The NRFC has made a $15 million equity investment in QuintessenceLabs, which the company will use to establish a manufacturing site in Canberra and undertake further technological development. This new site will allow QuintessenceLabs to expand the manufacturing of its ‘qOptica’ product in Australia and mature the product by reducing form factors, streamlining component selection and improving manufacturing processes.
The NRFC’s investment in QuintessenceLabs will contribute to improvements in cybersecurity for Australian governments and businesses by protecting their sensitive and confidential data from current and emerging cyber threats. The investment will also help to ensure that QuintessenceLabs continues to manufacture some of its Australian-developed products locally, creating up to 15 new high-tech jobs for quantum communications specialists, electrical engineers and software developers.
About QuintessenceLabs
QuintessenceLabs is a Canberra-based quantum cybersecurity company that offers advanced on-premises, cloud and hybrid IT solutions that address current and emerging cyber threats. The company was founded in 2008 based on research conducted at the Australian National University’s Quantum Optics Group.
QuintessenceLabs has developed world-leading integrated software and hardware solutions that protect organisations from current cyber threats and make them quantum-resilient against future attacks. Their products have won numerous awards, including the 2023 Australia Cybersecurity Summit Award and the World Economic Forum’s 2020 Global Innovator Award.
Investment impact
Growing industrial capability
The NRFC’s investment will be used by QuintessenceLabs to expand its manufacturing activities in Canberra. This will allow the company to produce some of its products more efficiently and at an increased scale to meet the growing global demand for its products.
Commercialising Australian innovation
QuintessenceLabs’ technology emerged from research conducted by its founder, Dr Vikram Sharma, at the Australian National University’s Quantum Optics Group in the early 2000s. The NRFC’s investment provides a strong endorsement of this world-leading Australian technology and helps to ensure that it continues to be manufactured and developed in Australia.
Creating high-skilled jobs
The construction of a new dedicated manufacturing facility in Canberra will create up to 15 new high-tech jobs over the short to medium term. This will provide increased employment opportunities for quantum communications specialists, electrical engineers and software developers.
Enhancing national security
QuintessenceLabs’ technology provides Australian governments and businesses with increased protection from current cyber threats and resilience against future quantum-enabled cyberattacks. The NRFC’s investment will enable the company to further develop its existing products and services and expand its product offerings to meet new quantum-enabled cybersecurity threats as they emerge.
Attracting private finance
The NRFC’s investment will cornerstone QuintessenceLabs’ Series B2 funding round. This will help the company to meet its funding goals and attract further finance in its future capital raising efforts.