PQShield Secures $27 Million Investment for Post-Quantum Cryptography Solutions

Using $37 million in funding, the post-quantum cryptography startup PQShield Ltd. made the announcement that it has successfully completed a $27 million fundraising round that was headed by Addition.

Chevron Technology Ventures, Legal & General, Braavos Capital, and Oxford Science Enterprises were also responsible for contributing to the project. The investment in Series B takes the total amount of outside finance that PQShield has received to more than $57 million.

"With today's funding, we will be able to deliver real-world, post-quantum hardware and software upgrades to even more organizations as they move to comply with new global standards," said Ali El Kaafarani, the founder and Chief Executive Officer of PQShield. "We are already getting our technology into the hands of customers across the supply chain," explained El Kaafarani.

One school of thought holds that a quantum computer with sufficient power might be able to crack even the most sophisticated encryption software that is now available. A new generation of cryptography algorithms, which are referred to as post-quantum cryptography, has been developed by researchers in order to mitigate this risk. The methods in question are intended to thwart any attempts at decryption that may be made by the large-scale quantum machines of the future.