The National Quantum Mission (NQM), a Department of Science and Technology initiative, contributed Rs 25 crore to the Rs 60 crore ($7 million) Series A round of funding for QNu Labs, a quantum cybersecurity company based at IIT-Madras.
Tenacity Ventures, Singularity AMC, Lucky Investment, and Speciale Invest also participated in the round.
To date, QNu Labs has raised $20 million with this round.
The money raised will help QNu Labs further develop its quantum-safe solutions and support the growth of its product line.
Data security against potential threats from quantum computing is the main focus of QNu Labs. It might be possible for quantum computers to crack current encryption standards as they develop.
Quantum key distribution (QKD) systems and post-quantum cryptography (PQC) tools are allegedly developed by the Bengaluru-based startup. These technologies are intended to safeguard private communications in industries such as critical infrastructure, finance, and defense.
QNu faces competition from Qulabs, Scytale Alpha, and Qpi, among other Indian startups operating in the quantum-safe cybersecurity space.
