Project Eleven, a post-quantum cryptography company focused on protecting digital assets from quantum-era threats, has raised $20m in Series A funding.
The round was led by Castle Island Ventures, with participation from Coinbase Ventures, Fin Capital, Variant, Quantonation, Nebular, Formation, Lattice Fund, Satstreet Ventures, Nascent Ventures and Balaji Srinivasan, alongside continued investment from Variant, Quantonation, Nebular and Formation.
The company positions itself as part of the industry’s response to that scenario, sometimes referred to as a cryptographically relevant quantum computer.
It argues that 2025 marked a step-change in quantum progress, pointing to demonstrations of below-threshold quantum error correction, larger machines, and reduced resource estimates for Shor’s algorithm, which it says fell by a factor of 20 during the year.
Project Eleven says the new funding will support its work to prepare major networks for a post-quantum era, building out its next suite of products and continuing efforts to secure the systems and assets that rely on today’s public-key cryptography.
Founded in 2024 on 31 October, the date associated with the Bitcoin whitepaper, the firm says it has delivered a set of tools and infrastructure in the 15 months since launch. These include “yellowpages”, which it describes as a post-quantum cryptographic solution deployed in production for Bitcoin to help generate post-quantum keys and support future migration, as well as the Q-Day Prize and Q-Day Clock aimed at refining estimates for when a “Q-Day” moment could arrive.
It also says it has open-sourced high-performance variants of NIST-standardised post-quantum algorithms with cryptographers, built a post-quantum testnet for Solana implementing ML-DSA as an EdDSA replacement, and published a tracker of quantum-vulnerable Bitcoin it calls the Bitcoin Risq List.
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