• Aims to close fundraising in about six months
• Targeting a USD 120m pre offering valuation
• Could evaluate sale in 2-4 years

Symmatrics, a quantum-secure data protection platform, is looking to raise USD 25m to scale its business, Senior Vice President of Strategy and Public Relations Drew Davis said.

The company is targeting corporate venture capital firms and is already in early talks with some potential investors, Davis said.

Symmatrics hopes to close the Class A-1 institutional financing round in about six months at a pre-money valuation of USD 120m, the executive said, adding that the company’s patent portfolio is valued at more than USD 450m.

The new capital will be used to support the company’s go-to-market strategy. Symmatrics plans to distribute its products through channel partners and original equipment manufacturers, Davis said.

Over the next 24 months, Symmatrics will primarily target North American customers operating in financial services, critical infrastructure, and healthcare, he said. Symmatrics is also in discussions with the US government and aims to begin working with the public sector within the next six to 18 months, he added.

Earlier this month, the company appointed Jim Garrity as senior vice president of growth. Garrity has more than 30 years of experience helping software, SaaS, and cybersecurity organizations accelerate revenue growth, according to a press release announcing his appointment.

Symmatrics, which launched its one-time pad symmetric key in June, is currently running 15 pilot projects with companies in financial services and critical infrastructure, among others, he added.

With non-disclosure agreements already in place, Symmatrics expects to begin generating revenues in the next couple of months and projects USD 25m-USD 100m in revenue in 2027, the executive said. It plans to reach break-even in the second quarter of 2027, he added.

The funds will also be used to grow Symmatrics’ 15-20 employee base, hiring about 10 additional people across product development and growth functions, Davis said.

Symmatrics is currently raising a USD 18m Series C round and expects to complete it in the coming weeks. Investors are private individuals and high-net-worth investors, he said, adding that the proceeds will be used to finalize product development.

Since its founding in November 2015, Symmatrics has raised a total of USD 19.8m, Davis said.

Symmatrics uses its patented one-time pad symmetric key delivery architecture to develop security solutions to eliminate reliance on traditional public-key cryptography and strengthen data protection in motion and at rest across cloud, enterprise, the public sector and distributed systems.

Originally established as Matrics2, the company rebranded as Symmatrics at the end of December to better reflect its focus on symmetric key encryption.

According to Davis, Symmatrics currently has no direct competitors. He said several companies have attempted to develop similar technologies since Symmatrics filed its patents.

The company could evaluate a sale to a larger software company in two or four years, he said.