Project Eleven Raises $20 Million for Post-Quantum Security

According to SecurityWeek, post-quantum security startup Project Eleven has announced a $20 million Series A, bringing its total raises to $26 million. The 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, the New York-based company is developing tools to help organisations migrate digital assets to the post-quantum era. It is known for Yellowpages, a post-quantum cryptographic solution for generating post-quantum keys for Bitcoin wallets, for open source variants of NIST-standardised post-quantum algorithms, and for a post-quantum testnet for Solana.

Project Eleven describes its work as creating scalable solutions to improve security amid an evolving quantum threat landscape, including readiness assessments, migration paths, and migration test environments.