Project Eleven, a company focused on post-quantum security and migration for digital assets, has raised $20 million in a Series A funding round led by Castle Island Ventures, with participation from Coinbase Ventures, Fin Capital, Variant, Quantonation, Nebular, Formation, Lattice Fund, Satstreet Ventures, Nascent Ventures and Balaji Srinivasan.
The financing comes as post-quantum cryptography becomes a growing planning priority across government and industry, amid expectations that advances in quantum computing could eventually weaken elliptic curve cryptography (ECC), the public-key standard used by networks such as Bitcoin. A staged transition would likely be required across an ecosystem that secures more than $4 trillion in digital assets, with upgrades often measured in years for major public blockchains.
Project Eleven said it is building tooling to make these multi-year migrations more practical for networks and institutions, including readiness assessments, migration test environments, and deployment sequencing. The company also said it is collaborating with the Solana Foundation and other leading protocols and Layer 1 ecosystems on post-quantum readiness planning and technical work.
Project Eleven previously raised a $6 million seed round in June 2025 led by Variant and Quantonation, with participation from Castle Island Ventures, Nebular and Formation. The company plans to unveil its next major product release in early 2026, adding capabilities aimed at institutions, protocols and end users looking to future-proof long-lived cryptographic systems.
KEY QUOTES:
“As quantum capabilities advance, the stakes couldn’t be higher. We can’t afford to ignore this existential risk posed to the digital asset ecosystem. Trillions in value depend on these cryptographic assumptions. Networks like Bitcoin take years to upgrade because they’re governed cautiously by design. We’re focused on making the transition practical now, so the industry can migrate deliberately instead of improvising under pressure.”
Alex Pruden, CEO and Co-Founder, Project Eleven
“Useful quantum computing is the biggest and most complex threat public blockchains have ever faced. Project Eleven is building the practical bridge from research to real-world deployment.”
Nic Carter, General Partner, Castle Island Ventures
