MILAN — Quantum Bridge announced on Tuesday that it secured $8 million in a Series A funding round. The startup focuses on protecting critical infrastructure from cyberattacks. Primo Capital SGR led the investment round for the company. The firm confirmed the closure of this financing deal in a statement released to the public.
The company intends to use the $8 million to build new defense systems against quantum computing threats. Quantum Bridge identified the financial, governmental, and defense sectors as primary targets for its security software. These three sectors must adapt to new digital risks by the end of 2024, according to the company. The firm did not disclose the specific number of engineers it plans to hire with the new capital.
Wayra, a subsidiary of Telefónica, joined the investment syndicate alongside Cadenza VC and Bacchus Venture Capital. These four firms provided the $8 million to support research and development. Quantum Bridge said in a statement that the capital will allow it to expand its internal research team. The company did not provide a specific timeline for the release of its first commercial product.
The $8 million injection follows a period of increased demand for cybersecurity solutions across global markets. Quantum Bridge currently operates with a focus on mitigating risks that arise from quantum computing hardware. The company claims that its software will protect data for at least 10 years against future decryption methods. No other financial terms were disclosed in the official announcement regarding the Series A round.
Quantum Bridge will now move into a new phase of development for its proprietary technology. The company expects to report on its research progress by the second quarter of 2025. Investors hold a stake in the business that remains undisclosed in terms of percentage. The firm did not state how much of the $8 million is allocated to marketing versus technical research.
