A听London听company听has launched a quantum cybersecurity platform and plans to create 2,000 hi-tech jobs.听
Arqit,听established in 2017, has exited stealth mode and听is to list in New York via听a merger with a Special Purpose Acquisition Company听which values it at 拢1 billion.听
A faster way of listing a company 鈥� involving the creation of a听publicly traded听blank cheque company听created specifically for the purpose of the deal 鈥� the deal will raise $400 million听which will allow听Arqit听to听build and听launch two satellites in 2023 to further its quantum key network.听
础谤辩颈迟鈥檚听platform,听QuantumCloud, uses transformational innovation in both quantum physics and crypto-mathematics, and听has been developed over the course of four years of collaboration with the UK Government, BT and Virgin Orbit.听
It is designed to solve current and future threats to the security of internet communications.听
Since 2017,听Arqit听has received significant financial support from the UK Government through various departments and innovation programs.听听
Arqit听will remain operationally headquartered in the UK, and pay UK tax, but its corporate headquarters will be in the Cayman Islands.听
鈥淎fter four years of innovation in stealth mode by a world-leading multi-disciplinary team of scientists and engineers, we are ready to go to market,鈥� said听Arqit听CEO David Williams.听听
鈥淭his technology is听important听and we need to take it to hyperscale as quickly as possible, because the problems we solve are problems for everyone.鈥�
/is-it-time-for-london-to-finally-welcome-spacs/
It has also听announced that BT has entered into a contract to become听Arqit’s听exclusive reseller in the UK, incorporating听its听products into its wider portfolio of听security solutions.听听
BT was a foundational research partner for听Arqit听in 2017, and the companies intend to extend their collaboration to find new ways to develop the UK’s quantum communications infrastructure.听
Virgin, which has itself a long history of pioneering in aerospace technology, has invested via its Virgin Orbit subsidiary in the听Arqit听financing transaction as well as signing contracts to launch the first two听Arqit听satellites, possibly from Cornwall in the UK, targeted for 2023.听
QuantumCloud’s听reach is due to be expanded further through the usage of pioneering satellite technology. Currently the symmetric keys used in data encryption are created terrestrially.听听
However, by 2023听Arqit听plans to launch two quantum satellites, which will build on established QKD protocols to extend the capability to both create and transmit a backbone of secure keys to the data centres of听Arqit’s听customers all over the world.听
QuantumCloud听is symmetric encryption reborn for the cloud, providing a significant improvement on legacy PKI encryption听technology, and听delivering future-ready protection against quantum-based attack.听听
Kwasi Kwarteng听of听BEIS听SoS听said: “Building back better from the pandemic means harnessing the latest developments in science and technology, so we want the UK to be the world’s first quantum- ready economy given its potential to deliver new jobs, skills and knowledge across Britain.听
“Our National Quantum Technologies Programme, that is set to pass 拢1bn of public and private investment over its lifetime, is helping create a world leading quantum ecosystem here in听UK, and听supporting the commercial success of innovative quantum businesses.”听
Howard Watson, Chief Technology Officer of BT,听said: “BT has been undertaking pioneering research in quantum security for many years, including working with听Arqit听on the research and concepts behind their technology.
“This launch is a great example of the innovation and capabilities that are being developed through collaboration across the UK’s technology ecosystem. We are proud to be providing this technology to UK customers, which will bolster our industry-leading security capabilities.”听
Dan Hart, President and CEO of Virgin Orbit said: “The Virgin Group has been a long-term investor in space because of the transformational impact it will have on our world.
“At Virgin Orbit, we look for innovative companies to work with, and we are pleased to be Arqit’s听satellite launch partner and to invest in its development.听
“Arqit’s听satellites will enable the company to further distribute its cutting-edge quantum encryption technology, which will drive and protect development across so many key sectors.”听