Malicious hacking is becoming increasingly sophisticated and this is leading to a very clear trend in security technology. To keep people and organizations safe, security must also continue to drive its own complexity.
Safety boot PQShield has pioneered this idea with an emphasis on “post-quantum” cryptography: software and hardware solutions that are, in theory, futuristic, capable of withstanding even the hacks that one day perform with the most powerful quantum machines.
Now, to meet industry demand to build hardware and related systems based on its project, the company is announcing an additional $37 million in funding.
In addition, Lee Fixel’s investment firm led this Series B with other strategic and financial backers including Chevron Technology Ventures, Legal & General and Braavos Capital (all new investors) and previous backer Oxford Science Enterprises. The addition also led to PQShield’s Series A in 2022. (We asked, but the startup wouldn’t disclose the valuation.)
Ali El Kaafarani, an Oxford mathematics academic who founded and leads the startup (which was also founded in Oxford), said the funding will go towards hiring more talent and working more closely with its current and new customers and partners.
This list includes companies such as AMD, Microchip Technologies, Collins Aerospace, Lattice Semiconductor, Sumitomo Electric, NTT Data, Mirise Technologies (Toyota / Denso R&D) and others that PQShield does not name, along with advising the White House, the European Parliament. UK National Cyber Security Council and World Economic Forum. It has also worked with the biggest name in chips, and currently also in technology as a whole: Nvidia.
“We still have the highest density of cryptographers in the industry, particularly in the field of post-quantum cryptography,” he said in an interview. Additionally, there is an interesting development underway in terms of standardization that will also influence the evolution of the sector.
The National Institute of Standards and Technology in the US works for a decade on the idea of establishing post-quantum cryptographic standards. These are now expected to be announced in the coming months, Dr El Kafarani said. “In just two or three weeks we very much expect NIST to publish the official standards after publishing the drafts last August.”
One thing to watch is the role companies like PQShield — and others in the same space — are playing A sword, Post-Quantumlarger companies like Palo Alto Networks and others — are taking over as technology and IT continue to evolve and how large companies adopt more sophisticated encryption to protect user data at both the software and hardware levels.
Today, many popular discussions about encryption have focused on how it can be used to protect messaging platforms. (Notably, PQShield also provides its technology pro bono to the Signal Foundation and, Dr El Kaafarani said, “works on different research projects with them.”) And on the enterprise side, how it’s used in security systems to safeguard data and both within corporate networks and when transferred or shared outside of them.
The next stage is likely to be how to handle data in AI environments, both in AI applications and model training and more. (And of course how to protect data in a world where malicious hackers use artificial intelligence to breach all protections.)
Apple, for example, is taking a new approach to handling privacy in AI computing with a new approach called Private Cloud Computewhich it says enables “private AI processing” by more closely integrating private clouds with custom on-device silicon.
“Artificial intelligence will be another reason why we need to make sure our cryptography is up to date,” Dr El Kaafani said. “I think whether it’s Apple or others, you’re going to see them immediately start using post-quantum cryptography for artificial intelligence because they’re not going to go through legacy encryption and then have to switch to the new standards.”
With solutions developed in three forms – a system on a chip designed to be placed on hardware such as smart cards or processors. software via a cryptographic SDK that can be integrated into applications and technologies for mobile devices and servers used to process data or perform security functions; and a toolbox aimed at communications companies specifically designed to secure messaging services – there an interesting angle on PQShield that takes it out of the realm of straight technology and into a more commercialized tool, which is probably one reason why investors like Addition are interested especially at a time when computers and chips seem to evolve so quickly.
“PQShield has continued its journey as a pioneer and leading authority in post-quantum cryptography for hardware and software. As we approach the culmination of the NIST PQC project, we expect the newly validated standards to catalyze the quantum security market and lead to the rapid adoption of PQC across the technology supply chain,” Fixel said in a statement. “Thanks to an industry-leading team with decades of combined experience, PQShield has built a best-in-class product offering that is already industry leading. We are excited to see the company build on its existing commercial success and secure our digital future.”
