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SpeQtral co-founder and CEO Lum Chune Yang
SpeQtral, a provider of quantum-secure communication systems, has closed an US$8.3 million financing round led by Xora Innovation, an early-stage deep science investment platform of Temasek.
The funds will be used to expand the startup’s regional and international presence and establish strategic business partnerships. A portion of the capital will also be used to hire top talent, support the commercial rollout of terrestrial systems, and develop its satellite-based systems.
Founded in 2017 by Lum Chune Yang, SpeQtral has developed a QKD technology to deliver tamper-proof and computationally uncrackable encryption keys within and across global communications networks. The solution uses quantum physics to distribute symmetric encryption keys. This helps companies secure data against present and future threats brought on by advances in computing.
Also Read: Singapore’s Horizon Quantum raises US$3.2M to make quantum computing accessible to every developer
“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, the startup raised US$1.9 million in seed funding led by Space Capital, the venture fund of Space Angels, with participation from Shasta Ventures, Golden Gate Ventures and SGInnovate.
Quantum cryptography is fast becoming mainstream, and the Quantum Key Distribution (QKD) market is expected to be worth US$20 billion by 2035.
The emergence of fully functional quantum computers is expected to spur breakthroughs in optimisation problems for applications across various industries. It is only a matter of time before the same computational capabilities are used to break the fundamental cryptographic principles that safeguard today’s data communications – principally, public-key encryption (PKE).
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