(Sifted.eu) PQShield, a UK post-quantum cryptography startup, has come out of stealth mode with the announcement of a £5.5m seed funding raise, and news that it has won Bosch as its first customer. The seed funding from Kindred Capital, Crane Venture Partners, Oxford Sciences Innovation and angel investors including Andre Crawford-Brunt, Deutsche Bank’s former global head of equities.
“It is not that quantum computing can break all cryptography,” says Ali El Kaafarani, PQShield’s founder and CEO. “It’s just unlucky that they are very good at breaking the one that was picked for public key infrastructure.” (For a deeper dive, look up Shor’s algorithm.) Given that public key infrastructure is baked into everything, every internet browser, every corporate database — and maybe most alarming every connected device including cars and aeroplanes — the arrival of quantum computing is a huge threat.