University of Leeds spinout with 'groundbreaking' cyber security technology secures £2.2m investment

Cavero Quantum has developed a new passwordless encryption technology for secure key generation and authentication. It is compatible with legacy hardware, requires little bandwidth and has the potential to be potentially secure against cyber attacks by quantum computers.

A spokesperson said: “The technology is attractive to a wide range of sectors and has immediate market application through replacing multi-factor authentication and one-time passwords with a high security, frictionless, passwordless form of authentication.”

Professor Varcoe will support Cavero Quantum alongside his existing role as Professor of Quantum Information Science at the University of Leeds, while Dr Wilson will become Chief Technology Officer.

As part of the investment, the founders will be supported by the appointment of James Trenholme as CEO and Andrew Wallace as Chair. Mr Trenholme is an experienced software entrepreneur who has previously founded and exited an identity services start-up, whilst Mr Wallace has significant deep-tech experience in quantum computing.

Richard Ralph, Investment Manager at Foresight, said: “Whilst Cavero Quantum’s technology is potentially revolutionary to quantum cryptography, it offers the potential for immediate improvements on existing cryptographic approaches due to its dual authentication and passwordless nature, thereby providing improved security against existing cyber attacks. The technology has been independently validated and we look forward to working with Ben, Frey, James, Andrew and Northern Gritstone to commercialise this innovative technology.”

Mr Trenholme said: “The technology that Ben, Frey and the experimental quantum science team at the University of Leeds have built really is ground-breaking technology. It’s the first solution in the world that can replace security standards like ECDH without compromising on architecture and customer experience, keeping data safe for the future as Quantum computing becomes the norm. It’s an honour to lead Cavero Quantum. This is a great team, and I’m looking forward to building a great business together.”

Duncan Johnson, Chief Executive Officer at Northern Gritstone, added: “Cavero Quantum’s technology is applicable today and has the potential to allow individuals, businesses and nations to function safely in a post-quantum world. Cavero Quantum is an example of a world-class business of tomorrow built on the amazing science and technology that exists in the North of England today.”