Canberra-based quantum cybersecurity solutions firm QuintessenceLabs (QLabs) has completed a AU$25 million series B funding round that will be used to expand the company globally and more than double its headcount.
The funding round was led by Main Sequence and the investment arm of Canadian telco Telus, with participation from Mizuho Financial Group-backed InterValley Ventures and Terry Snow’s Capital Property Group.
Speaking to ZDNet, QLabs founder and CEO Vikram Sharma said the investment would help with the continued development of the company’s quantum-based cybersecurity solutions.
Specifically, this will include growing QLabs’ US headcount from eight to more than 20 over the next 18 months, starting with hiring a chief revenue officer, followed by expanding its sales, business development, and marketing teams.
“We’ve spent the best part of a decade planting a scientific seed, maturing the science, translating that science to technology, and ultimately mapping that technology to solve real-world cyber problems. Through that process, we achieved our customer base of some very strong names, including a dozen Fortune 500 companies, government organisations, defence agencies,” he said.
“This round is all about scale-up. We’re really pleased to have closed it and we’re very much looking forward to the next two to three years.”