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Chief Scientist meets with Phystech Technologies

New opportunities for Cyprus in the global technology space were discussed in a recent meeting between the Chief Scientist of the Republic of Cyprus, Demetris Skourides, and Yuri Komarov, Founder and CEO of Phystech Technologies, together with Maria Ocheretina, the company’s Head of Operations.

Phystech Technologies, a leading research and development (R&D) company headquartered in Cyprus, focuses on developing IP cores and blocks for microprocessors, microcontrollers, and other digital technologies.

During the meeting, the success of the company’s engineering team was highlighted, specifically the creation of a digital technology capable of generating cryptographically secure and statistically perfect true random numbers at ultra-fast speeds. Its first commercial product, an advanced true random number generator (TRNG), can be applied across sectors such as supercomputing, banking, cybersecurity, telecommunications, and IoT, opening up new opportunities for Cyprus in the global technology arena—particularly in research, innovation, and the design of HPC, CPUs, and Edge AI—while also creating new jobs.

The solution consists of several IP cores, including a TRNG and Random Number Conditioner, each the subject of a separate patent application that the company intends to establish in Cyprus. Phystech is currently expanding and will soon be recruiting engineers in R&D and quantum computing, primarily in Cyprus, as it prepares to launch a quantum computing systems project.

A mature R&D company, Phystech is targeting global markets, focusing on major data providers such as Google, Amazon, Microsoft, and Apple. It is also in early discussions with chip manufacturers including Intel, AMD, Nvidia, and ARM Laboratories (Cambridge), as well as telecommunications leaders such as Broadcom, Qualcomm, NCR, Mediatek, and Samsung.

Chief Scientist Demetris Skourides said: “This is an exciting development for the Cypriot R&I ecosystem. Should Phystech succeed with its breakthrough technologies and IP, Cyprus will have the opportunity to develop an emerging chip cluster. Although Cyprus is still at an early stage, with pioneering companies such as Phystech, Tenstorrent, and SignalGenerix working alongside research organisations including the University of Cyprus, the Chip Competency Centre, and the Cyprus University of Technology, this cluster has the potential to generate more than $1 billion in revenue by 2035 and create new high-tech jobs.”

He added: “We have work to do. We must accelerate our efforts to support these initiatives. These advancements would not have been possible without the President’s vision and the support of the Deputy Ministry of Research, Innovation, and Digital Policy, working closely together with the Office of the Chief Scientist.”

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