Xora Innovation, Temasek’s early-stage deep science investment platform, sponsored $8.3 million fundraising round for SpeQtral, a supplier of quantum-secure communication technologies.
The cash will be utilised to build strategic commercial alliances and extend the startup’s regional and worldwide footprint. A portion of the funds will be utilised to recruit outstanding personnel, assist the commercialization of terrestrial systems, and develop satellite-based technologies.
SpeQtral was founded in 2017 by Lum Chune Yang and uses QKD technology to produce tamper-proof and computationally uncrackable encryption keys within and across global communications networks. To distribute symmetric encryption keys, the technique employs quantum physics. This aids businesses in securing data from current and future risks posed by technological advancements.
“Secure data communication is foundational to the ‘web of trust’ between buyers, sellers, and intermediaries in the modern digital economy,” “said Donna See, CEO of Xora Innovation. “SpeQtral’s QKD technology enables critical solutions for governments and enterprises seeking to ensure this web of trust in the quantum age.”
In 2019, Shasta Ventures, Golden Gate Ventures, and SGInnovate joined forces to secure US$1.9 million in seed finance, led by Space Capital, the venture fund of Space Angels.
The Quantum Key Distribution (QKD) business is predicted to be worth $20 billion by 2035, indicating that quantum cryptography is rapidly becoming commonplace.
The advent of fully functional quantum computers is predicted to lead to advances in optimisation challenges in a variety of sectors. It’ll only be a matter of time before the same computing skills are employed to crack the basic cryptographic principles that protect today’s data transmissions, namely public-key encryption (PKE).