CryptoNext Security, a Paris-based company specialising in quantum computer resistant cryptography, has raised €11m in funding. The round was led by AVP (AXA Venture Partners) and Quantonation, with participation from Auriga Cyber Ventures. Founded in 2019 by Jean-Charles Faugère, CryptoNext Security develops software solutions to manage the quantum threat and migrate IT/OT infrastructures to quantum safe. The company has been recognised for its leadership in standardisation bodies and global companies Quantum Safe roadmap partnership projects. The funding will be used to accelerate the industrialisation of its Quantum Safe Remediation Solutions and its international expansion.
CryptoNext Security Secures 11M€ Funding for Quantum Safe Remediation Solutions
CryptoNext Security, a company specializing in Post Quantum Cryptography software solutions, has secured 11M€ funding for the industrialization of its Quantum Safe Remediation Solutions and its international expansion. The funding round was led by AVP (AXA Venture Partners) and Quantonation, with participation from Auriga Cyber Ventures. The company was founded in 2019 by Jean-Charles Faugère after over 20 years of leadership in post-quantum cryptography academic research and spin-off from Inria, CNRS and Sorbonne University prestigious laboratories.
Quantum Computing: Opportunities and Threats
Quantum computing presents both opportunities and threats. Its huge computing capabilities can tackle previously inaccessible problems, but it also poses a major threat to cybersecurity. Quantum computers have the capacity to “break” the public-key cryptosystems that secure today’s internet and IT infrastructures, as well as IoT and embedded systems communications. This quantum threat and its remediation is a rising emergency, considering the “Harvest now/Decrypt later” attacks where state or private organizations have started to collect massive amounts of data to decrypt them later when a powerful enough quantum computer is available.
The Role of National Institute for Standards & Technology (NIST)
In response to the quantum threat, the US National Institute for Standards & Technology (NIST) initiated a competition in 2016 to define new standards for cryptography able to resist quantum computer attacks. NIST unveiled the first post-quantum cryptography (PQC) standard algorithms in July 2022. Its partner body, National Cybersecurity Center of Excellence (NCCoE), launched a “Migration to PQC” initiative with 20 of the most influential companies, including CryptoNext Security as a selected member.
CryptoNext’s Quantum Safe Remediation Suite (C-QSR)
CryptoNext has been working intensively on crypto-agile remediation and operations management solutions. The company has launched the CryptoNext Quantum Safe Remediation Suite (C-QSR), a multi-layer software solution that includes the latest releases of newly-defined international, US and European standards. C-QSR brings a comprehensive set of cryptography integration tools and application plugins for network and security infrastructure, secure messaging, IT server, proxies and connectors, as well as crypto-agile management.
Investors’ Statements on CryptoNext’s Funding
Florent Grosmaitre, CEO of CryptoNext Security, expressed his gratitude for the investors’ support and optimism for the company’s growth through its innovative products portfolio and global operations expansion. Francois Robinet, Managing partner at AVP, expressed his excitement to support CryptoNext Security in its mission to pioneer quantum-resistant cybersecurity solutions. Olivier Tonneau, Partner at Quantonation, praised CryptoNext’s level of expertise and recognition. William Lecat, Investment Director at Auriga Cyber Ventures, emphasized the systemic impact of the quantum threat on security and the need for organizations to migrate their IT/OT infrastructure to quantum safe.
About CryptoNext Security, AVP, Quantonation, and Auriga Cyber Ventures
CryptoNext Security, based in Paris, is a software vendor specializing in quantum computer resistant cryptography. AVP is a global venture capital firm specializing in high-growth, technology-enabled companies. Quantonation Ventures is a leading VC dedicated to Quantum Technologies. Launched in 2021, Auriga Cyber Ventures is a French early-stage investment fund dedicated to European cybersecurity startups.
“With our investors support, we are now well positioned for growth through our innovative products portfolio and global operations expansion” declared Florent Grosmaitre, CEO of CryptoNext Security. Our solutions are currently successfully deployed at global end-users, service providers, equipment manufacturers and software vendors for multiple use cases end-to-end security. We are proud to be a trusted advisor and aim at providing our customer partners with a guarantee of expertise, mastery and timing for post-quantum cybersecurity deployment at controlled costs in this context where time for migration is now critical.”
Francois Robinet, Managing partner at AVP (AXA Venture Partners): “AVP is proud and very excited to support CryptoNext Security in its mission to pioneer quantum-resistant cybersecurity solutions. The threat on encryption protocols arising from quantum computing is huge and therefore the quantum-resistant solutions market is big. Moreover, although the exact timing for the emergence of quantum computers is still uncertain, the market for post quantum cryptography is already there. As digital threats evolve, CryptoNext’s innovative approach aligns seamlessly with our commitment to investing in cutting-edge technologies that address critical challenges. We have been very impressed by CryptoNext’s team and CryptoNext’s leadership and are very happy to support the company in its journey and its potential to reshape the landscape of post-quantum cryptography. We are also very happy to co-invest alongside Quantonation, the market leader in investment in quantum computing technologies and Auriga Cyber Venture, the specialist in cybersecurity investments.”
Olivier Tonneau, Partner at Quantonation declared that “As the leading investor in the Quantum Technologies space, we were very impressed with the level of expertise and recognition that CryptoNext has reached since our first investment in the company back in 2020. We are now entering an exciting phase of deployment of CryptoNext’s technology roadmap with a list of first-class customers and are confident that their leadership will pave the way for growth”.
William Lecat, Investment Director at Auriga Cyber Ventures insisted that “As an investment fund specializing in cybersecurity, we have identified that the quantum threat will have a systemic impact on security, and that all organizations will have to migrate their IT/OT infrastructure to quantum safe in the next few years. We were impressed by CryptoNext Security’s in-depth technical expertise and are excited about the solutions they are bringing to market to help organizations migrate efficiently to quantum safe.”
Quick Summary
CryptoNext Security, a company specialising in quantum computer resistant cryptography, has secured €11 million in funding to further develop its Quantum Safe Remediation Solutions and expand internationally. The advent of quantum computing presents a significant threat to current cybersecurity measures, prompting the need for new standards of cryptography resistant to quantum computer attacks, a field in which CryptoNext Security is a leading player.
- CryptoNext Security, a company specialising in quantum computer resistant cryptography, has secured €11 million in funding. The round was led by AVP (AXA Venture Partners) and Quantonation, with participation from Auriga Cyber Ventures.
- The company was founded in 2019 by Jean-Charles Faugère after over 20 years of academic research in post-quantum cryptography. It is based in Paris, France.
- CryptoNext Security develops software solutions to manage the threat posed by quantum computers to current encryption systems. These systems secure today’s internet and IT infrastructures, as well as IoT and embedded systems communications.
- The company has been working on crypto-agile remediation and operations management solutions, with global customers in multiple vertical markets such as government, defence, finance, and critical infrastructures.
- CryptoNext Security has launched the CryptoNext Quantum Safe Remediation Suite (C-QSR), a multi-layer software solution that includes the latest releases of newly-defined international, US and European standards.
- The company’s solutions are currently deployed at global end-users, service providers, equipment manufacturers, and software vendors for multiple use cases end-to-end security.
- AVP, Quantonation, and Auriga Cyber Ventures have expressed their support and confidence in CryptoNext Security’s mission and potential to reshape the landscape of post-quantum cryptography.