August 8, 2024 -- The Korean quantum technology company ‘Norma‘ has secured investment from Vertex Ventures, a subsidiary of the Singaporean sovereign wealth fund, Vertex Holdings. This marks the first instance of a Korean bilateral company receiving overseas investment, valuing Norma at approximately 100 billion KRW (around 76.5 million USD).

Established in 2011, Norma is at the forefront of quantum security and computing. It has rolled out ‘Q Care Connect,’ a VPN service that utilizes quantum-resistant encryption, and ‘Q Platform,’ which aids in the development of quantum applications. The company is also preparing to launch ‘Qrion,’ an industrial quantum computer.

Since the Series C investment round in 2021, where the company was valued at 50 billion KRW (about 38.3 million USD), Norma’s value has more than doubled. Investment discussions are also ongoing with venture capitals from Switzerland and Singapore, though the total amount of current investments remains undisclosed.

Norma intends to use this investment to intensify its focus on quantum computer research and development (R&D). The soon-to-be-released ‘Qurion’ will be Korea’s first industrial quantum computer. Additionally, an agreement has been signed with the Gwangju Institute of Science and Technology (GIST) to establish a quantum artificial intelligence (AI) center and to further commercialize quantum computers. The company is also actively collaborating with international quantum technology firms such as IQM, Zurich Instruments, and Quantware.

Jeong Hyeon-cheol, CEO of Norma, highlighted the significance of this investment, stating, “This being the first instance of a Korean quantum company attracting foreign capital, there is significant interest both domestically and internationally.” He added, “With this investment, we plan to aggressively advance our quantum computer development and sales initiatives to generate substantial revenue and position Norma as a leading company in Korea’s quantum industry.”