Quantum Xchange develops the Phio family of solutions, centered on Phio Trusted Xchange (Phio TX), a key distribution system that makes existing encryption keys quantum safe and supports post-quantum cryptography (PQC), Quantum Key Distribution (QKD), and Quantum Random Number Generation (QRNG). Phio TX allows organizations to enhance existing encryption, select protection levels based on risk tolerance, and scale to QKD across distances and multiple transmission points. The company provides solutions to commercial enterprises and government agencies for protecting data in motion. Quantum Xchange completed an initial close on $13.5M of Series A capital at a $59M post-money valuation and had earlier secured $10M in initial funding. The Series A will be used to scale operations and continue innovation on the Phio product family. The company also announced an expanded leadership team with a new CEO, CFO, and CTO to support growth and product development. Quantum Xchange operates the first commercial quantum, fiber-optic network in the United States and offers Quantum Key Distribution (QKD) as a service for quantum-safe data protection. Its Trusted Node technology, developed by Battelle and licensed to Quantum Xchange, extends QKD transmission distances indefinitely using 100-mile multiples. The company has an exclusive U.S. licensing agreement to deploy QKD devices from ID Quantique. Quantum Xchange is initially deploying dark-fiber networks along the Northeast Corridor, connecting financial markets on Wall Street with back-office operations in New Jersey, with plans to expand nationwide. Target customers include banks, critical infrastructure, telecommunications, healthcare, and government agencies; the service is offered as a monthly subscription with one-, three-, and five-year pricing packages. The company is based in Bethesda, Md., and aims to provide a future-proof encryption layer resilient to the arrival of quantum computers.

Total raised

$24M

Funding rounds

2

Latest round

Series A

Latest activity

Jan 2021