Cybersecurity provider raises $8m funding to resolve IoT reliability issues

Privately-held company Crypto Quantique has raised $8m in seed funding led by ADV with participation from Entrepreneur First and others.

Crypto Quantique aims to ‘transform’ the ‘Internet of Things’ (IoT) with quantum-driven cybersecurity.

It is said to feature a single chip that can generate multiple cryptographic keys on-demand - these cryptographic keys are never stored, are resistant to most side-channel attacks, and can be used independently by multiple applications on demand.

Shahram Mossayebi, CEO and co-founder of Crypto Quantique, said: “The proliferation of catastrophic end-point derived cyber-attacks is unacceptable, dangerous and threatens to irrevocably undermine trust in our connected world.

“Silicon, device, software and solution providers must urgently work together so that device security becomes a foundation rather than an add-on, and end-to-end IoT security is the new normal.”

The funding will enable Crypto Quantique to bring unforgeable identity to market with key and lifecycle management software. In addition, co-founder Kumi Thiruchelvam will lead the company’s commercial leadership and customer engagements.

Crypto Quantique will also grow its software development team to enhance its Key Management Service (KMS) and cryptography.

Kumi Thiruchelvam, chief commercial officer and co-founder, added: “Today’s identity, security and encryption technology is failing to keep up with the onslaught of adversaries attacking IoT systems via connected devices.

“Crypto Quantique brings a new approach to a critical challenge for the IoT security industry.

“Our solution delivers an unforgeable hardware derived root of trust that will enable true vertical integration from the device through the entire network to cloud computing services. I am excited to help bring our this truly innovative quantum driven cybersecurity to market.”

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