PQShield receives USD 37 mln investment

This funding will support PQShield in addressing the growing demand for post-quantum cryptography (PQC) solutions across the technology supply chain. Oxford Science Enterprises also remains a key investor in the company.

The investment comes at a pivotal moment as the National Institute of Standards and Technology (NIST) is set to publish its final post-quantum cryptography standards in the coming weeks. These standards are anticipated to be adopted by the International Organization for Standardization (ISO) and other regulatory bodies, further propelling the transition towards quantum-resistant cryptographic systems. Additionally, directives like the NSA’s Cybersecurity National Action Plan 2.0 mandate the migration of all critical US systems to post-quantum cryptography by 2025.

Transitioning to quatum-resistant systems

The urgency to adopt PQC is driven by the risk posed by quantum computers to existing cryptographic methods, particularly in safeguarding long-term data. The threat of țharvest-now-decrypt-laterț highlights the need for immediate action among organisations to begin transitioning to quantum-resistant systems.

Founded in 2018, PQShield specialises in developing advanced cryptographic solutions for both hardware and software applications. The company's products are currently employed in various sectors, including secure boot and updating of devices, hardware security modules (HSMs) for financial transactions, vehicle connectivity, and military-grade communications systems. Notable customers include AMD, Microchip Technologies, Collins Aerospace, Lattice Semiconductor, and Sumitomo Electric, among others.

The new investment will enable PQShield to expand its commercial operations and deliver post-quantum hardware and software upgrades to a broader range of organisations. As the global market moves towards quantum-safe cryptography, PQShield aims to support this transition, ensuring the security of digital systems against future threats. The upcoming NIST standards are seen as a significant milestone that will drive the rapid adoption of PQC, solidifying PQShield's position as a leader in the field.

With this funding, PQShield is well-positioned to continue its mission of enhancing digital security and privacy, helping organisations worldwide to stay ahead of potential cyber threats posed by quantum computing advancements.