London-based PQShield, a cybersecurity company specialising in post-quantum cryptography (PQC), announced on Thursday that it has raised $37M (approximately €34.4M) in Series B funding led by Addition.
New investors Chevron Technology Ventures, Legal & General, and Braavos Capital, together with existing backers, Oxford Science Enterprises, also participated in the round.
PQShield CEO and founder, Ali El Kaafarani, says, “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 organisations as they move to comply with new global standards,” adds El Kaafarani.
PQShield: Specialised in post-quantum cryptography
Founded in 2018 by Ali El Kaafarani, PQShield is a company specialising in post-quantum cryptography (PQC) – encryption designed to be impossible for a quantum computer to crack.
The company is building quantum-safe cryptography solutions in hardware, software, and cloud to protect the critical systems and components of the global technology supply chain.
The UK company’s cryptographic solutions are already helping to facilitate the transition to quantum security throughout the global technology supply chain.
This includes securing the boot and updating devices, as well as in Hardware Security Modules (HSMs) used in most financial transactions, connected vehicles, and military-grade communication systems.
Customers include AMD, Microchip Technologies, Collins Aerospace, Lattice Semiconductor, Sumitomo Electric, NTT Data, Mirise Technologies (Toyota / Denso R&D), and many others.
“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,” adds El Kaafarani.
PQShield advises businesses on transitioning to quantum security and supports governments, industry bodies, and cybersecurity agencies in developing guidance for the migration to PQC.
The company plays a leading role in the NIST PQC standardisation project and advises prominent organisations such as the White House, European Parliament, UK National Cyber Security Council (NCSC), and World Economic Forum (WEF) on practical challenges.
Currently, the company employs 70 people from 10 countries.
The company is backed by Addition, Oxford Science Enterprises, Chevron Technology Ventures, Legal & General, Braavos Capital, Kindred Capital, Crane, and Innovate UK.
The investor
Addition invests in early and growth-stage technology companies. The firm was founded with a mission to support visionary entrepreneurs on their journey to build impactful and enduring businesses.
Todd Arfman of Addition says, “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.”
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