PQShield, a leading UK-based company specializing in post-quantum cryptography (PQC), has successfully secured $37 million in Series B funding. This latest round of investment, led by Addition and joined by Chevron Technology Ventures, Legal & General, Braavos Capital, and Oxford Science Enterprises, brings the total investment in PQShield to over $60 million. The primary objective behind this funding is to scale up PQShield’s operations and expand its reach in providing quantum-safe cryptography solutions.
Founded in 2018, PQShield focuses on developing secure solutions for hardware, software, and cloud applications that are resilient against future quantum computing threats. Their cryptographic technologies are crucial for sectors requiring high levels of security, such as secure boot and device updates, hardware security modules, connected vehicles, and military-grade communications systems. Key customers include prominent names like AMD, Microchip Technologies, and Collins Aerospace, underscoring PQShield’s credibility and market presence.
Ali El Kaafarani, the CEO and founder of PQShield, emphasized the strategic significance of the funding, highlighting the company’s commitment to advancing global security standards amidst evolving cyber threats. He expressed PQShield’s dedication to staying ahead of attackers by continually innovating in cryptographic technology and ensuring robust security solutions for organizations worldwide. The recent discovery by PQShield of timing leaks in the ML-KEM (Kyber) post-quantum secure key-encapsulation mechanism further underscores their proactive approach in identifying and mitigating potential vulnerabilities.
Moving forward, PQShield plans to leverage the Series B funding to accelerate the deployment of their quantum-safe solutions, addressing critical needs across various industries grappling with cybersecurity challenges. With an expanding portfolio and growing customer base, PQShield aims to solidify its position as a leading provider of post-quantum cryptography, setting new standards in digital security and resilience against emerging threats posed by quantum computing advancements.
