Australia’s Canberran-based quantum-enhanced cybersecurity technology firm, QuintessenceLabs bags the UK Department for International Trade’s Tech Rocketship Awards.
The Tech Rocketship Awards assist technology companies outside the UK expand their business to Britain and Northern Ireland. It rewards great technology-led solutions from companies which want to go global.
The Tech Rocketship Awards is an initiative driven by the Department for International Trade. The Department looks at promoting UK trade across the world and attracting foreign investment into its economy. As a specialised body it is responsible for negotiating international trade policy, supporting business, and delivering an outward-looking trade diplomacy strategy.
More about the Tech Rocketship Awards
Apart from a paid-for visit to the UK, winners have the opportunity to gain vital exposure and connections to invaluable networks. Moreover, a suite of tailored program of events and meetings in addition to administrative support will be offered to the companies. These are all in the name of helping them break into the UK market. Close to 40 companies have benefitted from the program in their scale-up process.
This year was the first time the competition expanded its pool of applicants to companies in Australia and New Zealand. Out of a competitive pool of 200 entries, the Aussie company emerged as winner of the Digital Economy and Security category.
Michael Ward, British Consul General and Director General, Department for International Trade, Australia and New Zealand said, “I am absolutely delighted at the response to our Tech Rocketship Awards and the exceptionally high calibre of entries. It is fantastic to see so many innovative Australian and New Zealand companies delivering leading-edge technologies.”
A total of eight categories were open. These included Tech for an Ageing Society (Life Sciences); The AI & Data Revolution; The Future of Mobility; Clean Growth (Clean Tech); Feeding the Nation (AgriTech); Connected Consumers & Creativity; and GREAT Tech for Change Award.
The entries were judged by a panel of representatives in industry, government and the British Australian business community.
GREAT Opportunity
The categories represent the UK’s innovation priorities. Hence, the technologies will help tackle four ‘Grand Challenges’ in the UK’s Industrial Strategy. These are Artificial Intelligence and Data, and Ageing Society, Clean Growth, and the Future of Mobility.
The UK’s tech sector is currently worth £184 billion and is growing 2.6 times faster than the wider UK economy. Of the 223 000 tech companies in the UK, 13 are unicorns valued at £23 billion. Furthermore, as a global leader in digital tech investment, the UK has pumped in £3.3 billion to sign over 2645 deals in 2016. This is a three-fold increase over a period of four years.
The Aussie company’s VP of Strategic Business Development said they viewed UK as an essential market for their quantum cybersecurity capabilities.
“We have started to test the waters and have been impressed by the potential. Having the support of the UK Department for International Trade will significantly enhance our chances of success and helps us really hit the ground running,” she explained.
Recently, the company has established a dedicated sales presence in the UK to bolster awareness and distribution of its cybersecurity products in the region and other parts of Europe. Its products integrate quantum technology with high-value security technology, including what they claim is the world’s fastest true random number generator. The company also offers an advanced key and policy manager, and integrated encryption solutions to keep organisations secure.
The UK Tech Rocketship Awards were first announced in September by UK Investment Minister, Graham Stuart during his visit to Australia and New Zealand. It is sponsored by the Australian British Chamber of Commerce and Grant Thornton.
