QuSecure, one of the key players in the field of post-quantum cryptography–schemes being put in place to protect data from being compromised by increasingly powerful quantum computers–has closed a $28 million funding round involving the financing arm of Accenture, the consulting giant that is among QuSecure’s largest partners.
The Series A round officially was led by Two Bear Capital, with participation from Accenture Ventures. QuSecure also announced at the same time that Rebecca Krauthamer, co-founder and most recently chief product officer, has been named CEO of the San Mateo, California, company.
QuSecure and Accenture have been partners since at least early 2023, and disclosure of the investment follows the announcement from two months ago that the partners had completed a project with Spain’s Banco Sabadell to explore the adoption of post-quantum cryptography (PQC) methods, some of which already have been standardized as part of an ongoing program operated by the US National Institute of Standards and Technology (NIST).
Krauthamer told Fierce Electronics that the Banco Sabadell project “was a major validation of real-world PQC application in finance. We see this as a stepping stone from exploration to deployment, setting the stage for broader industry adoption.”
Tom Patterson, emerging technology security lead at Accenture, added in a statement, “Organizations need a reliable quantum-resilient cybersecurity solution that not only adheres to the [NIST] post-quantum encryption standards, but can be easily integrated across all parts of a communications network. We’re investing in trusted providers like QuSecure to help our clients future-proof their global networks today to protect high-risk data faster.”
QuSecure also gains access to Project Spotlight, a program started by Accenture Ventures back in 2020 to focus on the needs of emerging software start-ups. “Project Spotlight gives us access to Accenture’s deep industry expertise and global network, which will help QuSecure fast-track enterprise adoption of PQC solutions at scale,” Krauthamer said. “Accenture and Tom Patterson’s crypto-agility practice are at the very forefront of the PQC and crypto-agility revolution, and Accenture is the company large organizations are turning to in order to navigate this once-in-a-generation migration.”
More broadly, the money raised in the Series A round will support product development, accelerate marketing activities, and expand QuSecure’s customer base across multiple markets. “This funding enables us to scale from R&D to commercialization,” Krauthamer said. “A significant portion will go toward expanding our sales and go-to-market efforts, accelerating customer adoption, and strengthening our infrastructure to meet growing demand.”
PQC progress
QuSecure called out finance and banking, government agencies, and critical infrastructure as sectors in which it sees the potential for near-term expansion.
While the Banco Sabadell project exemplifies its reach into finance, the company also has gained a foothold in the US federal government market over the last few years as the Biden Administration issued multiple national security missives on improving government cybersecurity protections (including one final executive order last month). QuSecure’s most recent progress in the government market was marked by a Department of the Air Force AFWERX contract for quantum-resilient encryption that was announced last month.
In many cases it has taken several years just to get to the point where government groups and corporate enterprises are ready to even explore PQC adoption. The lead-up involved companies like QuSecure taking a great deal of time to make these parties aware of the cybersecurity threat posed by quantum computers, and explain that while quantum machines capable of breaking current encryption may be years off, criminals likely are already stealing encrypted data files that they will crack given the first opportunity.
Krauthamer, who was deeply involved in that process as QuSecure’s first vice president of engineering and product chief, said that the awareness is now ready to evolve into action. “2025 is a clear inflection point,” she said. “With NIST’s standards finalized, we’re seeing more proof-of-concept projects and early deployments, particularly in government and regulated industries. Organizations are now taking active steps toward implementation.”