The funding will be used to support the company’s development of a new generation of quantum secured IoT devices.
EIC funding is highly competitive, with multiple rounds of submissions and interviews, and Crypto Quantique was part of 51 companies across the European ecosystem to be selected in the latest round of funding in 2023. The company was chosen for its technology and its potential to have a significant impact on the global cybersecurity market.
Commenting on the announcement Shahram Mossayebi, CEO and co-founder of Crypto Quantique, said, “This funding will allow us to accelerate the development of our QDID IoT solution and bring the IP to the mass market. We believe that our technology has the potential to revolutionise the way that IoT devices are secured, and we are excited to have the opportunity to make a real difference in the way that IoT devices are built.”
The EIC funding will be used to support Crypto Quantique’s research and development activities around QDID, as well as its commercialisation efforts. The company also plans to use the funding to hire new staff, expand its product development capabilities, and launch new marketing initiatives.
“We are confident that this funding will help us to achieve our mission of making quantum-secured IoT a reality,” said Mossayebi. “We are grateful to the EIC for their support, and we look forward to working with them to make a positive impact on the global cybersecurity market.”
The European Innovation Council (EIC) is a €10 billion fund that supports breakthrough technologies. It provides funding in the form of grants and equity investments, and it also offers a range of support services to help companies succeed.
