UK-based post-quantum cryptography (PQC) company PQShield on Thursday announced that it has raised $37 million in Series B funding.
The funding round, which brings the total investment in the company to more than $60 million, was led by Addition, with participation from Chevron Technology Ventures, Legal & General and Braavos Capital, and Oxford Science Enterprises.
PQShield said it will use the money to expand its commercial operations.
Founded in 2018, PQShield specializes in quantum-safe cryptography solutions, including for hardware, software and the cloud.
The company’s solutions are used for secure boot and device updates, hardware security modules, connected vehicles, and military-grade communications systems. Customers include AMD, Microchip Technologies, Collins Aerospace, Lattice Semiconductor, Sumitomo Electric, and NTT 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,” said Ali El Kaafarani, CEO and founder of PQShield.
“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,” he added.
PQShield recently discovered timing leaks in the ML-KEM (Kyber) post-quantum secure key-encapsulation mechanism reference implementation, which could be leveraged for side-channel attacks.
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