London-based PQShield, which is developing tools for implementing post-quantum cryptography, raised a $37M Series B, taking its total funding to $57M+
Our Series B comes just as @NIST is due to publish new standards for post-quantum #cryptography (#PQC) - a process we were heavily involved in, and which is driving the global adoption of PQC.
Context & Ripple Effects
PQShield’s $37M Series B follows its earlier $20M Series A after spinning out of Oxford research and takes total funding above $57M. The company’s involvement in NIST’s post-quantum cryptography standards process gives the round significance beyond a typical security-software financing.
The timing ties PQShield’s commercial push to the transition from standards development toward implementation of PQC tools.
First-order effects
- PQShield gains capital to develop and deliver its post-quantum cryptography implementation tools as NIST’s standards publication approaches.
- Organizations evaluating PQC now have a better-funded specialist supplier whose work is connected to the standards process.
Second-order effects
- The funding raises pressure on other PQC vendors to demonstrate standards alignment and practical deployment capabilities, rather than only cryptographic research.
- Standardization can shift buyer attention toward integration tooling—where PQShield operates—alongside the underlying cryptographic algorithms.
Third-order effects
- If standards-led adoption continues, post-quantum security could become a distinct implementation layer in the broader effort to prepare digital infrastructure for quantum-era threats, with specialists competing on migration and integration execution.
- The market’s shape will depend on how quickly customers turn standards into upgrade programs; funding alone does not establish deployment scale.
The trend: Post-quantum cryptography is moving from standards formation toward an implementation market built around upgrading existing digital systems.