Cavero Quantum, a University of Leeds spinout company, has secured a £2.2 million investment to develop its revolutionary cyber security technology. Foresight Group, an infrastructure and regional private equity investment manager, led the funding with co-investor Northern Gritstone, an investment company founded by the Universities of Leeds, Manchester, and Sheffield to support science and technology-enabled businesses in Northern England. Cavero Quantum’s innovative technology harnesses quantum-safe cryptography and encryption for secure mutual key generation and authentication.
It aims to replace traditional multi-factor authentication and one-time passwords with a high-security, frictionless, passwordless system. The technology is compatible with legacy hardware, requires minimal bandwidth, and is designed to defend against cyber attacks from quantum computers. Founded by Professor Ben Varcoe and Dr.Frey Wilson, Cavero Quantum will use the funding to commercialize its technology and launch its first product.
Foresight’s investment in cybersecurity
Professor Varcoe will continue to support the venture alongside his role as Professor of Quantum Information Science at the University of Leeds, while Dr.
Wilson has been appointed Chief Technology Officer. The investment will also see James Trenholme, an experienced software entrepreneur, assume the role of Chief Executive, and Andrew Wallace, an expert in quantum computing, become the chair. Richard Ralph, Investment Manager at Foresight, stated: “Cavero Quantum’s technology not only has the potential to revolutionize quantum cryptography but also offers immediate improvements to existing cryptographic approaches through its dual authentication and passwordless nature, thereby enhancing security against current cyber attacks.
James Trenholme, Chief Executive Officer at Cavero Quantum, emphasized the breakthrough nature of their technology: “This is the first solution globally that can replace security standards like ECDH [Elliptic Curve Diffie-Hellman] without compromising on architecture and customer experience, safeguarding data for the future as quantum computing becomes the norm.
Amidst rising cyber attacks that cost the global economy an estimated £5.5 billion per year, the demand for Cavero Quantum’s innovations is set to increase as quantum computing threatens existing cryptographic methods.
The passwordless authentication market is forecast to be valued at £17 billion by 2027, making Cavero Quantum’s technology highly attractive across various sectors. Professor Nick Plant, Deputy Vice-Chancellor for Research and Innovation at the University of Leeds, praised the venture: “It is inspiring to see the experimental quantum science team at Leeds develop solutions for such a critical issue in online security. Cavero Quantum’s technology will significantly impact our global community, providing sector-leading improvements and financial savings for businesses.
It testifies to the world-leading, innovative technology driven by our region.
