SaaS company and Alphabet subsidiary SandboxAQ has raised $500 million in funding that it will use toward cybersecurity and quantum computing, according to Reuters.
The funding comes after SandboxAQ in September 2022 acquired Cryptosense, a cybersecurity and encryption analysis software company. Cryptosense is helping SandboxAQ bolster its post-quantum cryptography (PQC) solutions, the companies said.
Previously, Alphabet spun out SandboxAQ in March 2022, Reuters reported. At this time, SandboxAQ also named former Google CEO Eric Schmidt as its chairman.
A Closer Look at SandboxAQ's Cybersecurity Software
SandboxAQ is developing cybersecurity software designed to help organizations move from "current public-key cryptography algorithms to replacement algorithms that are resistant to quantum computer-based attacks," according to the company.
Organizations will be able to use SandboxAQ's software to monitor their cryptographic security posture and deploy and enforce quantum-resistant cryptography protocols to secure their data, the company noted. The software analyzes an organization's IT systems to identify what parts use old cryptography, CEO Jack Hidary told Reuters. It then identifies which of these parts need to be replaced so organizations can encrypt their systems and protect them against cyberattacks.
Cybersecurity Software for Quantum Computing
Interest in cybersecurity software for quantum computing has been increasing, and this trend appears likely to continue in the foreseeable future.
The U.S. Air Force in January 2023 awarded a $1.2 million contract to SandboxAQ. Under the terms of the agreement, SandboxAQ will develop a prototype of a quantum navigation system to "safeguard navigation" for Air Force pilots, the company noted.
Furthermore, President Biden in May 2022 signed two executive orders that address quantum computing cybersecurity risks. One of these orders, the National Security Memorandum, established a policy to promote quantum computing-related education programs and workforce development initiatives.
The other order requires the National Quantum Initiative Advisory Committee to keep Congress, federal departments and agencies and the general public up to date on quantum computing developments.
Meanwhile, National Institute of Standards and Technology (NIST) in 2022 selected new cryptography standards to boost security on quantum computers. This could lead more organizations and governments to consider cybersecurity technologies for quantum computing.
