Post-Quantum Crypto Startup 'Project Eleven' Raises at $120M Valuation

Project Eleven – a "post-quantum" crypto startup that hopes to secure crypto networks (namely Bitcoin) against the emergent threat of quantum computing – has secured $20M in fundraising at a $120M valuation in a Series A round led by Castle Island Ventures.

What's the Scoop?

• Recent Raise: Project Eleven announced today that it has fundraised a $20M Series A round 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.
• Big Ambitions: Advances in quantum computing threaten to crack the key standards of some crypto networks, including Bitcoin. Project Eleven is "building the tools to make complex, multi-year migrations practical for networks and institutions, including readiness assessments, migration test environments, and deployment sequencing."
• Existing Products: In 15 months since its founding, Project Eleven has – among other things – deployed yellowpages (the only post-quantum cryptographic solution deployed in production for Bitcoin) and constructed a post-quantum testnet for the Solana Network.
• Partnership Push: Project Eleven will collaborating with the Solana Foundation and other unnamed "leading protocols and Layer 1 ecosystems" on their post-quantum readiness planning and technical work.