Quantum cybersecurity startup raises USD 6.5 mn in Pre-Series A1 funding round
CHENNAI: A quantum computing-based cybersecurity startup QNu Labs has raised USD 6.5 million in a Pre-Series A1 funding round. This investment was led by Ashish Kacholia of Lucky Investments, Speciale Invest and an unnamed family fund.
QNu Labs was founded in 2016, and incubated at IIT Madras Research Park.
The startup said it has developed technology that holds multiple patents and has demonstrated India’s first commercially ready quantum-safe security products and solutions that offer unconditional and forward security of data on the internet, cloud and edge.
Quantum computing, under development by various players, where information is stored in quantum bits or qubits contrasts to the existing classical computer based on binary units of 1 and 0.
Considered as critical technology for national security and strategic interest among other things, quantum computers are believed to have capabilities to break current cybersecurity security systems and data encryptions.
QNu Labs said it has also built an ecosystem of academia and technology partners, professional services partners, vendors and suppliers to develop fully indigenized products.
The startup plans to complete its product development refine its existing quantum solution and focus on global markets.
This capital infusion will also bolster QNu Labs' leadership team, with hires in senior sales, marketing, and engineering roles, the company said in a statement. This will accelerate the deployment of their solutions, in line with the increasing demand, it added.
"With these funds, we're poised to accelerate the completion of our state-of-the-art quantum technology solutions, further enhancing our product suite that's already leading the market. Our goal is to solidify India's position as a hub of quantum technological excellence and to emerge as a key player on the global stage, pushing the boundaries of what's possible in quantum-safe cybersecurity," said Sunil Gupta, Co-founder and CEO, of QNu Labs.
"Our initial investment in QNu Labs back in 2021 was driven by our belief in their potential to revolutionize the quantum technology sector," said Vishesh Rajaram, Managing Partner of Speciale Invest.