PQShield, an Oxford-based cybersecurity company developing cryptographic tools to protect machines from quantum computer-powered cyberattacks, has raised $37m (£29m).
Founded in 2018, PQShield is developing post-quantum cryptography (PQC) security solutions that can withstand the additional computational firepower of quantum computers.
It comes as the quantum sector continues to grow, with major funding for private firms and massive government investment.
The company is developing what it describes as “quantum-safe” solutions in hardware, software and the cloud.
PQShield advises businesses and government bodies on the transition to quantum security. The firm has worked with the White House, the European Parliament, the World Economic Forum and the UK National Cyber Security Council.
“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,” said PQShield founder and CEO Ali Kaafarani.
“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 organisations as they move to comply with new global standards.”
The Series B funding round was led by the VC firm Addition and featured participation from Chevron Technology Ventures, Legal and General, Braavos Capital and Oxford Science Enterprises.
“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,” said Addition’s Tom Arfman
“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.”
In 2022, PQShield closed a £15m Series A round led by Addition.
Listen: UKTN Podcast: Preparing for the day quantum computers crack encryption with the founder of PQShield