Haqean tackles sales of counterfeit and pirated goods
Via the Rochester Business Journal
June 10, 2020
Haqean is a security startup that is in the process of developing an on-demand quantum entropy solution to address the sales of counterfeit and pirated items to combat fraud and infringement issues. In 2018 counterfeiting was the largest criminal enterprise in the world, with sales of counterfeit and pirated goods totaling $1.7 trillion per year. The crisis has major consequences; reputable companies were projected to lose 5.4 million jobs by 2020.
Based in Bangalore, India, Haqean is one of 10 finalist companies with optics, imaging and photonics-enabled technologies working inside the Luminate NY accelerator. The $25 million accelerator program, which is fund- ed by the Finger Lakes Forward Upstate Revitalization Initiative and administered by NextCorps, provides each finalist with an immediate investment of $100,000 and months of support to speed the commercialization of their technologies and businesses. On Demo Day in September, they will compete for up to $2 million in follow-on funding.
“Quantum technologies have many promising applications, with those in cybersecurity predicted to be avail- able first,” said Sujatha Ramanujan, managing director of Luminate. “Haqean’s mission to address theft on a global level is rooted in a novel approach that could have a significant impact on our trade system.”
Random numbers are the basis of information security and are essential to encryption, but if a third party can reproduce the randomness used, they can reproduce the keys and crack the encryption. Haqean’s mission is to protect classified data with enhanced security, delivering seamless encryption of data using a single photon source based technology. This gives them an upper hand in generating truly random numbers using quantum physics with virtually no bias.