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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →PQShield announced a $37 million Series B on June 20, 2024. Addition led the round, joined by Chevron Technology Ventures, Legal & General and Braavos Capital, with existing investor Oxford Science Enterprises also participating. PQShield said it would use the funding to expand commercial operations and meet demand for quantum-ready cryptographic technology.
Who invested in PQShield’s $37 million round?
Addition led the Series B. Chevron Technology Ventures, Legal & General and Braavos Capital participated as new investors, alongside existing backer Oxford Science Enterprises. SecurityWeek reported in 2024 that the round brought PQShield’s total investment to more than $60 million.
What is PQShield?
Founded in 2018, PQShield is a cybersecurity company developing post-quantum cryptography (PQC)—cryptographic technology intended to resist attacks from future quantum computers as well as threats in current computing environments. Its enterprise-focused business develops hardware and software intellectual property and works across the technology supply chain. It is not presented in the cited coverage as a consumer retail product.
How does PQShield expect to use the funding?
The company said the capital would support commercial expansion and quantum-ready solutions across hardware, software, communications and research IP. Its reported application areas include:
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- Secure boot and device updates
- Hardware security modules
- Connected vehicles
- Military-grade communications systems
Why did post-quantum cryptography matter in 2024?
The funding announcement came as the U.S. National Institute of Standards and Technology (NIST) was preparing to publish final post-quantum cryptography standards. PQShield and investor Addition described the standards as a potential catalyst for faster adoption across the technology supply chain and migration to quantum-resistant systems.
PQShield CEO and founder Ali El Kaafarani said: “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.” Addition’s Todd Arfman said the expected standards could “help drive rapid adoption of PQC across the technology supply chain.”
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For organizations assessing PQC vendors, useful comparison points include whether a supplier offers hardware IP, software, or both; which deployment areas it supports; how its products align with standards; whether it provides crypto-agility and migration tools; and what evidence exists of production deployments or partnerships. The reported funding announcement does not establish a basis for ranking vendors on those measures.
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