Project Eleven has raised $20 million in a Series A funding round at a $120 million post-money valuation, led by Castle Island Ventures with participation from Coinbase Ventures, Fin Capital, Variant, Quantonation, Lattice Fund, and Balaji Srinivasan — the first material institutional funding round specifically targeting post-quantum security infrastructure for blockchain networks.
The startup is building tools to help crypto networks including Bitcoin prepare for the long-term threat posed by quantum computing. Current blockchain systems rely on the Elliptic Curve Digital Signature Algorithm, which could eventually be broken by a sufficiently powerful quantum computer capable of deriving private keys from public ones. While cryptographically relevant quantum computing is not imminent, Project Eleven CEO Alex Pruden told The Block that given the accelerating pace of breakthroughs — including Google's Willow chip — and the difficulty of coordinating cryptographic upgrades across blockchain networks, the industry is approaching what he describes as an "eleventh hour" moment.
"One or two more breakthroughs mean that we could see a cryptographically-relevant quantum computer by 2030," Pruden said. "In light of the $3 trillion worth of digital assets at risk, it's far better to be safe than sorry."
Project Eleven already has a live product: Yellowpages, which allows Bitcoin holders to generate post-quantum keys for their assets — serving as both a migration commitment mechanism and a proof-of-ownership tool in a post-quantum scenario. The company has also partnered with the Solana Foundation on post-quantum readiness planning and has recognised revenue through grants for protocol work.
The round's structure — a SAFE with a token warrant rather than conventional preferred equity — reflects the hybrid equity and token economics common in crypto infrastructure funding. Quantonation, a quantum-focused investment firm making Project Eleven its only crypto investment to date, brings specific domain credibility to the cap table alongside crypto-native investors. Nic Carter of Castle Island Ventures is joining the board.
Project Eleven's stated ambition is to become the "Palantir for digital asset migrations to post-quantum cryptography" — positioning itself as the coordination and tooling infrastructure layer for an industry-wide migration that no single blockchain network can execute alone.