British encryption startup Arqit is overestimating its prospects, say former employees and others

A British cybersecurity startup rose to a value of billions of dollars when it was listed last fall on the promise of creating encryption technology that would protect the defense industry, businesses and consumers from the prying eyes of next-generation computer systems. Founder and CEO David Williams told investors at the time that his company, Arqit Quantum had an “impressive backlog” of revenue and was ready “for hyperscale growth.”

But Arqit has given investors an overly optimistic view of its future revenue and the readiness and usability of its signature encryption system, according to former employees and other people familiar with the company, and documents seen by The Wall Street Journal.

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