Addition leads $37m Series B investment in cybersecurity firm PQShield


PQShield, a cyber company that specialises in quantum-resistant cryptographic solutions, has completed a $37m Series B funding round.

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

The investment will be used to bolster PQShield’s commercial operations as it addresses the increasing global demand for its post-quantum cryptography (PQC) solutions. These solutions are designed for hardware, software, and communications systems, and include the company’s research intellectual property.

PQShield is at the forefront of the global transition to quantum security, a shift underscored by imminent ratifications of post-quantum cryptography standards by the National Institute of Standards & Technology (NIST). These standards are also expected to be adopted by the International Organization for Standardisation (ISO). With governments and organisations being urged to migrate to PQC systems to protect sensitive data, the importance of companies like PQShield in the cybersecurity landscape is increasingly critical.

The company has a robust product suite that includes secure boot and update of devices, Hardware Security Modules (HSMs) that secure financial transactions, and military-grade communications systems. PQShield’s customer base includes high-profile names like AMD, Microchip Technologies, and Collins Aerospace, among others.

Furthermore, PQShield is deeply involved in advising governments, industry bodies, and cybersecurity agencies on transitioning to quantum security. They play a crucial role in the NIST PQC standardisation project and offer guidance to entities such as the White House and the UK National Cyber Security Council.

Addition partner Todd Arfman highlighted the strategic timing of their investment: “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.”

PQShield CEO and founder, Ali El Kaafarani, expressed his enthusiasm for the company’s mission and the impact of the new funding: “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 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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