Leeds spinout wins funding to revolutionize cyber market

A University of Leeds spinout has secured £2.2m in funding to revolutionize the cyber security market.

Cavero Quantum is set to commercialize its secure passwordless quantum encryption technology with the investment round led by Foresight and Northern Gritstone.

The encryption technology for secure key generation and authentication is compatible with legacy hardware, requires low bandwidth, and has the potential to be secure against quantum computer cyberattacks.

The technology is attractive to a wide range of sectors and has immediate market application by replacing multi-factor authentication and one-time passwords with a highly secure, frictionless and password-less form of authentication.

Founded by Professor Ben Varcoe and Dr Frey Wilson, Cavero Quantum will now look to launch its first product. Prof Varcoe – formerly founding director and chief scientific officer at Creavo Medical Technologies – will support the business alongside his existing role as Professor of Quantum Information Science at the University of Leeds, while Dr Wilson will become Chief Technology Officer.

As part of the investment, the founders will be supported by the appointment of James Trenholme as CEO and Andrew Wallace as chairman. Trenholme is a seasoned software entrepreneur who previously founded and left an identity services company, while Wallace has significant DeepTech experience in quantum computing.

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Listed Foresight invested alongside Northern Gritstone, an investment company dedicated to supporting ambitious science and technology-based businesses in the North of England, including through its NG Studios venture development program supported by Deeptech Labs, which Cavero Quantum participated in early this year.

“While Cavero Quantum technology is potentially revolutionary for quantum cryptography, it offers the potential to immediately improve existing cryptographic approaches due to its two-factor authentication and passwordless nature, thereby providing improved security against existing cyber-attacks,” said Richard Ralph, manager of investment at Foresight. .

“The technology has been independently validated and we look forward to working with Ben, Frey, James, Andrew and Northern Gritstone to commercialize this innovative technology.”

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Trenholme commented: “The technology that Ben, Frey and the experimental quantum science team at the University of Leeds have built is truly groundbreaking technology.

“It is the world’s first solution that can replace security standards like ECDH without compromising the architecture and customer experience, keeping data secure for the future as quantum computing becomes the norm.

“It’s an honor to drive the Cavero Quantum. This is a great team and I look forward to building a great business together.”

Duncan Johnson, CEO at Northern Gritstone, added: “Cavero Quantum technology is applicable today and has the potential to enable individuals, businesses and nations to operate safely in a post-quantum world.

“Commissioned from the innovation ecosystem of the University of Leeds, one of Northern Gritstone’s university partners, Cavero Quantum is an example of tomorrow’s world-class business, built on the amazing science and technology that exists in the North of England today.”

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