Post-quantum security startup Project Eleven has announced raising $20 million in a Series A funding round that brings the total raised by the company to $26 million.
The investment round was led by Castle Island Ventures, with additional support from Coinbase Ventures, Fin Capital, Formation, Lattice Fund, Nascent Ventures, Nebular, Quantonation, Satstreet Ventures, Variant, and an angel investor.
Founded in 2024 by former US Army Infantry and Special Operations officer Alex Pruden, New York-based Project Eleven is building tools for organizations to migrate digital assets to the post-quantum era.
The startup is known for Yellowpages, a post-quantum cryptographic solution for generating post-quantum keys for Bitcoin wallets, for open source variants of NIST-standardized post-quantum algorithms, and for a post-quantum testnet for Solana.
Project Eleven says it is developing scalable solutions meant to improve security in the wake of an evolving quantum threat landscape, such as readiness assessments, migration paths, and migration test environments.
As advances in quantum computing are expected to break existing cryptography solutions, the startup aims to support complex, multi-year migrations to quantum-resistant cryptography for networks and institutions.
“As quantum capabilities advance, the stakes couldn’t be higher. We can’t afford to ignore this existential risk posed to the digital asset ecosystem,” Pruden, who serves as Project Eleven’s CEO, said.
“Trillions in value depend on these cryptographic assumptions. Networks like Bitcoin take years to upgrade because they’re governed cautiously by design. We’re focused on making the transition practical now, so the industry can migrate deliberately instead of improvising under pressure,” he added.
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