New Investment Opportunity: QuantLR
Making secure, low-cost quantum cryptography a reality
- SaaS quantum cryptography platform provides ultra-secure protection against quantum threats and cyberattacks
- Easy-install, hardware-agnostic, software-only platform, up to 10X cheaper than competing solutions
- Completed paid POCs with NVIDIA, RAD Group's PacketLight, Hebrew University, Elta, and Israel Ministry of Defense; projects with Hub Security, MedOne
- Commercial launch planned for Q4 2022
- Up to $1M Series C at an $18M pre-money valuation, OurCrowd only investor
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Dear Josb,
Quantum computers have the potential to crack any of the current mainstream encryption methods in a matter of minutes. With the increasing availability of quantum computers, including as a cloud-based service, this unprecedented hazard to cybersecurity is closer than ever to becoming a reality.
OurCrowd is reinvesting in QuantLR, an Israeli startup that has developed a low-cost, secure SaaS quantum cryptography platform to provide ultra-secure protection. The details in this email are based on information received from, and verified solely by, the company.
The problem
Current communications encryption techniques mostly use public/private key protocols that are based on math. As computers have become more powerful, industry has responded by increasing the length of the keys that are used. There was a time when 256-bit RSA keys were considered secure, now they could be broken in minutes. Key length has increased to today's state-of-the-art 2048-bit keys, which are considered unbreakable by classical computers, but not for quantum computers. Infrastructure providers and financial firms are especially concerned about the cybersecurity threat from quantum computing in the hands of bad actors.
The solution
Instead of relying on math to generate encryption algorithms as do current methods, QuantLR uses quantum physics properties to simultaneously generate the key at both ends of a communications link, a method known as quantum key distribution (QKD).
QuantLR's solution enables parties to transfer secure, encrypted information that hackers cannot decrypt even with the help of quantum computers. QKD is the only scientifically proven method to be secure from any attack, but its high price point keeps it out of reach for most organizations. QuantLR has developed a proprietary, software-only approach to QKD that is up to 10X less expensive than competing solutions: $20K versus $200K per node or data center.
QuantLR's offering is embedded into its partners' products, making it easier to integrate and less expensive to install.
Progress since last round
Since OurCrowd last invested in November 2021, QuantLR reports the following progress:
POCs completed and in progress: Completed paid POCs with NVIDIA, PacketLight of the RAD Group, Hebrew University, Israel Aerospace Industries subsidiary Elta, and Israel Ministry of Defense. Projects underway with Hub Security, and MedOne.
Research and development: Progress on several technology fronts, including development of a point-to-point QKD solution that does not require a dedicated fiber, progress on a free space optics solution, a network QKD solution with Elbit and NVIDIA, and an integration project with SpeQtral in Singapore to integrate QuantLR's fiber-based solution with their satellite-based solution to provide a comprehensive offering.
Nearing commercialization: The company expects to be at full commercial stage in Q4 2022.
The round
OurCrowd is the only investor in this up to $1M Series C round, which is expected to carry the company through the end of 2022, by which time it expects to be at the commercial stage and able to raise a larger round at a higher valuation.
Meet the CEO
We're hosting a webinar/conference call on Thursday, May 26th, at 6PM Israel / 11AM New York / 8AM San Francisco for investors to meet CEO Shlomi Cohen and learn more about QuantLR.
Can't make the webinar? Register and we will send you a recording of the call.
The QuantLR solution
With quantum key distribution (QKD) random bits are encoded on a single photon. The photons are transmitted by way of fiber optic cable, free-space optics, satellite links, or other ways of transmitting targeted light. The nature of photons on the quantum level is that if someone attempts to copy or examine the photon, it changes the superposition of the qubit, changing the information, and making the interception known. The decryption key itself is not transmitted, it is generated simultaneously on the transmitting and receiving ends based on quantum properties.
QuantLR has created a unique and comprehensive QKD platform which gives off the shelf components quantum superpowers. QuantLR's solution has been specially designed to meet the unique needs of 5G providers. 5G providers need a solution that can be easily integrated into their existing infrastructure and that they can afford to install in the many hundreds and even thousands of nodes they have. QuantLR's platform allows 5G providers to create, analyze and detect quantum keys using off the shelf components and proprietary software. QuantLR's solution is an order of magnitude cheaper than its competitors and it can be added as an additional layer to 5G providers' existing infrastructure.
Next steps:
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