PQShield Raises $37 Million in Series B Funding to Propel Adoption of Post-Quantum Cryptography
UK-based cybersecurity firm PQShield has successfully secured $37 million in Series B funding to drive the global adoption of post-quantum cryptography (PQC). This significant investment, a follow-up to the $20 million Series A fundraise two years ago, will empower PQShield to deliver its quantum-secure software and hardware IP, addressing the growing demand from the technology supply chain. Established in Oxford in 2018, PQShield has emerged as a frontrunner in PQC technology and has played a key role in crafting the forthcoming PQC standards for the National Institute of Standards and Technology (NIST), which are poised to become the new global cybersecurity benchmark.
The US government has mandated that national security systems must adhere to these standards by 2030, making the adoption of PQC an essential commercial endeavor, irrespective of the imminent quantum threat. PQShield is actively facilitating this cybersecurity transition across multiple sectors, including semiconductors, defense, automotive, and IoT. The company has offered expert guidance to the White House, European Parliament, UK National Cyber Security Council, and World Economic Forum. Notably, its clientele encompasses major industry players such as AMD, Microchip Technologies, Collins Aerospace, and Lattice Semiconductor.
Key Takeaways
- PQShield raises $37 million in Series B funding to bolster the adoption of post-quantum cryptography.
- The UK company co-authored NIST's forthcoming PQC standards, slated to serve as global benchmarks.
- The US government mandates national security systems to comply with PQC standards by 2030.
- PQShield supports the cybersecurity shift across diverse sectors like semiconductors and defense.
- The funding led by Addition will amplify PQShield's commercial operations and research IP.
Analysis
PQShield's $37 million Series B funding underscores the pressing need for post-quantum cryptography (PQC) on a global scale. With the imminent ratification of NIST's PQC standards and the mandates from the US government, the transition to PQC is inevitable, impacting key sectors such as defense, semiconductors, and automotive. This funding will expedite PQShield's expansion, bolstering its role in shaping international cybersecurity standards and fortifying critical infrastructure against looming quantum threats. The investment exemplifies a strategic move by stakeholders to proactively address potential vulnerabilities in global digital security, positioning PQShield at the vanguard of the quantum-safe future.
Did You Know?
- Post-Quantum Cryptography (PQC): PQC entails cryptographic algorithms designed to withstand attacks by quantum computers. Traditional cryptographic methods are vulnerable to quantum computing, which can solve complex mathematical problems much faster than classical computers. PQC aims to provide security even in the presence of quantum computers by leveraging different mathematical principles that are impervious to quantum attacks.
- National Institute of Standards and Technology (NIST): NIST is a US government agency that develops and promotes measurement, standards, and technology to enhance productivity, facilitate trade, and improve the quality of life. In the context of the article, NIST is responsible for establishing the upcoming PQC standards, which will serve as the global benchmark for cybersecurity in the quantum computing era.
- Series B Funding: This type of funding round targets businesses that have progressed beyond the early startup phase. Series B rounds typically aim to help companies reach the next level of growth, such as expanding market reach or scaling operations. In this instance, PQShield has secured $37 million in Series B funding to expand its commercial operations and fulfill the mounting demand for its quantum-secure solutions.