LONDON, June 20, 2024 -- PQShield, a cybersecurity company specializing in post-quantum cryptography (PQC), has raised $37 million in Series B funding led by Addition, with participation from new investors Chevron Technology Ventures, Legal & General and Braavos Capital, together with existing backers, Oxford Science Enterprises.

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

The National Institute of Standards & Technology's (NIST) post-quantum cryptography standards are due to be ratified in a matter of weeks, marking an inflexion point in the global transition to quantum security. NIST's standards are also likely to be adopted by the International Organization for Standardisation (ISO). With new global standards in place and a series of government directives, such as the US National Security guidance (e.g CNSA 2.0), mandating the migration of critical systems to PQC from 2025, it's now a commercial imperative to adopt PQC. This is particularly so where an organization has critical data it needs to keep secure for any length of time – in fact, if they haven't already started planning the transition, they are already behind.

Since it was founded in 2018, PQShield has established an industry-leading team of cryptography and engineering experts who have built an extensive, secure product suite for use in hardware, software, and the cloud. Recent strategic US hires include Johannes Lintzen, who joins from Cryptomathic as Global Business Development Director, and Janssen Liston, who joins from Rambus as North America Senior Sales Director.

PQShield's cryptographic solutions are already helping to facilitate the transition to quantum security throughout the global technology supply chain – for example, in the secure boot and update of devices, in the Hardware Security Modules (HSMs) that secure most financial transactions, in ever-more connected vehicles, and in military grade communications systems. Customers include AMD, Microchip Technologies, Collins Aerospace, Lattice Semiconductor, Sumitomo Electric, NTT Data, Mirise Technologies (Toyota / Denso R&D), and many others.