I was looking into Palm Technologies Private Limited, the Indian company that just announced a partnership with SEALSQ to integrate the QS7001 into its PalmPay/MetPalm products.

I found some things that I think are worth checking, but I don't want to jump to conclusions. Can anyone in India or familiar with this company confirm or correct the following?

1. The company appears to be extremely new

Palm Technologies Private Limited (CIN: U62013PN2025PTC245492) was incorporated on August 26, 2025, according to Indian company records.

The reported paid-up capital is only ₹100,000.

The registered office is listed in Ahilyanagar, Maharashtra.

Yet the company presents itself as a quantum-resistant silicon security company working across payments, metro/toll infrastructure, drones, EVs, satellites, IoT, defense communications, etc.

Is this really an operating deep-tech company with actual hardware deployments, or is it still essentially a very early-stage startup?

2. What is actually deployed?

PalmPay's website claims:

• 3+ years of R&D
• ₹0 external funding
• palm-vein biometric payment technology
• quantum-resistant cryptography
• real hardware prototypes
• Palm-M payment terminal
• MetPalm metro/toll reader
• OrbitQops quantum-resistant silicon
• PulseSeal
• PalmPulse for Indian Army/defense communications

The website's own timeline says that 2026 is currently “Market Entry / Partnership Discussions” and that the company is preparing for its first commercial deployments.

So I'm wondering:

Does anyone have evidence of an actual paying customer or commercial deployment?

For example:

• Indian metro operator?
• Toll operator?
• Bank/payment company?
• Government agency?
• Merchant network?
• Defense customer?

I haven't been able to independently verify any major customer or meaningful revenue so far.

3. The SEALSQ announcement also seems less substantial than it sounds

SEALSQ announced a “strategic partnership” with Palm Technologies.

The initial focus is integrating QS7001 into MetPalm V1, which is intended for metro and toll payment applications.

But I couldn't find a disclosed:

• contract value
• purchase order
• chip quantity
• minimum order commitment
• revenue commitment
• named metro customer
• named toll customer
• deployment date

SEALSQ itself describes the deal as an “important commercial design-in opportunity.”

So this appears to be a design-in/product-development partnership, not an announced large commercial contract.

SEALSQ announcement

4. More importantly, I found something concerning about the founder

Palm Technologies lists Mayur Sunil Anecha as Founder & Chief Visionary Officer.

PalmPay's own website identifies him as the founder.

But I found a Bombay High Court case involving a person with the exact same name:

Mayur Sunil Anecha vs State of Maharashtra

Crime No. 25 of 2025, involving the Pimpri Chinchwad Cyber Police Station.

The case involves multiple provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act, including IT Act 66(C) and 66(D).

The court record says the accused had been in custody for more than eight months and that a charge-sheet had been filed.

The High Court granted bail in January 2026.

What caught my attention is that the person in the court record appears to match the Palm Technologies founder by full name and geographic connection to Maharashtra/Ahilyanagar.

The court record also describes the prosecution's allegation that money from a cyber-fraud case was converted into cryptocurrency and that Mayur Anecha was allegedly involved in that conversion.

I am NOT saying he was convicted.

The case I found is a bail proceeding, not a conviction.

So my question is:

Is this actually the same Mayur Sunil Anecha who founded Palm Technologies?

If yes, does anyone know the current status of the criminal case?

And if it's NOT the same person, can someone provide evidence showing that?

Court record: https://indiankanoon.org/doc/136677796/

There was also an Indian Express report from 2025 identifying a Mayur Sunil Anecha, 25, as having been arrested in connection with a cyber-fraud investigation involving approximately ₹52 lakh.

Indian Express: https://indianexpress.com/article/cities/pune/cybercrime-rackets-operating-rural-maharashtra-ahilyanagar-arrests-10086083/

5. I'm not calling the company a scam

That's exactly why I'm asking.

There are several things that could explain this:

Maybe it's simply a very early-stage startup with genuine technology.

Maybe the founder developed the technology before incorporating the company in 2025.

Maybe there are private customers/contracts that haven't been publicly announced yet.

Or maybe the marketing claims are significantly ahead of the company's actual commercial traction.

I don't know.

I'm trying to figure out what is actually verifiable.

If anyone has information about:

• Palm Technologies' actual customers
• working hardware
• patent numbers
• funding
• employees
• revenue
• government contracts
• metro/toll deployments
• QS7001 prototypes
• founder background
• the court case

I'd genuinely appreciate the information.

I'm especially interested in hearing from people who have actually seen PalmPay/MetPalm hardware or know the company.

Sorry about your losses today. I don't like it when anybody loses money in the markets.

SEALSQ just announced the “commercial launch” of Miraex’s quantum photonics technology.

Sounds impressive. But what exactly has been commercialized?

I went through SEALSQ’s announcements, SEC filings, and Miraex’s own website, and I still can’t find any publicly disclosed:

Revenue generated by Miraex

Purchase orders or signed commercial contracts

Named paying customers for the newly launched quantum photonics products

Contract values or bookings

Revenue guidance specifically attributable to Miraex

Any disclosed backlog or confirmed commercial sales

What SEALSQ actually says is that Miraex develops photonic integrated circuits for quantum interconnects, sensing, and networking. Miraex itself currently describes the company as a small startup with 10 employees and about $6M raised. Its website mainly presents the technology, patents, partnerships, research programs and potential applications.

And there is an important distinction here:

A commercial launch is not the same thing as commercial revenue.

SEALSQ’s own filings repeatedly distinguish between technology development, customer interest/pipeline, and actual revenue. For example, SEALSQ explicitly states that its QS7001 currently generates no revenue and that revenue is not expected until Q4 2026. It also says that pipeline figures are management estimates and are NOT backlog or contracted revenue.

For Miraex specifically, SEALSQ announced the acquisition in June and described the technology as completing its “Quantum Sovereign Vertical Stack.” But the announcement provides no disclosed Miraex revenue figure, customer contract value, purchase order, or commercial backlog.

So what are shareholders actually supposed to verify?

Technology? Sure, Miraex appears to have real photonics/quantum technology and an established R&D history.

Commercial traction? That is a completely different question.

If this is truly a meaningful commercial launch, I would like to see actual evidence:

Who is buying it?

What is the contract value?

How much revenue has Miraex generated?

How much revenue is expected in 2026/2027?

Are there actual purchase orders?

What products have been delivered to paying customers?

Until those numbers and contracts are disclosed, “commercial launch” sounds much more like the beginning of the commercialization process than proof that Miraex has become a meaningful revenue-generating business.

And this is exactly why I remain skeptical of the Carlos Moreira/SEALSQ style of communication.

There is a constant stream of phrases like “commercial launch,” “quantum sovereign vertical stack,” “strategic acquisition,” “$200M pipeline,” “quantum internet,” etc.

But shareholders ultimately need revenue, purchase orders, customers, contracts and cash flow.

Show me the customers. Show me the contracts. Show me the revenue.

Until then, this looks like another impressive press release with very little independently verifiable commercial evidence behind it