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PQShield raises $7M for quantum-ready cryptographic security solutions

A deep tech startup building cryptographic solutions to secure equipment, software, and communications systems for a future when quantum computers may interpret countless current cybersecurity approachings useless is today emerging out of stealth mode with$ 7 million in funding and a mission to realize cryptographic protection something that cannot be hackable, even with the most sophisticated organisations, by structure systems today that will continue to be usable in a post-quantum future.

PQShield( PQ being short for “post-quantum” ), a spin out from Oxford University, is being backed in a seed round led by Kindred Capital, with participation also Crane Venture Partners, Oxford Discipline Innovation and numerous angel investors, including Andre Crawford-Brunt, Deutsche Bank’s former world-wide head of equities.

PQShield was founded in 2018, and its time in stealth has not been in vain.

The startup claims to have the UK’s highest concentration of cryptography PhDs outside academia and grouped authorities, and it is one of the biggest gives to the NIST cybersecurity framework( alongside educational institutions and immense tech companies ), which is working on creating new cryptographic standards, which take into account the fact that quantum compute will likely make quick work of broken off the standards that are currently in place.

” The proportion is massive ,” Dr Ali El Kaafarani, a research fellow at Oxford’s Mathematical Institute and onetime designer at Hewlett-Packard Labs, who is the founder and CEO of PQShield said of that projection.” For the first time we are changing the whole of public key infrastructure .”

And according to El Kaafarani, the startup has clients — companies that build hardware and software business, or passed communications systems that is working with feelings information and run the biggest probabilities from being hacked.

They include entities in the financial and government spheres that it’s not listing, as well as its firstly OEM customer, Bosch. El Kaafarani said in an interview that it is also in talks with at least one major communications and messaging provider exploring more protection for end-to-end encryption on messaging systems. Other target applications could include keyless vehicles, connected IoT designs, and shadowed services.

The gap in the market the PQShield is aiming to address is the fact that while there are already a number of companionships exploring the cutting edge of cryptographic security in the market — they include large tech companies like Amazon and Microsoft, Hub Security, Duality, another startup out of the UK focused on post-quantum cryptography called Post Quantum and a number of others — the concern is that quantum compute will be utilised to crack even the most sophisticated cryptography such as the RSA and Elliptic Curve cryptographic standards.

This has not been much of a threat so far since quantum computers are still not widely available and used, but there have been a number of mansions of a breakthrough on the horizon.

El Kaafarani says that PQShield is the first startup to approach that predicament with a multi-pronged solution aimed at a variety of use events, including answers that encompass current cryptographic standards and provide a movement itinerary coming generations of how they will look — intending, they are able to commercially deployed today, even without quantum computers being a commercial actuality, but in preparation for that.

” Whatever we encrypt now is likely to be gleaned, and formerly we have a fully functioning quantum computer people can use that to get back to the data and the sensitive info ,” he said.

For hardware applications, it’s designed a Organization on Chip( SoC) solution that will be licensed to hardware makes( Bosch being the first OEM ). For software applications, there is an SDK that secures messaging and is protected by” post-quantum algorithms” based on a ensure, Signal-derived protocol.

Thinking about and build for the full spectrum of works is central to PQShield’s approach, he contributed.” In protection it’s important to understand the whole ecosystem since everything is about connected constituents .”

Some sectors in the tech macrocosm has been particularly negatively impacted by the coronavirus and its consequences, a situation that was aggravated by uncertainties over the future of the global economy.

I questioned El Kaafarani if that moved to a particularly tricky time to raise money as a deep tech startup, given that deep tech companies so often work on long-term problems that may not have immediate commercial-grade outcomes.

Interestingly, he said that wasn’t the case.

” We talked to VCs that were interested in deep tech initiated with, which cleared these consultations a little better ,” he said.” And the fact is that we’re a defence company, and that is one of the areas that is doing well. Everything has become digitised, and we have all become more heavily reliant on our digital alliances. We ultimately help move the digital world-wide most secure. There are people who understand that, and so it wasn’t too difficult to talk to them and understand the importance of this busines .”

Indeed, Chrysanthos Chrysanthou, marriage at Kindred Capital, resembled that sentiment 😛 TAGEND

“With some of the brightest memories in cryptography, maths 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 ,” he said.” We couldn’t be happier to support the team as it works to set a brand-new standard for datum security and defuse hazards resulting from the rise of quantum.”

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