To expand quantum-safe encryption worldwide, Singapore’s cryptography solutions company pQCee raised a $3.9 M Seed funding

With participation from In Group Holdings, Wavemaker Ventures, SUTD Venture Holdings, and Apsara Investments, Singapore-based pQCee, a post-quantum cryptography solutions company, has raised $3.9 million in a seed fundraising round co-led by SGInnovate and Lotus One Investment.

Following a $2.8 million fundraising in 2022 co-led by Wavemaker Ventures and SEEDS, the company announced in a statement on Friday that this was its second institutional round. Additionally, SGInnovate, Mirana Capital, Paragon Capital Management, and Apsara Investments participated in the financing.

With the additional funding, pQCee plans to grow its workforce in Singapore, strengthen its position throughout Asia, and hasten its entry into the US, Europe, and the Middle East.

Protection against harvest-now-decrypt-later attacks—in which encrypted data is gathered now for decryption once quantum computing is strong enough—is the main focus of pQCee’s product line.

For hardware security modules, the company has partnered with Thales and Feitian; for digital identity and enterprise messaging workflows, with Netrust and SendQuick; for post-quantum cryptographic standards alignment, with PQShield; and for enterprise IT and hardware-based deployment, with Microsoft and TechCreate.

The finance, according to Dr. Teik Guan Tan, CEO of pQCee, will enable the company to extend its workforce internationally and expedite the adoption of quantum-safe security, pointing out that businesses need workable, interoperable solutions they can implement ahead of stricter international requirements.

The timescale for quantum threats to current encryption methods is being accelerated by developments in quantum computing, artificial intelligence, and materials science, according to Hsien-Hui Tong, Executive Director of Investments at SGInnovate.

Global requirements require vital systems to finish the post-quantum cryptography migration by 2030, according to Paul Santos, co-founder and managing partner of Wavemaker Partners. The executive continued, “pQCee’s suite of products simplifies that migration by lowering complexity in integration, procurement, and cost.”