In a Series A round headed by the National Quantum Mission (NQM), a Department of Science and Technology program, which invested Rs. 25 crore, QNu Labs, a quantum cybersecurity business based at IIT-Madras, raised Rs. 60 crore ($7 million).
Additionally, Lucky Investment, Speciale Invest, Tenacity Ventures, and Singularity AMC participated in the round. QNu Labs has raised $20 million so far with this round.
The money raised will be utilized to help QNu Labs grow its product line and advance the creation of its quantum-safe solutions.
The goal of QNu Labs is to protect data from potential dangers brought on by quantum computing. As quantum computers develop, they might be able to crack current encryption protocols.
The Bengaluru-based business asserts that it has created post-quantum cryptography (PQC) tools and quantum key distribution (QKD) systems. Sensitive communications in industries including critical infrastructure, finance, and defense are protected by these technologies.
QuLabs, Scytale Alpha, and Qpi are some of the other Indian firms that compete with QNu in the quantum-safe cybersecurity market.
Recently, Lightspeed and SWC Global led the $3.75 million pre-Series A round for Stimuler, an AI-powered spoken English learning platform. Additionally involved are Operators Studio, Rebright, Force Ventures, GradCapital, and M Venture Partners.
The money raised will be utilized to develop its technical staff, improve its AI infrastructure, and increase its market share internationally, especially in Latin America and Southeast Asia. In the next 12 to 18 months, Stimuler wants to grow revenue fivefold.
For those learning English as a second language (ESL), Stimuler provides a voice-first tutor. According to the app, it has over 45,000 paying users on both iOS and Android and over four million installs.
