Quantum-secure communication systems SpeQtral successfully raised $8.3 million in funding.
Xora Innovation, an early-stage deep science investment platform of Temasek, led the financing round, as announced by the company today.
This latest capital injection will allow SpeQtral to strengthen its position as a quantum-secure communications company.
The funds will be used to expand the company’s regional and international presence, establish strategic business partnerships, hire top talent, support the commercial rollout of terrestrial systems, and further develop its satellite-based systems.
Donna See, CEO of Xora Innovation, highlighted the importance of secure data communication as “foundational to the web trust between buyers, sellers, and intermediaries in the modern digital economy.”
“SpeQtral’s QKD technology enables critical solutions for governments and enterprises seeking to ensure this web of trust in the quantum age,” See said in a statement.
SpeQtral’s QKD (Quantum Key Distribution) technology solution is a crucial element in building global quantum-secure communication networks.
The company uses the laws of physics to generate the keys rather than mathematical algorithms. This enables the creation and distribution of computationally uncrackable encryption keys.
The QKD market is expected to be worth $20 billion by 2035 with quantum cryptography fast becoming mainstream.
Chune Yang Lum, Co-founder and CEO of SpeQtral said in a separate statement, that they are honored to welcome the new investors – Xora Innovation and TIS.
Lum added that they are deeply appreciative of the continued support of their original investors who continue to believe in their vision. Their new investors will help them deliver best-in-class quantum technologies to governments, defence agencies, financial services institutions, data centers, cloud and telecommunication service providers.
SpeQtral is on a mission to deliver tamper-proof and computationally uncrackable encryption keys, within and across global communications networks, securing data against present and future threats brought on by advances in computing.
Together with their partners, they are reinventing cryptography for the quantum age, using satellites in low earth orbit to secure data networks across the globe.