Quside, the spin-off of the Institute of Photonic Sciences (ICFO) of Barcelona that offers advanced randomness solutions for the cybersecurity and high-performance computing markets, has added new investors to the funding round announced last year.
On this occasion, the company has been backed by the Catalan Institute of Finance (ICF), as well as other business angels, who join Trumpf Ventures, Bullnet Capital, Demium Capital and TechVision Capital. With these new additions, Quside manages to capture the interest of both national and international investors and secures more than €10 million in funding.
Carlos Abellan, co-founder and CEO of Quside, states: “We are very proud of the results of this operation, and we are very grateful to the investors for their confidence in Quside and the team. These resources will allow us to continue working on the development of scalable products with cutting-edge features to bring cybersecurity and high-performance computing to the corporate sector, in addition to facilitating their adoption and accessibility”.
The capital obtained in the funding round will allow Quside to continue its internationalization and growth in the quantum technology market, as well as accelerate the sales and marketing of its quantum random number generation (QRNG) and randomness processing unit (RPU) product lines.
Founded in 2017, Quside will also allocate part of the capital raised in the round to the incorporation of professional profiles specialized in quantum systems engineering, semiconductor chips, FPGA and software development, as well as commercial profiles, which will be added to a staff of 42-45 people.
Emilio Gómez, Investment Director at the Catalan Institute of Finance (ICF), highlights: “Quside has a world-class team, excellent stakeholders and with a unique product offering, have the potential to redefine the industry standards. We are confident that Quside’s strategic approach and cutting-edge technology will drive their success and establish them as a leader in the quantum technology industry”.
The ICF investment was made through ICF Venture Tech II FCRE, a venture capital fund managed by ICF Capital. The fund targets early-stage innovative and technology companies with high growth potential. Investments are made both in capital and in debt instruments, preferably with other co-investors.
After solidifying its position in the quantum technology industry and working with leading companies in the sector, such as EY, Telefónica, Juniper and Qrypt, Quside plans to scale its product range to accelerate growth and scale production capacity.
Subsequently, the startup has announced the upgrade of its QRNG product range, which will feature a 1 gigabit per second rate and has launched its RPU on Amazon WebServices in order to facilitate the adoption in the corporate sector.
The quantum technology market has experienced significant growth over the last few months, driven by new directives from Joe Biden’s administration and Europe’s EuroQCI program. As such, the market has established itself as a strategic sector internationally and is estimated to exceed $4.3 billion by 2028.
Read the orginal article: https://www.eu-startups.com/2023/07/barcelona-based-quside-extends-its-series-a-exceeding-e10-million-in-funding-to-internationalise-its-quantum-tech/
