PQShield, a cybersecurity company from the UK focusing on post-quantum cryptography (PQC), has secured $37m (£29.2m) in Series B funding.  

US-based venture capital company Addition led the round, which was joined by new investors Chevron Technology Ventures, Legal & General, and Braavos Capital.  

PQShield’s existing investors Oxford Science Enterprises also participated in the round.  

The investment is aimed at expanding the company’s commercial operations and further developing its quantum-ready cryptographic intellectual property.  

PQShield is preparing for the ratification of the National Institute of Standards & Technology’s (NIST) post-quantum cryptography standards, which are expected to be adopted internationally by ISO – the International Organisation for Standardisation.  

With these new standards and directives such as the US National Security guidance mandating PQC migration from 2025, the urgency for organisations to transition to quantum-resistant cryptography is expected to escalate. 

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Since its inception in 2018, PQShield has assembled a team of experts in cryptography and engineering, developing a suite of products for hardware, software, and cloud applications.  

The company’s clienteles includes AMD, Collins Aerospace, Lattice Semiconductor, Microchip Technologies, Mirise Technologies, NTT Data, and Sumitomo Electric.  

PQShield said it also provides advisory services to businesses, governments, industry bodies, and cybersecurity agencies on transitioning to quantum security. 

Addition investor Todd Arfman 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 said: “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 are 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.” 

Earlier in 2024, a US-based quantum computing company Quantinuum announced a $300m equity funding at a pre-money valuation of $5bn.  

Formed from the merger of Cambridge Quantum Computing and Honeywell Quantum Solutions in November 2021, Quantinuum aims to utilise the investment to advance towards creating a universal fault-tolerant quantum computer and to enhance its software capabilities.