Project Eleven, a startup focused on preparing blockchain networks for the threat of quantum computing, has secured $20 million in a Series A funding round at a $120 million post-money valuation. The investment was led by Castle Island Ventures, with participation from Coinbase Ventures, Fin Capital, Variant, Quantonation, Nebular, Formation, Lattice Fund, Satstreet Ventures, Nascent Ventures, and individual investor Balaji Srinivasan.
As part of the deal, Nic Carter, founding partner at Castle Island Ventures, is joining Project Eleven's board. Carter emphasized the severity of the threat, stating quantum computing is "the biggest and most complex threat public blockchains have ever faced." The funding will accelerate the development of tools to help networks like Bitcoin transition to post-quantum cryptography before potentially vulnerable quantum computers emerge.
The core vulnerability lies in the widespread use of the Elliptic Curve Digital Signature Algorithm (ECDSA), which secures Bitcoin and most public blockchains. A sufficiently powerful quantum computer could break this cryptographic standard, exposing private keys derived from public ones and jeopardizing trillions of dollars in digital assets.
Alex Pruden, co-founder and CEO of Project Eleven, warned the industry is approaching an "eleventh hour" moment. He cited the accelerating pace of quantum breakthroughs, like Google's Willow chip, and the difficulty of coordinating base-layer upgrades. "One or two more breakthroughs mean that we could see a cryptographically-relevant quantum computer by 2030," Pruden told The Block. "In light of the $3 trillion worth of digital assets at risk, it’s far better to be safe than sorry."
Project Eleven's first live product is Yellowpages, an application launched last year that allows Bitcoin holders to generate post-quantum keys for their assets. This serves as both a commitment to a future migration path and proof of ownership in a post-"Q-Day" scenario. The company is also working on additional products, with one expected to launch in the coming months.
The startup has recently partnered with the Solana Foundation on post-quantum readiness planning and technical implementation. On the business side, Project Eleven has already recognized revenue through grants for protocol work and aims to become a "Palantir for digital asset migrations" to post-quantum cryptography. Pruden indicated some future products may earn revenue directly or indirectly through value accrual to a token.
The company operates with a small, distributed team primarily based in the U.S. and the U.K. and is selectively hiring across engineering and research roles.
