Quantum Xchange, a Bethesda, Maryland-based leader in quantum-safe products and services for crypto agility and quantum readiness, completed the initial close on $13.5 million of Series A capital at a $59 million post-money valuation.
This follows the company’s initial funding of $10 million.
The Series A capital will be used to scale operations, continue to innovate on the Phio family of solutions.
In addition to the new financing, Quantum Xchange announced an expanded leadership team with the appointment of Eddy Zervigon as its new Chief Executive Officer (CEO), Holly Neiweem as Chief Financial Officer (CFO), and Shahryar Shaghaghi as Chief Technology Officer (CTO).
They join Hal Chapel, founding CEO and now board member of the company, and Former CTO Gene Savchuk, inventor of Phio TX, who will continue to work closely with Shaghaghi and the engineering team as Chief Product Evangelist and Strategic Advisor.
Quantum Xchange gives commercial enterprises and government agencies a solution for protecting data in motion. Its key distribution system, Phio Trusted Xchange (TX), is capable of making existing encryption keys quantum safe and supports both post-quantum crypto (PQC) and Quantum Key Distribution (QKD) for true crypto agility and quantum readiness. With Phio TX’s dynamic security infrastructure in place, organizations can enhance their existing encryption environment, meet evolving data security and privacy requirements, select the level of protection needed based on their risk tolerance, and if desired scale to QKD at any time, across any distance, between multiple transmission points.
Phio TX can support both math and physics-based encryption techniques – most notably Post-Quantum Cryptographic (PQC) algorithms, Quantum Key Distribution (QKD), and Quantum Random Number Generated (QRNG) keys.