Strategic Innovation Fund Award of $7.2 Million Joins Silicon Valley Venture Capital to Build Agile Quantum-Safe Security Solutions
WATERLOO, Ontario–(BUSINESS WIRE)–With this month’s strategic investment of $7.2 million from Canada’s Strategic Innovation Fund, ISARA Corp., the world’s leading provider of agile quantum-safe security solutions, reaches another important milestone by securing government funding that supplements its initial Canadian funding and Series A Round Silicon Valley venture capital investments – and further demonstrating the need for robust security in the Quantum Age.
“As quantum computing matures, protecting everything from financial transactions to the Internet of Things will require deep collaboration among scientific researchers and private enterprise alongside government investment,” said ISARA CEO and Co-founder Scott Totzke. “The backing of visionaries like Mike Lazaridis, savvy investors like Shasta Ventures and, now, a long-term player like the Government of Canada highlights the pressing need to develop security solutions now.”
Because quantum computers process information differently than classical computers, they will be able to break current security measures relatively easily – putting all digital data at risk and causing widespread vulnerabilities. ISARA develops agile quantum-safe solutions that allow OEMs, large organizations and governments to prepare for the quantum threat and begin protecting data and infrastructure today. ISARA’s collaboration partners include BlackBerry, Volkswagen Group, DigiCert, Gemalto and Utimaco.
“Canada’s Waterloo Region is a global leader in quantum research, and ISARA is leading the way in building viable cybersecurity technologies to enable what will be a truly transformational shift to quantum computing,” said Navdeep Bains, Minister of Innovation, Science and Economic Development. “ISARA demonstrates that the growing quantum economy can create good jobs outside academia and become a significant driver of growth.”
The Strategic Innovation Fund is designed to attract and support high-quality business investments in Canada’s most dynamic and innovative sectors. ISARA is one of four entities that received government support on April 18. The onset of large-scale quantum computing and its effect on cybersecurity necessitates new approaches to how public key cryptography is used and implemented. The funding will be used to research and develop foundational cybersecurity technologies to enable a seamless and cost-effective migration to quantum-safe security.
ISARA is a leader in developing hybrid security that allows both classical and quantum-safe algorithms to exist on the same certificate. This allows unprecedented flexibility and gives organizations the agility they need to adapt as quantum technology advances. The ISARA Radiate™ Quantum-safe Toolkit combined with ISARA Catalyst™ agile technologies simplify the process for developers and OEMs to incorporate cryptographic agility and quantum-safe security in a standards-based environment.
“ISARA has made tremendous progress since Shasta first invested over six months ago. The team is exceptional and the company has the only commercial solution that can be implemented today. The breadth of financial investment in ISARA is a compelling proof point that quantum-safe security and agile cryptography are on the cusp of becoming mainstream topics as governments and corporations confront the long-term challenge of protecting data,” said Nitin Chopra, Partner at Shasta Ventures.
Shasta Ventures, based in Silicon Valley, led ISARA’s Series A financing round with a $10 million investment that built on initial funding from Lazaridis’ Quantum Valley Investments. QVI funds early-stage companies seeking to develop commercial applications around quantum technology. Shasta Ventures funds early-stage enterprise, consumer and emerging platform companies.
About ISARA Corporation
ISARA Corporation, the world’s leading provider of agile quantum-safe security solutions, leverages decades of real-world cybersecurity expertise to protect today’s computing ecosystems in the quantum age. With our partners, we’re clearing the path to quantum-safe security for enterprises and governments by delivering practical, standardized solutions for a seamless migration. Co-founded in 2015 by former BlackBerry security executives, our team has since launched several first-of-its-kind solutions such as a quantum-safe cryptographic library, integration tools for developers, and agile technologies. With an emphasis on interoperability, we proudly collaborate on international standards-setting efforts. For more information, visit www.isara.com or follow @ISARACorp on Twitter.
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