PQShield funding news – London-based PQShield Secures $37Million in Series B Round Funding

This investment, led by New-York-based Addition, with participation from Chevron Technology Ventures, Legal and General, and Braavos Capital, brings their new investors alongside Oxford Science Enterprises, to help PQShield meet the fast-growing market demand from the technology supply chain.

With the expected publication of the NIST post-quantum cryptography standards in the next few weeks, the story of PQC is reaching a significant inflexion point.

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NIST’s final standards are likely to be adopted by ISO, and further regulatory bodies are bound to follow. In addition, governments continue to apply directives, such as CSNA 2.0 (the NSA’s national security guidance) which mandates migration of all US critical systems from 2025.

The impact of this acceleration is that PQC is now a commercial imperative – particularly if critical data needs to be kept for any length of time. With the threat of harvest-now-decrypt-later, any organization that hasn’t already started planning the transition is already behind.

London based cybersecurity company - PQShield exists because of the threat quantum computers pose to their digital information. Founded in 2018, they were a world-leading team of cryptography experts and engineers, and they have built a comprehensive product suite for use in both hardware and software deployments. Their solutions are already helping with the transition to quantum security.

This significant investment will help them to expand their commercial operations, coming as it does just as NIST are due to publish the final PQC standards.

Todd Arfman of Addition said, “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.”

PQShield CEO and founder, Ali El Kaafarani, continued, “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.”

About PQShield

PQShield is a post-quantum cryptography (PQC) company building the quantum-safe cryptography solutions that are modernizing the vital security systems and components of the global technology supply chain. They deliver real-world, high-quality secure implementations of quantum-safe cryptography in hardware, software and the cloud, as well as being a leading contributor to post-quantum cryptography standardization projects around the world.