Quside Extends Series A to Raise More Than €10 Million in Funding

Insider Brief

• Quside added new investors to the last year’s funding round, extending its series A funding, according to a blog post.
• The company’s Series A now exceeds €10 million in funding.
• Critical Quote: “Quside has a world-class team, excellent stakeholders and with a unique product offering, have the potential to redefine the industry standards. We are confident that Quside’s strategic approach and cutting-edge technology will drive their success and establish them as a leader in the quantum technology industry.” — Emilio Gómez, Investment Director at Catalan Institute of Finance.

Quside added new investors to the funding round announced last year, extending its series A funding, according to a company blog post. The company now has tapped national and international investors to exceed €10 million in funding.

Quside, an Institute of Photonic Sciences (ICFO) spin-off based in Barcelona, offers advanced randomness solutions for the cybersecurity and high-performance computing markets. The company is now backed by the Catalan Institute of Finance (ICF), as well as other business angels, joining Trumpf Ventures, Bullnet Capital, Demium Capital and TechVision Capital.

Carlos Abellan, co-founder and CEO of Quside, said: “We are very proud of the results of this operation, and we are very grateful to the investors for their confidence in Quside and the team. These resources will allow us to continue working on the development of scalable products with cutting-edge features to bring cybersecurity and high-performance computing to the corporate sector, in addition to facilitating their adoption and accessibility.”

The ICF investment was made through ICF Venture Tech II FCRE, a venture capital fund managed by ICF Capital. The fund targets early-stage innovative and technology companies with high growth potential.

Emilio Gómez, Investment Director at ICF, said: “Quside has a world-class team, excellent stakeholders and with a unique product offering, have the potential to redefine the industry standards. We are confident that Quside’s strategic approach and cutting-edge technology will drive their success and establish them as a leader in the quantum technology industry.”

Focusing on Scalability

After solidifying its position in the quantum technology industry and working with leading companies in the sector, such as EY, Telefónica, Juniper and Qrypt, Quside plans to scale its product range to accelerate growth and scale production capacity.

Subsequently, the startup has announced the upgrade of its QRNG product range, which will feature a 1 gigabit per second rate and has launched its RPU on Amazon WebServices in order to facilitate the adoption in the corporate sector.