BETHESDA, Md. and NEW YORK, Jan. 7, 2021 /PRNewswire/ — Quantum Xchange, a chief in quantum-protected merchandise and providers for crypto agility and quantum readiness, these days announced that it has done the original near on $13.5 million of Series A cash at a $59 million post-cash valuation. This follows the company’s first funding of $10 million. The Collection A funds will be utilised to scale functions, carry on to innovate on the Phio family of remedies, and help Fortune 1,000 organizations and government organizations put together for the looming quantum risk – when a quantum computer has the probable to break the encryption on which most enterprises, electronic infrastructures, and economies depend.
In addition to the new funding, Quantum Xchange is happy to announce an expanded management group to meet up with the wide current market possibility for safeguarding details in movement now and into the quantum era. The enterprise has appointed Eddy Zervigon as its new Main Executive Officer (CEO), Holly Neiweem as Chief Monetary Officer (CFO), and Shahryar Shaghaghi as Chief Technologies Officer (CTO).
The leadership changes come at a pivotal time for the business whose product line and strategic direction has undergone significant expansion prospects with the introduction of Phio Trustworthy Xchange (TX) in late 2019. The 1st-of-its-kind, crypto-agile crucial distribution program supports quantum keys in any structure and is uniquely capable of generating conventional keys quantum-harmless now, straight away improving an organization’s security posture though preparing them in an simple and inexpensive way for the looming quantum menace. For businesses with very long shelf-life info to defend, Phio TX safeguards from the immediate risk of harvesting attacks – when encrypted data is stolen and stockpiled, ready for the working day when a quantum pc can crack the encryption.
Since Phio TX can guidance the two math and physics-based encryption strategies – most notably Article-Quantum Cryptographic (PQC) algorithms, Quantum Critical Distribution (QKD), and Quantum Random Variety Produced (QRNG) keys – it straddles the QKD marketplace, envisioned to reach $6.17 billion by 2025[i] and the PQC industry projected to reach $9.5 billion in 2029[ii].
Zervigon brings a wealth of financial and management working experience, possessing led early phase investments in such technological trailblazers as DigitalGlobe and Bloom Electricity for Morgan Stanley. Just lately, he has suggested and led investments in quite a few start out-ups these kinds of as Enovix Company and C3Nano. He at present serves on the boards of Bloom Electricity and Maxar Technologies, both of those traded on the New York Inventory Exchange.
“We are particularly grateful to Zervigon’s predecessor John Prisco for his tenure with the firm and cementing Quantum Xchange as the U.S. industry leader in quantum communications,” said Hal Chapel, founding CEO and board member of Quantum Xchange. “The organization has accomplished fantastic factors to day and we are confident that underneath Eddy’s leadership this tradition will go on. He brings wonderful vision, money prowess, and a tested keep track of-document in pinpointing and nurturing younger organizations in rising markets.”
“In a small period of time, Quantum Xchange has solidified its place as a cybersecurity pioneer helping to determine and create the rapidly emerging quantum-risk-free protection market,” said newly appointed CEO Eddy Zervigon. “As recognition of the increasing quantum-computing danger boosts and harvesting attacks continue on, organizations are realizing that they can’t manage not to act. This presents an massive opportunity for Quantum Xchange. With its superior engineering, seasoned men and women, and trustworthy associates the corporation is primed to come to be the de facto chief for securing info in transit now, and in the quantum period. I’m thrilled to be at the helm and thrilled for what is in advance.”
To continue its spectacular monitor-record creating and deploying quantum-primarily based encryption solutions necessary by security and risk-rigorous industries these kinds of as telecommunications, authorities and finance, Quantum Xchange has hired Shahryar Shaghaghi as CTO. Shaghaghi brings much more than 30 decades of engineering consulting and IT risk administration abilities to his part as CTO owning held management positions with these types of world-wide companies as Citibank, Accenture, PwC, and Deloitte. As CTO he will oversee the progress and execution of Quantum Xchange’s engineering roadmap, supporting the firm’s broader crypto-agile infrastructure tactic, exceeding customers’ expectations by way of continued product or service innovation, and add to the firm’s ongoing leadership in the quantum systems ecosystem.
Former CTO Gene Savchuk, inventor of Phio TX, will carry on to operate carefully with Shaghaghi and the engineering staff at Quantum Xchange as its Chief Product Evangelist and Strategic Advisor. The two executives are identified imagined leaders in cybersecurity, Savchuk by means of his quite a few talking engagements and market awards received in the course of his tenure with Quantum Xchange and as the co-founder of Fidelis Cybersecurity, and Shaghaghi as a result of his acclaimed position as Citigroup’s head of IT danger management implementations of the biggest and most elaborate details safety plans globally, examined and passed by the Office environment of the Comptroller of the Forex (OCC) and the Federal Reserve Board (FRB).
As CFO, Holly Neiweem will oversee all organizing, implementation, and administration of finance activities at Quantum Xchange as effectively as day by day operations. In addition, she will function closely with Zervigon on investor relations, corporate governance, and partnership compliance as the business executes an intense expansion system in excess of the following 12 months.
Lastly, to even further advance the company’s mission, strategic positioning, and company governance, Quantum Xchange is at the moment recruiting two unbiased board positions, one particular of which will be the guide director.
About Quantum Xchange
Quantum Xchange gives professional enterprises and federal government businesses the ultimate alternative for defending information in movement. Its essential distribution method, Phio Dependable Xchange (TX), is uniquely able of making existing encryption keys quantum safe and sound and supports both equally publish-quantum crypto (PQC) and Quantum Critical Distribution (QKD) for true crypto agility and quantum readiness. With Phio TX’s dynamic stability infrastructure in location, corporations can greatly enhance their present encryption natural environment, satisfy evolving knowledge safety and privacy necessities, pick the level of safety essential based mostly on their hazard tolerance, and if sought after seamlessly scale to QKD at any time, throughout any length, between multiple transmission points. To learn much more about remaining quantum-safe currently and quantum-ready for tomorrow’s threats, visit QuantumXC.com or follow us on Twitter @Quantum_Xchange #BeQuantumSafe.
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