Insider Brief
- Project Eleven raised a $20 million Series A led by Castle Island Ventures at a $120 million valuation to build tools that help digital asset networks plan and execute multi-year transitions to post-quantum cryptography.
- The funding reflects growing concern that future quantum computers could weaken elliptic curve cryptography, the standard securing more than $4 trillion in digital assets across public blockchains.
- Project Eleven is working with protocols including the Solana Foundation on readiness assessments, migration testing, and deployment sequencing, following a $6 million seed round in 2025 and ahead of a planned product expansion in early 2026.
PRESS RELEASE — Project Eleven, the leader in post-quantum security and migration for digital assets, today announced a $20 million Series A funding round led by Castle Island Ventures, at a $120 million valuation, with participation from Coinbase Ventures, Fin Capital, Variant, Quantonation, Nebular, Formation, Lattice Fund, Satstreet Ventures, Nascent Ventures, and Balaji Srinivasan.
The round comes as post-quantum cryptography becomes a planning priority for government and industry. Advances in quantum computing could eventually weaken elliptic curve cryptography (ECC), the public-key standard used by networks such as Bitcoin, prompting a staged transition across an ecosystem that secures more than $4 trillion in digital assets.
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.
“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 of Project Eleven.“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.”
“Useful quantum computing is the biggest and most complex threat public blockchains have ever faced,” said Nic Carter, General Partner at Castle Island Ventures. “Project Eleven is building the practical bridge from research to real-world deployment.”
Project Eleven is collaborating with the Solana Foundation and other leading protocols and Layer 1 ecosystems on post-quantum readiness planning and technical work.
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 plans to unveil its next major product release in early 2026, adding capabilities for institutions, protocols, and end users looking to future-proof long-lived cryptographic systems.
