PQShield Raises $37M Series B for Quantum Cryptography Technology

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

The funding enables PQShield to meet tech supply chain demand for quantum-resistant software and hardware IP and comes two years after its $20 million Series A funding.

Founded in Oxford in 2018, PQShield has become the market leader in PQC technology and is a co-author of NIST's next PQC standard, which will soon become the new global benchmark for cybersecurity.

The U.S. government has mandated that national security systems comply with these standards by 2030, making the adoption of PQC a commercial imperative whether or not quantum threats have yet emerged.

PQShield is already supporting this cybersecurity transition across sectors including semiconductor, defense, automotive and IoT, advising the White House, the European Parliament, the UK National Cybersecurity Council and the World Economic Forum on this process. The company's customers include AMD, Microchip Technologies, Collins Aerospace and Lattice Semiconductor.

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

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

The National Institute of Standards and Technology (NIST) quantum cryptography standard is expected to be ratified within the next few weeks. The NIST standard is also expected to be adopted by the International Organization for Standardization (ISO). With new global standards being established and a series of government mandates, such as the US national security guidance (e.g. CNSA 2.0), mandating that critical systems be migrated to PQC from 2025, adopting PQC has become a commercial imperative. This is especially true if your organization has important data that needs to be kept safe for the long term. In fact, if you haven't started planning for your migration yet, you're already behind the curve.

PQShields' encryption solutions are used throughout the global technology supply chain, including secure boot and updates for devices, Hardware Security Modules (HSMs) protecting most financial transactions, increasingly connected vehicles, and military-grade communication systems. Customers include AMD, Microchip Technologies, Collins Aerospace, Lattice Semiconductor, Sumitomo Electric Industries, NTT DATA, Mirise Technologies (Toyota / Denso R&D), and many others.

In addition to advising companies on the transition to quantum security, the company will continue to assist governments, industry associations and cybersecurity agencies as they develop guidance on the transition to PQC. PQShield continues to play a leading role in the NIST PQC standardization project (co-authoring all four published standards) and will continue to advise the White House, the European Parliament, the UK National Cyber ​​Security Council (NCSC) and the World Economic Forum (WEF) on related practical issues.

Addition's Todd Arfman commented, “As the NIST project nears completion, we expect the newly approved standard will encourage rapid adoption of PQC throughout the technology supply chain. Led by an industry-leading team with decades of experience, PQShield has quickly established itself as the leading authority in hardware and software quantum-resistant encryption, and we are pleased to see the company build on its existing commercial success to further its efforts to secure the digital future.”

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