SpeQtral closes US$8.3m funding round
Emerging quantum company SpeQtral has announced that it has successfully closed an $8.3 million financing led by Xora Innovation.
As the Quantum Key Distribution (QKD) market is expected to be worth $20 billion by 2035 this latest injection will allow SpeQtral to strengthen its position as a quantum communications company.
The company says the funds will be used to expand SpeQtral’s regional and international presence, establish business partnerships, hire top talent, support the commercial rollout of terrestrial systems and develop its satellite-based systems.
Chune Yang Lum, Co-founder and CEO of SpeQtral, said “We are honoured to welcome our new investors, Xora Innovation and TIS, and are deeply appreciative of the continued support of our original investors who continue to believe in our vision.
“We feel very fortunate to have investors who are committed to rolling up their sleeves and helping us deliver best-in-class quantum technologies to governments, defence agencies, financial services institutions, data centres, cloud and telecommunication service providers.”
With its partners, SpeQtral says it aims cryptography for the quantum age, using satellites in low earth orbit to secure data networks across the globe.
The company uses quantum physics, as opposed to current mathematically based encryption technologies, to distribute symmetric encryption keys that can be used to secure communication networks.
“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.
"We are very excited to be a part of accelerating SpeQtral’s growth and success,” she added.