Post-quantum security startup PQShield just raised $7 million to protect against future quantum attacks
Post-quantum cybersecurity startup PQShield just raised close to $7 million in a funding round backed by Kindred Capital and Crane Venture Partners. The post-quantum cryptography market is expected to be worth close to $4 billion globally by 2028, according to Inside Quantum Technology. Founder Dr Ali El Kaafarani said he set up PQShield after he noticed "the disconnect between the scale of the quantum threat and the current level of IT security" at most businesses. The firm also received investment from Andre Crawford-Brunt, previously a senior executive at Deutsche Bank Visit Business Insider's homepage for more stories.
Cybersecurity startup PQShield just raised almost $7 million in a funding round backed by Kindred Capital and Crane Venture Partners. PQShield describes itself as a post-quantum cryptography startup, a field that has emerged alongside quantum computing. Post-quantum, or "quantum-proof", cryptography consists of algorithms designed to protect systems from quantum computers. At present, even some of the best-designed systems could be vulnerable to quantum attacks as quantum computing moves closer to reality. The post-quantum cryptography market is expected to see significant growth over the next decade, with analysts at Inside Quantum Technology predicting a value of $3.8 billion by 2028. Dr Ali El Kaafarani, a research fellow at Oxford University's Mathematical Institute and former engineer at Hewlett-Packard Labs, founded PQShield in 2018, saying he was struck by "the disconnect between the scale of the quantum threat and the current level of IT security" seen at most businesses. "Too often, we see a huge gulf between academic theory and commercial reality," he said."Cryptographers know that quantum computers pose a real and devastating threat, yet most businesses fail to recognise the need to protect their information beyond today's security challenges. "Whether cars, planes, or other connected devices, many of the products designed and sold today are going to be used for decades. Their hardware may be built to last, but right now, their security certainly isn't. Future-proofing is imperative, just as it is for the banks and agencies that hold so much of our sensitive data." The new £5.5 million ($6.9 million) round was led by Kindred Capital and Crane Venture Partners, alongside Oxford Sciences Innovation, and angel investor Andre Crawford-Brunt, a former global head of equities at Deutsche Bank. Chrysanthos Chrysanthou, partner at Kindred Capital, said: "With some of the brightest minds in cryptography, mathematics, and engineering, and boasting world-class software and hardware solutions, PQShield is uniquely positioned to lead the charge in protecting businesses from one of the most profound threats to their future. "We couldn't be happier to support the team as it works to set a new standard for information security and defuse risks resulting from the rise of quantum."Join the conversation about this story » NOW WATCH: Swayze Valentine is the only female treating fighters' cuts and bruises inside the UFC octagon
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Salto, which helps automate SaaS platforms, raises $27M Series A led by Bessemer Venture Partners (Frederic Lardinois/TechCrunch)
Frederic Lardinois / TechCrunch: Salto, which helps automate SaaS platforms, raises $27M Series A led by...Frederic Lardinois / TechCrunch: Salto, which helps automate SaaS platforms, raises $27M Series A led by Bessemer Venture Partners — Salto, a Tel Aviv-based open-source startup that allows you to configure SaaS platforms like Salesforce, NetSuite and HubSpot with code, is coming out of stealth today and announced that it has raised a $27 million Series A round.
Popular Dutch e-bike startup VanMoof has raised $40 million as growth explodes — here's an exclusive look at its pitch deck
Summary List Placement Dutch e-bike startup VanMoof has raised a $40 million funding round just months...Summary List Placement Dutch e-bike startup VanMoof has raised a $40 million funding round just months after closing its Series A to capitalize on growing demand for alternate transport options during the coronavirus pandemic. As public transport becomes less appealing due to COVID-19, cycling has become a serious proposition even across major cities like San Francisco, New York, Paris, London, and Tokyo. The global e-bike market is set to reach $38 billion by 2025, according to a report by Markets and Markets, and COVID-19 has accelerated this trend, says VanMoof CEO Taco Carlier. "This is the beginning of something big," Carlier told Business Insider in an interview. "The e-bike market is growing at staggering speed and we had a lot of extra interest as a result. There are so many opportunities for our company so we decided to continue with fundraising." Founded in 2009 by brothers Taco and Ties Carlier, VanMoof has now raised a total of $73 million. Its latest round comes months after a $13.5 million investment in May. "The May round was like a bomb," Carlier said. "It attracted a lot of other VCs and others interested in what was going on to us." Norwest Venture Partners led the round alongside existing investors Balderton Capital and Felix Capital. VanMoof sells $2000 high-tech e-bikes which have been increasingly popular this year with demand for its VanMoof S3 & X3 models leading to the company hitting 374% year-on-year growth. The funding will be used to scale the company's production, which Carlier says is struggling to meet current demand. VanMoof says it will expand into key markets including the US and Germany and will also invest heavily in R&D. "Taco, Ties, and the VanMoof team have not only built an unparalleled brand and best-selling product, but they're reshaping city mobility all over the world," said Stew Campbell, an investment principal at Norwest. "We look forward to supporting the VanMoof team as they expand production, boost rider service solutions, and bring their e-bike experience to new markets." Check out VanMoof's (redacted) pitch deck below:SEE ALSO: Swedish fintech Klarna is Europe's latest decacorn startup after raising $650 million at a $10.65 billion valuation SEE ALSO: US neobank Chime could be set to more than double its valuation to as much as $15 billion in just 9 months with a major new funding round VanMoof VanMoof VanMoof VanMoof VanMoof VanMoof VanMoof VanMoof
The big winner of Uber's $2.65 billion Postmates acquisition is Spark Capital, a small VC firm that's enjoying a streak of hits in a gloomy 2020.
