Latest News | Quantum Tech Company QNu Raises USD 6.5 Million
Get latest articles and stories on Latest News at LatestLY. India's first quantum technology company QNu Labs on Thursday announced successful closure of USD 6.5 million (around 54 crore) pre-series A1 funding round.
New Delhi, Dec 14 (PTI) India's first quantum technology company QNu Labs on Thursday announced successful closure of USD 6.5 million (around 54 crore) pre-series A1 funding round.
The company plans to deploy the funding to bolster its growth phase and refine its existing quantum technology solutions, a company statement said.
"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," Sunil Gupta, co-founder and chief executive officer of QNu Labs, said.
It said the capital infusion will also bolster the company's leadership team, with strategic hires in senior sales, marketing, and engineering roles and accelerate the deployment of their solutions, in line with the increasing demand from customers.
QNu Labs offers quantum and post-quantum cryptography solutions based on patented technology that offers confidentiality and privacy against new-age attacks targeting critical information infrastructure, communication, and personally identifiable information.
This investment, led by Ashish Kacholia of Lucky Investments, with Speciale Invest, and a well-known family fund, represents a crucial step in the company's path to global quantum technology leadership.
QNu Labs was founded and incubated in 2016 at IIT, Madras Research Park by a bunch of deep tech enthusiasts with the vision of building a globally recognized deep tech startup from India in the quantum-safe cybersecurity space.
The company 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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)