Artificial intelligence and quantum computing solutions company SandboxAQspun off from Alphabet Inc. as an independent company in March, today announced the acquisition of a cybersecurity and encryption analysis software company Cryptosense AG for an undisclosed price.
Founded in 2013, Cryptosense offers crypto management software designed to protect sensitive data from data breaches. Billed as crypto management at DevOps speed, the Cryptosense platform provides full visibility into crypto during development and full inventory in production.
Cryptosense’s service resolves compliance issues before release, including finding and fixing dangerous vulnerabilities. The solution integrates into continuous integration/continuous delivery and supports software, hardware, and cloud crypto services to make best practice cryptography fast, easy, and accessible to developers.
The company’s Analyzer platform analyzes applications to assess how they use cryptography, from encrypting data at rest or in transit to signing and verifying code. The technology builds a comprehensive map of all cryptographic objects and their usage, from application cryptography to keys and certificates and from cloud cryptographic services to secure hardware.
Cryptosense serves some of the largest technology and financial services companies. The company handles 70% of all interbank messaging, the European Union backend of the world’s largest ATM provider, and 45% of all credit card transactions in the United States.
The acquisition of Cryptosense by SandboxAQ will complement and accelerate the deployment of SandboxAQ’s post-quantum cryptography solutions to enterprises and government institutions worldwide. The combined customer relationships would help SandboxAQ bring its PQC solutions to market faster and protect these organizations and their customers against existing and emerging quantum threats, such as Store Now and Decrypt Later attacks.
“Rapid advances in quantum computing and AI challenge the effectiveness and performance of existing cryptography-based cybersecurity solutions,” Jack D. Hidary, chief executive of SandboxAQ, said in a statement. “The combined leadership, talent and expertise that SandboxAQ and Cryptosense bring to market is accelerating the deployment of more effective crypto solutions to protect the world against the security threats of today and tomorrow.”
At the time of its acquisition, Cryptosense had raised $5.7 million in venture capital funding, according Crunchbase. Investors included Amadeus Capital Partners, Benhamou Global Ventures, Elaia, IT-Translation and Agoranov.
SandboxAQ investors include former Alphabet CEO Eric Schmidt, billionaire entrepreneur Thomas Tull and Salesforce.com Inc. founder Marc Benioff’s TIME Ventures investment fund.