Spark Capital was one of the big winners when Uber announced its acquisition of restaurant service...Spark Capital was one of the big winners when Uber announced its acquisition of restaurant service Postmates for $2.6 billion on Monday. The venture capital firm has invested in other major hitters in the startup world, including Slack, Plaid, and Mirror, the fitness tech startup that was sold to Lululemon for $500 million. It's unclear how big Spark's return on Postmates will be. The fund raised $1.35 billion earlier this year in order to fund other early and growth-stage startups. Visit Business Insider's homepage for more stories. When Uber announced the acquisition of restaurant delivery service Postmates for $2.65 billion on Monday, one of the big winners was Spark Capital, a venture capital firm that was one of Postmates first backers. Spark led a $16 million investment round in Postmates in 2013, and participated in several subsequent funding rounds, resulting in what is likely a hefty return. Just one week before the Postmates news, Mirror, a fitness tech startup that was also a Spark investment, sold to workout-apparel brand Lululmon for $500 million. And Spark has had several other successes in recent months, making for a remarkably bright streak in a challenging year marked by the coronavirus pandemic and the economic downturn. Earlier this year, Spark raised $1.35 billion to fund early and growth-stage startups, according to the Wall Street Journal. With offices in Boston and San Francisco, Spark was founded 15 years ago, making it a relative youngster among VC firms. But it has quickly proved itself: According to a recent study by Pitchbook, Spark's $360 million Capital III fund was among the ten best performing funds launched between 2010 and 2012. The firm was founded by Bijan Sabet, Santo Politi and Todd Dagres, focuses on early and mid-stage "growth" companies. Some of its earlier hits include Twitter, Tumblr, and Foursquare. Nabeel Hyatt, a partner at Spark Capital, wrote in a blog post that the firm was drawn to Postmates, back when the Postmate's app was known as Get It Now. Hyatt, who was an early investor at the time, said that joining the Postmates board as one of its earliest member and working closely with Postmates CEO Bastian Lehman. It's unclear exactly how big Spark's return on Postmates will be. A representative for the company did not return request for comment. As companies continue to work remotely, workplace productivity tools like Slack are also having their moment. But Spark was way ahead of the curb, as they participated in Slack's $160 million Series E round in 2015. Here's a look at some of Spark Capital's recent big wins: Plaid: In January, Visa acquired fintech startup Plaid for $5.3 Billion. Spark Capital partner Santo Politi contributed to the startup's Series C funding round, which raised $250 million in December 2018. Mirror: As gyms remain shuttered across the country due to fears of contracting coronavirus, people are looking to workout at home. The workout-apparel brand Lululemon acquired New York-based startup Mirror, the Spark-Capital backed fitness startup that delivers interactive workout classes through their interactive mirror. Spark Capital led the $13 million funding round in 2018, when Mirror was still in stealth mode. Sonder: Spark Capital recently raised $170 for Sonder, the hospitality startup that is seen as one of Airbnb's rivals, in their Series E last June. The company is reportedly valued at $1.3 billion. Nylas: After acquiring June.ai last March, Nylas, a startup that helps people integrate emails using APIs, received $25 million in funding from Spark Capital this past June. Warby Parker: Warby Parker, the trendy retailer that sells prescription glasses and sunglasses, is also part of Spark Capital's portfolio. And while many retailers are struggling to withstand the economic blow dealt by the coronavirus pandemic, Warby Parker's strategy has always focused on letting customers pick and choose their favorite pair of glasses from the comfort of their home. JFrog: DevOps startup JFrog, valued at $1.2 billion, has added board members last April as they make preparations for going public in late 2020 or early 2021. Spark Capital participated in the startup's Series D round, which was led by Insight Partners and raised $165 million, in October 2018, Grammarly: Grammarly, the software that uses AI to improve your writing, is valued at over $2 billion. Spark Capital, along with other high-profile VC firms such as SignalFire and General Catalyst, raised $110 million for Grammarly in 2017.Join the conversation about this story » NOW WATCH: Why thoroughbred horse semen is the world's most expensive liquid