WATERLOO, Ontario--(BUSINESS WIRE)--ISARA Corp., the world’s leading provider of agile quantum-safe security solutions, today announced that Shasta Ventures, a Silicon Valley venture capital firm focused on early-stage companies, is leading a Series A financing round with a $10 million USD investment.
Shasta’s investment builds on ISARA’s initial capital of $11.5 million USD from Quantum Valley Investments, founded by BlackBerry creator Mike Lazaridis, to enable ISARA to scale globally to address the looming security threat posed by quantum computers. Additional investors will be announced in the coming weeks as ISARA ramps up its capabilities through strategic initiatives with Cisco, DigiCert, Gemalto, Volkswagen AG and others.
“Quantum computing requires a wholesale, generational rethinking of how we secure the digital environment,” said Shasta Ventures Partner Nitin Chopra. “ISARA is the clear leader as the only company with commercial solutions that can be implemented today. Complex systems used by corporations and governments will take years to migrate to a quantum-safe state and smart organizations are already beginning the transition.”
As development of quantum computers accelerates, experts predict that within the next decade a quantum machine will be capable of cracking the current encryption standards that protect an array of connected devices such as, financial systems, power plants, medical devices, deployed military equipment and automobiles. Without quantum-resistant encryption, today’s ubiquitous digital communications could easily be decrypted or spoofed by a quantum computer.
ISARA specializes in creating production-ready quantum-safe security solutions that work in today’s computing ecosystems to enable a seamless, cost-effective and simplified migration from classical to quantum computing.
“Shasta’s investment recognizes the fundamental role security will play in the Quantum Age,” said ISARA CEO Scott Totzke. “The global economy and our daily lives are built around a secure online ecosystem that will crumble in the face of a full-scale quantum computer. Ensuring that the many significant benefits of quantum computing can be realized requires a robust set of quantum-safe security and encryption practices that are practical, affordable and agile. ISARA is focused on providing solution providers, enterprises and governments with the tools they need to enter the Quantum Age with confidence and optimism. The enthusiastic response of investors like Shasta in our Series A offer reinforces the need for what we do.”
Shasta’s investment builds on initial financing from Lazaridis’ Quantum Valley Investments, which funds early-stage companies seeking to develop commercial applications around quantum technology. Lazaridis, co-founder and former CEO of BlackBerry, has invested heavily in Canada’s quantum research and development capabilities – starting nearly 20 years ago with the founding of the Perimeter Institute for Theoretical Physics and, more recently, the Institute for Quantum Computing at the University of Waterloo.
“Shasta’s investment is another validation of Canada’s – and specifically the Quantum Valley in the Waterloo Region’s – growing role in creating the next wave of technology,” said Lazaridis. “The concentration of intellectual talent, academic support and state-of-the-art facilities available to innovative companies like ISARA is unmatched anywhere in the world. Quantum Valley Investments is delighted to work with Shasta as ISARA helps to secure communication and protect confidential data in the Quantum Age.”
About ISARA Corporation
ISARA is a cybersecurity company specializing in creating production-ready quantum-safe security solutions for today’s computing ecosystems. We provide our partners with agile quantum-safe technologies to enable a seamless, cost-effective and simplified migration of their security solutions. As a commercial solution provider within a rich academic and research ecosystem, ISARA is part of a collaborative effort to raise awareness of quantum threats, and design and implement quantum-safe solutions that will work globally. For more information, visit www.isara.com or follow @ISARACorp on Twitter.
About Shasta Ventures
Shasta Ventures is a leading early-stage venture capital firm partnering with bold creative entrepreneurs who are passionate about building epic products and amazing experiences. Founded in 2004, Shasta Ventures has more than $1B under management funding companies specializing in enterprise software, consumer technology and emerging platforms including Anaplan, Apptio, Dollar Shave Club, Eero, Mint, Nest, Nextdoor, Smule, Zuora and more. The firm has offices in Menlo Park and San Francisco, California. Find more information, visit www.shastaventures.com or follow @shasta on Twitter.