One day, perhaps within the decade, quantum computers will be able to crack like an egg the encryption algorithm protecting your password. That day is known as “Q-Day,” and it’s what Toronto-based Quantum Bridge Technologies has been preparing for.
“National security can’t wait for perfect conditions.”
Mattia Montagna,
Quantum Bridge
The 20-person startup, which spun out of the University of Toronto in 2019, announced on Wednesday morning that it has closed an $8 million USD ($11 million CAD) Series A funding round to scale up its Q-Day-ready encryption method: the Distributed Symmetric Key Establishment (DSKE) protocol.
Symmetric keys are the centre of symmetric encryption, a basic encryption method in which just one cryptographic key is used to both encrypt and decrypt data. While using one cryptographic key makes symmetric encryption simple and efficient, that also means it’s weak.
According to Quantum Bridge, its DKSE protocol enables organizations to generate, distribute, and manage symmetric keys through decentralized architecture, meaning the keys no longer have a single point of failure, are more scalable, and have stronger long-term cryptographic resilience.
Quantum Bridge says DKSE is designed to be deployed on top of existing infrastructure, vendors, and security layers, allowing organizations to add quantum-safe protection without disrupting their existing operations.
Quantum Bridge co-founder and CEO Mattia Montagna said in a statement that the new funding will help his company protect more organizations, faster.
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“National security can’t wait for perfect conditions,” Montagna said. “We build quantum-safe systems that work inside real networks today — systems designed to keep protecting sovereign communications as the threat landscape evolves.”
The fresh funding round was led by Italian asset management firm Primo Capital, with participation from Wayra, the corporate venture capital arm of Spanish telecommunications company Telefónica. Other participants include US-based investors Cadenza VC, Hewlett Packard, Bacchus Venture Capital, and Italian angel network Club degli Investitori angels.
Alongside previous financing from Alumni Ventures and the University of Toronto, the Series A round brings Quantum Bridge’s total capital raised to $16 million USD to date.
A Quantum Bridge spokesperson told BetaKit that proceeds from the round will help establish a European office in Italy for sovereign technology development, while also expanding the company’s research, development, and enterprise sales efforts in Canada. The spokesperson declined to disclose if the round included debt.
The spokesperson added that securing an Italian lead investor was a “deliberate strategic choice” as Italy is now the company’s “operational beachhead” into Europe.
“With a new office in Rome, backed by the Canadian Embassy, commercial partners like Italtel, and an Italian-Canadian CEO, we are expanding our footprint to build sovereign, quantum-safe technology for European infrastructure,” the spokesperson said.
Feature image courtesy Quantum Bridge via LinkedIn.