- Post-quantum cybersecurity startup PQShield just raised close to $7 million in a funding round backed by Kindred Capital and Crane Venture Partners.
- The post-quantum cryptography market is expected to be worth close to $4 billion globally by 2028, according to Inside Quantum Technology.
- Founder Dr Ali El Kaafarani said he set up PQShield after he noticed "the disconnect between the scale of the quantum threat and the current level of IT security" at most businesses.
- The firm also received investment from Andre Crawford-Brunt, previously a senior executive at Deutsche Bank
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Cybersecurity startup PQShield just raised almost $7 million in a funding round backed by Kindred Capital and Crane Venture Partners.
PQShield describes itself as a post-quantum cryptography startup, a field that has emerged alongside quantum computing.
Post-quantum, or "quantum-proof", cryptography consists of algorithms designed to protect systems from quantum computers. At present, even some of the best-designed systems could be vulnerable to quantum attacks as quantum computing moves closer to reality.
The post-quantum cryptography market is expected to see significant growth over the next decade, with analysts at Inside Quantum Technology predicting a value of $3.8 billion by 2028.
Dr Ali El Kaafarani, a research fellow at Oxford University's Mathematical Institute and former engineer at Hewlett-Packard Labs, founded PQShield in 2018, saying he was struck by "the disconnect between the scale of the quantum threat and the current level of IT security" seen at most businesses.
"Too often, we see a huge gulf between academic theory and commercial reality," he said."Cryptographers know that quantum computers pose a real and devastating threat, yet most businesses fail to recognise the need to protect their information beyond today's security challenges.
"Whether cars, planes, or other connected devices, many of the products designed and sold today are going to be used for decades. Their hardware may be built to last, but right now, their security certainly isn't. Future-proofing is imperative, just as it is for the banks and agencies that hold so much of our sensitive data."
The new £5.5 million ($6.9 million) round was led by Kindred Capital and Crane Venture Partners, alongside Oxford Sciences Innovation, and angel investor Andre Crawford-Brunt, a former global head of equities at Deutsche Bank.
Chrysanthos Chrysanthou, partner at Kindred Capital, said: "With some of the brightest minds in cryptography, mathematics, and engineering, and boasting world-class software and hardware solutions, PQShield is uniquely positioned to lead the charge in protecting businesses from one of the most profound threats to their future.
"We couldn't be happier to support the team as it works to set a new standard for information security and defuse risks resulting from the rise of quantum."
