QNu Labs Nets INR 60 Cr From National Quantum Mission, Others

Quantum cybersecurity startup QNu Labs has secured INR 60 Cr (around $7 Mn) in Series A funding round led by the National Quantum Mission (NQM).

The round also saw participation from marquee investors, including Lucky Investment, Speciale Invest, Tenacity Ventures and Singularity AMC.

The startup plans to deploy the fresh proceeds to scale up its commercial operations, boost research and development capabilities and foster global partnerships in quantum-safe communications. 

Additionally, the capital would also fuel the startup’s global rollout of its quantum security-as-a-service platform, QShield.

Founded and incubated in 2016 at IIT Madras Research Park, QNu Labs offers quantum and post-quantum cryptography solutions based on patented technology that claims confidentiality and privacy against new-age attacks targeting critical information infrastructure, communication, and personally identifiable information. 

Quantum computers are technically more advanced than the classical computers but they also pose a threat to classical encryption methods and infrastructure security. Quantum-safe cryptography secures sensitive data, access, and communications in the age of quantum computing. 

“…with this support, we’re accelerating our mission to build a secure digital future powered by indigenous quantum technologies,” said Sunil Gupta, Cofounder and CEO of QNu Labs. 

QNu Labs claims to be one of the few startups globally, and India’s first to offer commercially ready, hardware-based quantum-safe solutions.

It last raised $6.5 Mn in its pre-Series A1 funding round led by Ashish Kacholia of Lucky Investments in December 2023. 

National Quantum Mission Fostering Quantum Safe Cybersecurity Startups 

With data becoming a precious commodity worldwide, every country is making technological advancement to safeguard sensitive data and information. India has joined the race to get the first mover advantage in harnessing quantum technologies and enhancing sectors like communication, cryptography and computing. 

The government’s NQM is one of the nine initiatives under the Prime Minister’s Science Technology Innovation Advisory Council that aims to make India a global leader in quantum technology. It was approved in April 2023 by the Union Cabinet with an allocation of INR 6,003 Cr within the span of 2023–24 to 2030–31. 

The mission has multiple objectives, including evolution of quantum computing, satellite based quantum communication and developing and synthesising quantum materials such as superconductors, novel semiconductor structures, and topological materials for the fabrication of qubits. 

QNu is among the eight startups that received support under the NQM. Other startups are QPiAI India, Dimira Technologies, QuPrayog, Prenishq, Quanastra, Pristine Diamonds and Quan2D Technologies

The India cybersecurity market reached approximately $6 Bn in 2023 and it is projected to continue expanding, potentially accounting for 5% of the global market by 2028, as per Data Security Council of India (DSCI).