PQShield raises $37 million

London-based PQShield , a cybersecurity company specializing in post-quantum cryptography, has raised $37 million in Series B funding led by Addition, with participation from Chevron Technology Ventures, Legal & General, Braavos Capital, and Oxford Science Enterprises.

Founded in 2018 as a spinout of the University of Oxford by cryptography researchers and specialists, PQShield helps customers transition their product lines from legacy RSA and Elliptic Curve cryptography to quantum-secure standards by offering ready-made and tailored IP for secure elements, IoT firmware, PKI and server technologies, and end-user applications. Customers include AMD, Microchip Technologies, Collins Aerospace, Lattice Semiconductor, Sumitomo Electric, NTT Data, Mirise Technologies (Toyota / Denso R&D), and others.

PQShield will use the funding to expand its commercial operations and research IP.

“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 organizations 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.” – PQShield CEO and founder Ali El Kaafarani.