Cavero Quantum, a cyber tech firm based in Leeds, has recently secured a substantial investment for its pioneering encryption technology. The investment was led by Foresight Group, a private equity manager, and Northern Gritstone, an independent investment company established by the Universities of Leeds, Manchester, and Sheffield.
Co-founded by Professor Ben Varcoe and Dr. Frey Wilson, Cavero Quantum has developed a password-less encryption technology for secure key generation and authentication. This groundbreaking technology is compatible with older hardware, requires minimal bandwidth, and has the potential to protect against cyber attacks by quantum computers.
The company’s encryption technology offers immediate market applicability by replacing multi-factor authentication and one-time passwords with a highly secure, seamless, passwordless form of authentication. With the recent funding, the company aims to commercialise its technology and introduce its first product.
Professor Ben Varcoe will continue to support Cavero Quantum while retaining his position as Professor of Quantum Information Science at the University of Leeds. Dr. Frey Wilson will take on the role of Chief Technology Officer. Furthermore, the investment has resulted in the appointment of James Trenholme as CEO and Andrew Wallace as Chair, further strengthening the leadership team with their extensive experience in software entrepreneurship and quantum computing, respectively.
The global economy is projected to lose £7 trillion per year due to cyber attacks, leading to increased investment in the cyber security market. Password-less authentication is expected to be worth £17 billion per year by 2027, underscoring the growing demand for advanced cybersecurity solutions.
Zickie Lim, head of venture capital investment at Mills & Reeve, expressed the firm’s enthusiasm in supporting Cavero Quantum’s capital investment and commercialisation of its password-less cryptography. He acknowledged the potential impact of the technology on cybersecurity, emphasizing its significant role in combating cyber attacks on a global scale.
Richard Ralph, Investment Manager at Foresight, highlighted the revolutionary potential of Cavero Quantum’s technology in quantum cryptography, underscoring its immediate improvements on existing cryptographic approaches and enhanced security against cyber attacks.
CEO of Cavero Quantum, James Trenholme, emphasized the groundbreaking nature of the technology as the first solution in the world capable of replacing security standards like ECDH without compromising architecture and customer experience. This advancement will ensure the safeguarding of data for the future as Quantum computing becomes increasingly prevalent.
The investment in Cavero Quantum underscores the critical importance of developing advanced cybersecurity solutions to address the growing threat of cyber attacks. With the support of renowned investors and industry experts, the firm is poised to make a significant impact in the evolving cyber tech landscape.
Mills & Reeve’s guidance and support in securing this investment highlight the firm’s commitment to fostering innovation and technological advancements in the cyber tech industry. The successful collaboration between Cavero Quantum and its investors sets the stage for the continued development of cutting-edge cybersecurity solutions, propelling the industry forward in the fight against cyber threats.