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Cybersecurity, Computers, and Defense Technology, Fundings: Ursa Major Technologies, Cosmica Biosciences, H2 Clipper
21 June 2023 - A Weekly Publication by New North Ventures
In today's digital age, cybercrime and cybersecurity have emerged as two rapidly evolving and competing industries. As technology advances, so do the tactics employed by cybercriminals, making it crucial for individuals and organizations to stay ahead of potential threats. The battle between those seeking to exploit vulnerabilities and those working to protect against them has intensified.
With the recent announcement of cyberattacks on several US agencies (article linked below), this issue has become even more prevalent for our national security. It highlights the urgent need for robust cybersecurity measures to safeguard sensitive information and critical infrastructure from increasingly sophisticated cyber threats.
In our recent Securing Our Future podcast episode with Ross Haleliuk, we delve into the implications of such attacks and provide practical advice on how individuals and organizations can protect themselves against the ever-evolving landscape of cybercrime. Gain the knowledge you need to safeguard your digital presence and make informed decisions in this ever-changing digital world. Listen here.
Key People: Founded by Joseph Laurienti Sr.
Elevator Pitch: Turnkey propulsion technologies intended to be used by various vehicles belonging within the microsatellite category for launch and hypersonic applications.
Funding: The company is in the process of raising venture funding on June 19, 2023.
Elevator Pitch: A drug intended for enhancing human resilience for longevity & deep space exploration.
Funding: The company raised $200,000 of venture funding in the form of SAFE notes from undisclosed investors on June 16, 2023.
Key People: Founded by Rinaldo Brutoco
Elevator Pitch: Extensive capacity airships designed to offer last-mile transportation of liquid hydrogen.
Funding: The company raised $7.66 million of seed funding from undisclosed investors on June 16, 2023.
IBM researchers have conducted a proof-of-principle experiment demonstrating that quantum computers can soon surpass classical computers in practical tasks like calculating properties of materials and elementary particle interactions.
They used error-mitigating techniques to overcome quantum noise, which is a major obstacle in quantum computing that introduces errors in calculations, and obtained reliable results in simulating the behavior of a magnetic material on IBM's Eagle quantum processor.
The experiment provides a benchmark for the state-of-the-art in quantum computing and suggests that similar techniques could work for other systems and more complex algorithms.
IBM plans to unveil more powerful processors, including the 1,121-qubit Condor chip, and has ambitious long-term goals of building utility-scale processors with thousands of qubits and eventually achieving 100,000-qubit machines capable of fully error-corrected algorithms by 2033.
Multiple U.S. agencies and organizations have been hacked in a recent cyberattack, exploiting a previously unknown vulnerability in popular file-sharing software called MOVEit.
The Cybersecurity and Infrastructure Security Agency (CISA) is investigating the extent of the hacks and providing support to affected federal agencies to understand the impacts and remediate the situation.
It is the third known incident in recent years where foreign hackers have breached multiple federal agencies, with the previous incidents involving Russian intelligence hacking through SolarWinds software and Chinese intelligence hacking through Pulse Secure's remote work program.
The hacking group behind this attack is believed to be CL0P, a well-known ransomware group, which exploited the MOVEit vulnerability to steal files from numerous organizations and demand payment to prevent the publication of the stolen data. The exact number of victims is unclear, but it is estimated to be in the hundreds or more.
Defense startup Mach Industries has secured $5.7 million in a seed funding round led by Sequoia Capital, marking the venture capital firm's first-ever investment in defense technology.
Sequoia's investment reflects the increasing interest of Silicon Valley investors in supporting technologies that enhance U.S. national security and collaborate with the Department of Defense.
Mach Industries, founded in 2022, aims to develop a hardware solution utilizing hydrogen creation and combustion techniques for military applications. The company is working on a weapon system that uses oxygen and hydrogen chemical reactions to fuel unmanned aerial vehicles and aerial protection devices.
The defense technology market is projected to reach $184.7 billion by 2027, driven by the U.S. government's demand for innovative technologies. Silicon Valley investors have become more willing to fund defense technology startups due to the recognition of defense technology's significance in safeguarding national security.
Look for a new episode of Securing the Future Podcasts wherever you listen. In our latest episode, we have guest Ross Haleliuk sit down with General Partner Jeremy Hitchcock for an engaging conversation where Ross discusses the cybersecurity space and outlines ways to optimize the industry for a more secure future.