- PQShield will use the investment to meet fast-growing market
demand from the technology supply chain for its software and
hardware IP
- The funding comes just as NIST is due to publish the
official standards for post-quantum cryptography (PQC) – the final
milestone in a process that is driving the global transition to
quantum-resistant cryptography
LONDON, June 20,
2024 /PRNewswire/ -- 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.
As well as advising businesses on the transition to quantum
security, the company plans to also continue to support
governments, industry bodies and cybersecurity agencies as they
develop guidance around the migration to PQC. PQShield continues to
play a leading role in the NIST PQC standardization project (having
co-authored all four announced standards), and will continue to
advise the White House, European Parliament, UK National Cyber
Security Council (NCSC) and World Economic Forum (WEF) on the
practical challenges involved.
Todd Arfman of Addition
said:
"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, said:
"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 organizations 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."
About PQShield
PQShield is a post-quantum cryptography (PQC) company
building the quantum-safe cryptography solutions that are
modernizing the vital security systems and components of the global
technology supply chain. We deliver real-world, high-quality secure
implementations of quantum-safe cryptography in hardware, software
and the cloud, as well as being a leading contributor to
post-quantum cryptography standardization projects around the
world.
Headquartered in the UK, with a 70 strong team across 10
countries, PQShield's contribution has been recognised by
Bloomberg, Wired, Fast Company and the World Economic Forum. The
company is backed by Addition, Oxford Science Enterprises, Chevron
Technology Ventures, Legal & General, Braavos Capital, Kindred
Capital, Crane and Innovate UK. Its extensive catalog of research
papers is available here.
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