Since we raised our $4.8M USD fundraising round in March 2021, our main concern at Cryptosense has been scaling up our whole organization, from engineering to sales to marketing.
However, it became clear towards the end of 2021 that our scaleup operation was going to have to happen much faster than we had anticipated because the transition to crypto-agility ahead of post-quantum cryptography (PQC) adoption was now a first-priority topic for large enterprises across the globe. So, like every successful startup in this situation, we faced the choice of raising more capital, or talking to an acquisition partner.
We decided to go it alone and take the fundraise route to accelerate Cryptosense into the next phase. However, early in 2022, we began discussions with SandboxAQ, a recently-independent AI & quantum software company (formerly of Alphabet) founded by Jack Hidary as CEO with Eric Schmidt as Chairman of the Board. For the first time, we met a partner whose vision for crypto-agility and the migration to PQC was in line with ours and, by chance, is developing complementary technology to achieve this shared vision. On top of that, the company has a compelling overall mission to provide solutions at the nexus of AI and Quantum technologies, and the leadership, backing, and global reach to achieve it.
When we discovered that their overall values and working culture matched ours at Cryptosense, getting together made perfect sense. That’s why I’m delighted to announce today the acquisition of Cryptosense by SandboxAQ. This is fantastic news for our existing customers, who will see an acceleration in our roadmap as we continue to deliver on on-going projects, and for our entire team, who will be able to achieve the Cryptosense vision while also joining one of the most exciting companies in tech today.
I personally will continue to lead the Analyzer product team within SandboxAQ and look forward to talking to all of our stakeholders about our plans for the future.