UK cybersecurity firm PQShield has raised $37m in Series B funding to advance the global adoption of post-quantum cryptography (PQC), a type of encryption that quantum computers cannot crack. The funding round was led by Addition and included new investors Chevron Technology Ventures, Legal & General, and Braavos Capital, along with existing backers Oxford Science Enterprises. The US government plans to mandate these standards for national security systems by 2030. PQShield has advised the White House, European Parliament, UK National Cyber Security Council, and World Economic Forum on transitioning to quantum security. Its clients include AMD, Microchip Technologies, and Collins Aerospace.
PQShield Secures $37m in Series B Funding for Quantum-Resistant Cryptography
PQShield, a cybersecurity firm specializing in post-quantum cryptography (PQC), has raised $37 million in a Series B funding round. The funding round was led by Addition and included participation from new investors Chevron Technology Ventures, Legal & General, and Braavos Capital, as well as existing backers Oxford Science Enterprises. The funds will be used to meet the growing demand for quantum-secure software and hardware IP.
PQC is a type of encryption designed to withstand attacks from quantum computers. The Oxford-based company, established in 2018, has been instrumental in the development of the National Institute of Standards & Technology’s (NIST) upcoming PQC standards. These standards, expected to be published in the coming weeks, will set the new global benchmark for cybersecurity.
The Commercial Imperative of Post-Quantum Cryptography
The US government has mandated that national security systems comply with these standards by 2030. This makes the adoption of PQC a commercial necessity, regardless of whether a quantum threat materializes. The imminent ratification of NIST’s PQC standards marks a significant turning point in the global transition to quantum security. These standards are also expected to be adopted by the International Organization for Standardisation (ISO).
Organizations with critical data that needs to be secured for any length of time are particularly urged to adopt PQC. Those that have not yet begun planning their transition to quantum-resistant cryptography are already lagging behind.
PQShield’s Role in the Transition to Quantum Security
PQShield has been advising key institutions such as the White House, European Parliament, UK National Cyber Security Council, and the World Economic Forum on the transition to quantum security. The company’s clients include AMD, Microchip Technologies, Collins Aerospace, Lattice Semiconductor, and others.
The company’s cryptographic solutions are already facilitating the transition to quantum security throughout the global technology supply chain. This includes secure boot and update of devices, Hardware Security Modules (HSMs) that secure most financial transactions, connected vehicles, and military-grade communications systems.
The Series B funding will enable PQShield to expand its commercial operations and continue to meet the growing global demand for its quantum-ready cryptographic solutions for hardware, software, and communications, as well as its research IP.
The company plans to continue supporting governments, industry bodies, and cybersecurity agencies as they develop guidance around the migration to PQC. PQShield will also continue to play a leading role in the NIST PQC standardization project.
PQShield is a post-quantum cryptography (PQC) company that is modernizing the vital security systems and components of the global technology supply chain. The company delivers secure implementations of quantum-safe cryptography in hardware, software, and the cloud. It is also a leading contributor to post-quantum cryptography standardization projects around the world. The company is headquartered in the UK and has a team of 70 across 10 countries.
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