Artificial intelligence and quantum computing solutions company SandboxAQ, spun off from Alphabet Inc. as an independent company in March, today announced that it has acquired cybersecurity and encryption analysis software company Cryptosense SA for an undisclosed price.
Founded in 2013, Cryptosense offers cryptography management software designed to protect sensitive data against data breaches. Pitched as cryptography management at the speed of DevOps, the Cryptosense platform provides full visibility into cryptography during development and a full inventory in production.
Cryptosense’s service resolves compliance issues before release, including finding and remediating dangerous vulnerabilities. The solution integrates into continuous integration/continuous delivery and supports software, hardware and cloud cryptography services to make best practice cryptography fast, easy and accessible to developers.
The company’s Analyzer Platform analyzes applications to assess how they are using cryptography, from encrypting data at rest or in transit to signing and verifying code. The technology builds a full cartography of all cryptographic objects and how they are used, from application cryptography to keys and certificates and from cloud cryptography services to secure hardware.
Cryptosense services some of the largest technology and financial services companies. The company handles 70% of all interbank messages, the European Union backend of the world’s largest automatic teller machine provider and 45% of all U.S. credit card transactions.
SandboxAQ’s acquisition of Cryptosense will complement and accelerate the deployment of SandboxAQ’s Post-Quantum Cryptography solutions to corporations and government institutions worldwide. The combined customer relationships are said to assist SandboxAQ in bringing its PQC solutions to market faster and protect these organizations and their customers from 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 the marketplace accelerates the deployment of more effective cryptography solutions to protect the world against the security threats of today and tomorrow.”
Coming into its acquisition, Cryptosense had raised $5.7 million in venture capital funding, according to 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.