Adrian Johnson
TLDR:
- UK cybersecurity startup PQShield raises $37M for post-quantum cryptography.
- PQC gaining momentum as industries rush to become quantum-ready.
Leading UK post-quantum cryptography startup PQShield has secured a Series B funding round of $37 million as organizations prepare to adopt new cryptographic systems to protect against future quantum computer threats. While current quantum computers pose no danger to traditional encryption methods, the potential threat from future quantum machines has prompted the need for post-quantum cryptography (PQC).
PQShield focuses on industries where security is crucial, such as those with sensitive data and products with long lifespans. The company provides both hardware and software solutions and has already partnered with industry leaders like AMD and Microchip Technologies to integrate PQC capabilities into their products.
The demand for PQC is expected to rise further following the upcoming release of PQC standards by the US National Institute of Standards & Technology (NIST). The US government’s mandate for all national security system contractors to adhere to these standards by 2030 is also driving commercial incentive for PQC adoption.
PQShield has attracted top talent in the field of post-quantum cryptography, with 45 leading cryptographers on board. The recent funding round was led by VC firm Addition, with participation from new investors Chevron Technology Ventures, Legal & General, and Braavos Capital, as well as existing backers.
The company plans to use the funds to fuel innovation and strengthen its commercial team, emphasizing the need for ongoing cybersecurity solutions in the face of evolving threats. PQShield’s mission is to make the world a more secure place by mitigating risks posed by future quantum computers.
