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Cyber VC Firm Ten Eleven Ventures Leads Deal That Pushes Quantum Startup to $1 Billion Valuation

By Kim S. Nash

 

Hello. Ten Eleven Ventures’ backing of IQM is the European quantum computing company's first U.S. investment. IQM also just signed its first U.S. customer: the Department of Energy’s Oak Ridge National Laboratory.

Ten Eleven sees an overlap of its cyber focus with quantum computing technologies. Quantum computers are exponentially faster than traditional ones and could break current encryption standards. Quantum will also play a big role in helping secure communications, critical infrastructure and healthcare data, advocates say. Read the full story.

Also today: 

  • Texas sues PowerSchool over extensive breach of children's data
  • Israel launches new spy satellite
  • Fast-fashion retailer Shein draws $176 million privacy fine in France
  • Google to appeal $425 million verdict in privacy lawsuit
 

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Watch the 2-minute video

 

More Cyber News

PHOTO: JILL PICKETT/ASSOCIATED PRESS

Education-tech provider PowerSchool sued in Texas over December 2024 ransomware attack. The hack compromised the personal data of 880,000 Texas children and teachers, state attorney general Ken Paxton said Wednesday. Hundreds of schools and districts across the U.S. and Canada have said they were affected by the breach, although the total number of victims isn’t clear.

  • PowerSchool disclosed in May that it paid a ransom to the hackers after several school districts reported further extortion attempts.
  • Schools use PowerSchool products for enrollment, storing medical data, daily operations and other administrative jobs.
  • Further reading from WSJ Pro: PowerSchool Paid Ransom to Hackers After Breach

AI cyber deal: Network security provider Cato Networks said it bought Aim Security, which makes tools for securing AI applications and agents. The companies, both based in Israel, didn't disclose financial terms. 

 

Privacy & Surveillance

PHOTO: AGENCE FRANCE-PRESSE/GETTY IMAGES

Israel launched a new spy satellite, aiming to expand its surveillance capabilities throughout the Middle East. Israel Aerospace Industries, which made the satellite, also sells to countries in Europe, Asia and North America. (Associated Press)

Is it safe to upload your photos to ChatGPT? People are increasingly turning to AI chatbots for visual queries—uploading photos to identify a rash, spot a plant in the backyard or edit a headshot for LinkedIn. But as image-based interactions with AI become more common, privacy experts say users might be sharing more than they realize. (WSJ)

Online retailer Shein fined $176 million for privacy infractions. France's data-protection regulator said the company's French website used cookies to track users and collect their data without their consent. In some cases, the cookies continued even after users opted out, the watchdog said Wednesday. 

  • Shein, which was founded in China and is based in Singapore, said it will appeal. (Reuters)
$425 Million

Amount Google must pay for violating users' privacy when the company continued to track people after they had turned off location services, a federal jury in San Francisco said Wednesday.

The class-action case, filed in 2020, concerns Google's actions on the web and in mobile apps over eight years, covering 98 million people. Plaintiffs had asked for damages of $31 billion. 

Google plans to appeal. (Reuters)

 

About Us

The WSJ Pro Cybersecurity team is Deputy Bureau Chief Kim S. Nash and reporters Angus Loten, James Rundle and Catherine Stupp. Follow us on X @WSJCyber. Reach the team by replying to any newsletter you receive or by emailing Kim at kim.nash@wsj.com.

 
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