Polish cyber security ResQuant receives funding from Invento VC
04 January, 2023, 12:59
Łódź-based cyber security startup ResQuant has obtained fresh funding from Invento VC, a Katowice-based fund. The amount of the deal is not disclosed. This is the second investment in the company made by the fund since September 2022, MamStartup reports.
- Founded in 2020 Michał Andrzejczak and Tomasz Szcześniak, ResQuant is a deep-tech cybersecurity company focused on hardware implementation of post-quantum cryptography standards. The company also provides cryptography consulting and training supporting companies in migration to new standards.
- These new cryptographic standards are set in response to the US National Security Agency’s recommendation. The algorithms will enable secure communication between devices in the upcoming digital environment using quantum computers. This is said to be a revolution in cybersecurity for which ResQuant helps to prepare.
“Present-day cybersecurity uses asymmetric (public key) cryptography standards. They are based on math problems that cannot be solved by today’s computers. However, two algorithms are already invented – Shor’s and Grover’s – that can solve these problems on a quantum computer. It means that as soon as there is a quantum computer powerful enough, all currently used public key cryptography will be useless,”Tomasz Szcześniak, co-founder of ResQuant, explains.
- Invento VC provided the current follow-up funding, after the €115,000 pre-seed round in September 2022. Later the same month, the fund received additional €1.5 million capital from BRIdge Alfa. At the time, it was managing a total of €9 million, allowing for further investments in 6 startups. ResQuant became one of them.
- The fresh funds will help the company to launch a complex accelerator in physical FPGA systems. It will also allow ResQuant to conduct correctness tests and measure the real performance parameters of its systems.