PQShield raises $37M Series B for post-quantum cryptography

UK cybersecurity company PQShield has raised $37m in Series B funding to accelerate the global adoption of post-quantum cryptography (PQC).

This funding will allow PQShield to meet demand from the technology supply chain for its quantum-secure software and hardware IP, and comes two years after its $20m Series A.

‌Founded in Oxford in 2018, PQShield has become a market leader in PQC technology and co-authored NIST’s upcoming PQC standards, which are soon set to become the new global benchmark for cybersecurity.

With the US government mandating that national security systems adhere to these standards by 2030, adopting PQC has become a commercial imperative, whether or not a quantum threat has yet emerged.

PQShield is already supporting this cybersecurity transition across sectors including semiconductors, defense, automotive and IoT, and has advised the White House, European Parliament, UK National Cyber Security Council and World Economic Forum on the process. Its customers include AMD, Microchip Technologies, Collins Aerospace, Lattice Semiconductor and more.

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.‌

The National Institute of Standards & Technology’s (NIST) post-quantum cryptography standards are due to be ratified in a matter of weeks. NIST’s standards are also likely to be adopted by the International Organization for Standardisation (ISO). With new global standards in place and a series of government directives, such as the US National Security guidance (e.g CNSA 2.0), mandating the migration of critical systems to PQC from 2025, it’s now a commercial imperative to adopt PQC. This is particularly so where an organization has critical data it needs to keep secure for any length of time – in fact, if they haven’t already started planning the transition, they are already behind.

PQShield’s cryptographic solutions are used 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.

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. PQShield continues to play a leading role in the NIST PQC standardization project (having co-authored all four announced standards), and will continue to advise the White House, European Parliament, UK National Cyber Security Council (NCSC) and World Economic Forum (WEF) on the practical challenges involved.

‌Todd Arfman of Addition comented: “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.”

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