PQShield, a cybersecurity company specialising in post-quantum cryptography, has raised £29 million in Series B funding.

The round was led by Addition, with participation from new investors Chevron Technology Ventures, Legal & General and Braavos Capital, together with existing backers Oxford Science Enterprises.

PQShield will use the funding to expand its commercial operations as it continues to meet growing global demand for its quantum-ready cryptographic solutions for hardware, software and communications, as well as its research IP.

Since it was founded in 2018, PQShield has established an industry-leading team of cryptography and engineering experts who have built an extensive, secure product suite for use in hardware, software and the cloud. 

Recent strategic US hires include Johannes Lintzen, who joins from Cryptomathic as Global Business Development Director, and Janssen Liston, who joins from Rambus as North America Senior Sales Director. 

PQShield’s cryptographic solutions are already helping to facilitate the transition to quantum security throughout the global technology supply chain – for example, in the secure boot and update of devices, in the Hardware Security Modules (HSMs) that secure most financial transactions, in ever-more connected vehicles, and in military grade communications systems. 

Customers include AMD, Microchip Technologies, Collins Aerospace, Lattice Semiconductor, Sumitomo Electric, NTT Data, Mirise Technologies (Toyota / Denso R&D), and many others. 

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As well as advising businesses on the transition to quantum security, the company plans to also continue to support governments, industry bodies and cybersecurity agencies as they develop guidance around the migration to PQC.

“I’m immensely proud to lead our team in shaping the way our digital world is protected against the threats of tomorrow,” said PQShield CEO and founder Ali El Kaafarani. 

“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.

“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.”

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