Quantum tech firm EigenQ to go public in $3 billion SPAC deal
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Computer network equipment is seen in a server room in Vienna, Austria, October 25, 2018. REUTERS/Heinz-Peter Bader
June 17 (Reuters) - EigenQ will go public through a merger with blank-check company Silicon Valley Acquisition in a deal valuing the quantum tech firm at about $3 billion, they said on Wednesday.
EigenQ's core business includes making cybersecurity systems that will protect networks and devices from future attacks by powerful quantum computers.
The process, called post-quantum cryptography, is designed to replace current encryption methods with algorithms that remain secure even against quantum computing capabilities, ensuring long-term protection of sensitive data and digital infrastructure.
Global enterprises are adopting this technology amid concerns that attackers may store encrypted data now and unlock it later when quantum computers become strong enough to crack today's protections, a risk known as "harvest now, decrypt later."
The company also focuses on quantum-safe communication networks and advancing sensing technologies designed for defense, industrial, environmental and strategic applications.
"We believe going public will provide the resources, visibility, and strategic flexibility necessary to accelerate commercialization, expand our technology portfolio," EigenQ CEO Jose R Rosas-Bustos said in a statement.
EigenQ has partnered with global tech companies including HPE and AMD . Its initial commercialization efforts are focused on government, defense, and critical infrastructure markets, where regulatory requirements and security mandates are creating immediate demand.
The deal is expected to close in the fourth quarter of this year.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shilpi Majumdar and Sahal Muhammed)
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