PQShield announced a $37 million Series B on June 20, 2024, led by Addition. The company said it would use the funding to expand commercial operations and meet demand for quantum-ready cryptography across hardware, software, communications and research IP.
Who invested in PQShield’s $37 million round?
Addition led the Series B. Chevron Technology Ventures, Legal & General and Braavos Capital participated as new investors, alongside existing backer Oxford Science Enterprises. SecurityWeek reported that the financing brought PQShield’s total investment to more than $60 million in 2024.
What does PQShield do?
Founded in 2018, PQShield develops post-quantum cryptography for businesses and infrastructure providers. Its work spans cryptographic hardware and software IP, with reported applications that include secure boot, device updates, hardware security modules, connected vehicles and military-grade communications systems. It is an enterprise-focused supplier, not a consumer device brand with a retail product range.
How does PQShield plan to use the funding?
PQShield said the capital would support commercial expansion and solutions across hardware, software, communications and research IP. The announcement did not provide a budget breakdown or specific deployment targets, so it does not establish how much will go to any particular product area.
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Why does post-quantum cryptography matter now?
Post-quantum cryptography (PQC) refers to cryptographic methods designed to withstand attacks from future quantum computers. The concern is not limited to the date such machines become capable of breaking current cryptography: data captured today could remain sensitive in the future, while replacing cryptography in devices and infrastructure can take time.
The funding announcement arrived as the U.S. National Institute of Standards and Technology (NIST) was preparing to publish its first finalized PQC standards. PQShield and Addition presented those standards as a catalyst for adoption across the technology supply chain and migration to quantum-resistant systems. The financing is evidence of investor interest in that transition; it does not, on its own, establish the maturity or effectiveness of any particular product.
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What the announcement establishes—and what it doesn’t
- Established: the round’s size, lead investor, participating investors, announced expansion aims and examples of PQShield’s target applications.
- Not established: a detailed use-of-funds allocation, independent product comparisons, or enough comparable performance and deployment data to rank PQShield against other post-quantum vendors.
For organizations evaluating suppliers, relevant questions include whether a solution provides hardware IP, software or both; which deployment environments it supports; how it aligns with standards; whether it supports crypto-agility and migration; and what production deployments or partnerships can be verified.
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