labs was founded in 2006 and is headquartered in Victoria, Australia.

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7. PQShield

PQShield develops quantum-secure cryptographic solutions for software, software / hardware co-design and data in transit. The business initially focused on Critical Infrastructure, OEM and IOT markets, but is expanding out in to other verticals.

The business has raised ~$27 million from investors including Addition, Kindred Capital and Oxford Sciences Innovation.

PQShield was founded in 2018 and is headquartered in Oxford, United Kingdom.

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8. Sandbox AQ

Sandbox AQ is an enterprise SaaS company delivering solutions at the nexus of quantum tech and AI. Sandbox AQ is developing commercial products for telecoms, financial services, healthcare, government, computer security and other computationally-intensive sectors. We understand it is developing and deploying hardware, applications and services that leverage AI / ML infrastructures together with quantum technologies. These products include post-quantum cryptography modules though little is publicly disclosed as yet.

Visit company’s profile page.

The business reportedly raised “9 figures” in March 2022 but this was undisclosed. Estimates range from $100 million all the way to $700 million but rumours are that it is at the lower end of the range. Investors / backers include Breyer Capital, Eric Schmidt, Guggenheim Investments and many others.
Sandbox AQ was spun out of Alphabet inc in 2022 and is headquartered in Palo Alto, USA.
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The Quantum Insider is the leading online resource dedicated exclusively to Quantum Computing. You can contact us at [email protected].

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