PQShield, a cybersecurity company focused on post-quantum cryptography (PQC), announced today that it has raised $37 million in Series B funding, led by Addition. New investors Chevron Technology Ventures, Legal & General, and Braavos Capital participated, along with existing backers Oxford Science Enterprises.
This funding will help expand its commercial operations as it continues to meet growing global demand for its quantum-ready cryptographic solutions for hardware, software, and communications and its research IP.
The National Institute of Standards & Technology’s (NIST) post-quantum cryptography standards are expected to be ratified in a matter of weeks, marking an inflexion point in the global transition to quantum security. And NIST’s standards are also likely to be adopted by the International Organization for Standardisation (ISO). With these new global standards in place and a series of government directives, like the US National Security guidance (example: CNSA 2.0), mandating the migration of critical systems to PQC from 2025, it is now a commercial imperative to adopt PQC.
Since its launch in 2018, PQShield has assembled an industry-leading team of cryptography and engineering experts who have built an extensive and secure product suite for use in hardware, software, and the cloud. Recent strategic US hires include Johannes Lintzen (who joins from Cryptomathic as Global Business Development Director) and Janssen Liston (who joins from Rambus as North America Senior Sales Director).
PQShield’s cryptographic solutions are now helping to facilitate the transition to quantum security throughout the global technology supply chain like the secure boot and update of devices, in the Hardware Security Modules (HSMs) that secure most financial transactions, in connected vehicles, and in military-grade communications systems. The customers include AMD, Microchip Technologies, Collins Aerospace, Lattice Semiconductor, Sumitomo Electric, NTT Data, Mirise Technologies (Toyota / Denso R&D), and many others.
Along with advising businesses on the transition to quantum security, the company also plans to continue to support governments, industry bodies, and cybersecurity agencies as they develop guidance around the migration to PQC. And PQShield continues to play a leading role in the NIST PQC standardization project (having co-authored all four announced standards) and will continue to advise the White House, European Parliament, UK National Cyber Security Council (NCSC) and World Economic Forum (WEF) on the practical challenges involved.
KEY QUOTES:
“As we approach the culmination of the NIST project, we expect newly-ratified standards to help drive rapid adoption of PQC across the technology supply chain. Led by an industry-leading team with decades of experience, PQShield has quickly established itself as a leading authority in post-quantum cryptography for hardware and software. We are excited to see the business continue to build on its existing commercial success and further enhance its efforts in protecting our digital future.”
- Todd Arfman of Addition
“I’m immensely proud to lead our team in shaping the way our digital world is protected against the threats of tomorrow. It no longer matters when a quantum computer will arrive that can break current cryptography methods: the need for quantum-resistant encryption is here today, as governments and standards agencies push to protect our most sensitive data.”
“We’re already getting our technology into the hands of customers across the supply chain, and today’s funding will enable us to deliver real-world, post-quantum hardware and software upgrades to even more organizations as they move to comply with new global standards.”
“It’s our responsibility to deliver security and privacy in an increasingly digital world. Every line of code we write, every mathematical problem we solve, and every interaction we make is focused on one specific goal: keeping us all one step ahead of the attackers.”
- PQShield CEO and founder, Ali El Kaafarani
