PQShield Raises £29M to Deploy Post-Quantum Cryptography Into the World’s Chips

PQShield, the Oxford-based post-quantum cryptography company, has raised £29.1 million in a funding round led by Addition, with participation from Braavos Investment Advisers, Chevron Technology Ventures, Legal & General Capital, and Oxford Science Enterprises. The raise will accelerate the commercialisation of PQShield’s quantum-resistant security solutions as the industry approaches a critical transition deadline.

Founded in 2018 by Dr Ali El Kaafarani, a cryptographer and University of Oxford academic, PQShield was built on a specific insight: that the arrival of sufficiently powerful quantum computers will render most of today’s public key cryptography — including RSA and elliptic curve encryption — obsolete. The company’s answer is post-quantum cryptography (PQC), a new class of algorithms designed to be secure against quantum attacks.

PQShield’s team played a significant role in designing and standardising the algorithms that the US National Institute of Standards and Technology (NIST) formally adopted as PQC standards in 2024. That gives the company an unusually strong claim to technical leadership in a field where algorithm quality is everything. Its technology is now being embedded into chips, hardware security modules, and software systems by semiconductor manufacturers, defence contractors, and government agencies.

The urgency of the transition is real: security agencies including the NSA and NCSC have advised organisations to begin migrating to quantum-resistant cryptography immediately, and compliance deadlines are being set across regulated industries. PQShield is positioning itself as the default partner for the organisations responsible for the semiconductor and firmware layers of global digital infrastructure.

The funding will be used to scale PQShield’s commercial operations, grow its engineering team, and deepen its presence in key markets including the US, Europe, and Asia.

Sources

• PQShield company website
• EU-Startups — PQShield raises £29M (June 2024)