Post-quantum crypto startup Project Eleven raises $20 million in funding round

Project Eleven, a startup founded by a former U.S. Special Forces officer to help blockchains prepare for a post-quantum world, said it raised a $20 million Series A funding round led by Castle Island Ventures with participation from Coinbase Ventures.

Advancements in quantum computing in the coming decade could break existing public-key cryptography used by Bitcoin and other digital asset blockchains, prompting the need for a staged transition to more robust, quantum-resistant environment.

Other post-quantum crypto protection projects have also recently been in the news, including a Bitcoin testnet to run quantum-resistant cryptography.

Project Eleven said it is building the tools to make complex, multi-year migrations practical for networks and institutions, including readiness assessments, migration test environments and deployment sequencing, the company said.

“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,” said Alex Pruden, CEO and co-founder in a post on X. “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.”

Project Eleven is already collaborating with the Solana Foundation on post-quantum readiness planning and technical work, the company said.

Also included in the Series A round were: Fin Capital, Variant, Quantonation, Nebular, Formation, Lattice Fund, Satstreet Ventures, Nascent Ventures and Balaji Srinivasan.

The company raised a $6 million seed round in June 2025 led by Variant and Quantonation, with participation from Castle Island Ventures, Nebular, and Formation.

Project Eleven said it will unveil its next major product release in early 2026.