British Encryption Startup Arqit Overstates Its Prospects, Former Staff and Others Say

A U.Okay. cybersecurity startup rocketed to a multibillion-dollar valuation when it listed publicly final fall on the promise of creating encryption expertise that will defend the protection trade, firms and shoppers alike from the prying eyes of next-generation laptop techniques. Founder and Chief Executive David Williams informed traders on the time that his firm, Arqit Quantum had an “impressive backlog” of income and was prepared “for hyperscale growth.”

But Arqit has given traders an excessively optimistic view of its future income and the readiness and workability of its signature encryption system, based on former staff and different individuals acquainted with the corporate, and paperwork considered by The Wall Street Journal.

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