Series B20 June 2024

PQShield raises £29m in Series B funding led by Addition to expand commercial operations.

Addition led the Series B round with participation from Chevron Technology Ventures, Legal & General, Braavos Capital, and Oxford Science Enterprises.

£29.0MSeries B

PQShield is a cybersecurity company that builds quantum-resistant cryptographic solutions for hardware, software, and cloud environments. Based in London, the firm helps secure critical supply chains against future threats.

Cybersecurity firm PQShield has raised £29m in a Series B funding round led by Addition. The investment also drew participation from new backers Chevron Technology Ventures, Legal & General, and Braavos Capital, alongside existing investor Oxford Science Enterprises. The capital will be deployed to expand commercial operations as the company meets growing demand for its quantum-ready cryptographic solutions.

The raise arrives as the National Institute of Standards and Technology prepares to publish official post-quantum cryptography standards. With new global directives and standards mandating the migration to quantum-resistant systems from 2025, adoption has become a commercial necessity for organizations handling sensitive data.

From the founder

"I’m immensely proud to lead our team in shaping the way our digital world is protected against the threats of tomorrow. It no longer matters when a quantum computer will arrive that can break current cryptography methods: the need for quantum-resistant encryption is here today, as governments and standards agencies push to protect our most sensitive data."

Ali El Kaafarani

CEO and founder at PQShield

Investor perspective

"As we approach the culmination of the NIST project, we expect newly-ratified standards to help drive rapid adoption of PQC across the technology supply chain. Led by an industry-leading team with decades of experience, PQShield has quickly established itself as a leading authority in post-quantum cryptography for hardware and software. We are excited to see the business continue to build on its existing commercial success and further enhance its efforts in protecting our digital future."

Todd Arfman

Addition