Temasek platform gives $8.3m lift-off to spacetech firm

Singapore-based SpeQtral, a spacetech startup, has raised US$8.3 million in a round led by Xora Innovation, an early-stage deep science investment platform of Temasek.

Photo credit: SpaceX / Unsplash

SpeQtral, formerly known as S15 Space Systems, builds space-based quantum-secure communication systems. It aims to deliver tamper-proof and computationally uncrackable encryption keys within and across global communications networks, securing data against present and future threats brought on by advances in computing. It uses satellites in low earth orbit to secure data networks across the globe.

The company operates in the quantum key distribution (QKD) market, which is expected to be worth US$20 billion by 2035.

The fresh funds will be used to expand SpeQtral’s presence both regionally and internationally, as well as to establish strategic business partnerships. The company also plans to increase its headcount, support the commercial rollout of its terrestrial systems, and further develop its satellite-based solutions with the new funding.

The spacetech firm was founded by Chune Yang Lum and Robert Bedington in 2017, who serve as SpeQtral’s CEO and CTO, respectively. The company has licensed intellectual property from the National University of Singapore, which hosts the Centre for Quantum Technologies, to help the startup develop compact quantum light sources.

The startup had last raised a seed round of US$1.9 million in April 2019, which was led by Space Capital.

“Secure data communication is foundational to the ‘web of trust’ between buyers, sellers, and intermediaries in the modern digital economy. SpeQtral’s QKD technology enables critical solutions for governments and enterprises seeking to ensure this web of trust in the quantum age,” said Donna See, CEO of Xora Innovation.

See also: How Southeast Asia’s spacetech industry can truly take off