Project Eleven
11 known investors
Project Eleven builds post-quantum cryptography and migration tooling for Bitcoin, Ethereum and other digital asset networks.
Also known as P11
Investors · 11
Also in the syndicate · 5
Valuation · disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.
Company profile
researched Aug 2026Project Eleven describes itself as an applied lab of builders and technologists working at the intersection of quantum computing and cryptography, focused on post-quantum security and migration for digital assets. Its stated premise is that a fault-tolerant quantum computer running Shor's algorithm could recover private keys from public keys, undermining the elliptic curve cryptography (ECC) that secures public blockchains such as Bitcoin.
The company builds tools intended to make multi-year cryptographic migrations practical for networks and institutions, including readiness assessments, migration test environments and deployment sequencing. Shipped and open-sourced work described by the company includes yellowpages (characterized by the company as the only post-quantum cryptographic solution deployed in production for Bitcoin, generating post-quantum keys for wallets and facilitating future protocol migration), libqc and quantum-vault (audited reference implementations covering post-quantum migration, ERC-4337 account abstraction and Bitcoin vault security), high-performance variants of NIST-standardized post-quantum algorithms, a post-quantum testnet for Solana implementing ML-DSA in place of EdDSA, the Q-Day Prize and Q-Day Clock, and the Bitcoin Risq List tracker of quantum-vulnerable Bitcoin. The company also publishes research and educational content through its blog, including a "Quantum Threat to Blockchains" 2026 report.
Founding story
Project Eleven was founded on 31 October 2024, a date the founders identify as Bitcoin White Paper Day. Co-founders Alex Pruden (CEO) and Conor Deegan (CTO) state the company was started on the belief that digital assets will form the basis of new financial infrastructure and that this foundation must address the risk posed by a cryptographically relevant quantum computer.
Business model
The company addresses two stated audiences: enterprises, engaged through direct conversations about quantum readiness, and developers, who are invited to contribute to its open-source post-quantum cryptography libraries and tooling. Product offerings described at the time of the Series A include readiness assessments, migration test environments and deployment sequencing for networks and institutions, with a further product release planned for early 2026.
Traction
Within 15 months of founding, the company reported shipping yellowpages for Bitcoin, launching the Q-Day Prize and Q-Day Clock, open-sourcing performant variants of NIST-standardized post-quantum algorithms, building a post-quantum testnet for Solana, and publishing the Bitcoin Risq List. It is collaborating with the Solana Foundation, other Layer 1 ecosystems, and Ripple on XRP Ledger quantum readiness, and has raised $26 million in disclosed funding across a seed and Series A.
Latest developments
The January 2026 Series A announcement stated that Project Eleven is collaborating with the Solana Foundation and other protocols on post-quantum readiness and plans to unveil its next major product release in early 2026, adding capabilities for institutions, protocols and end users. Recent blog output includes the open-sourcing of libqc and quantum-vault, a collaboration with Ripple on XRP Ledger quantum security, the addition of Marin Ivezic as an advisor, and a 2026 report on the quantum threat to blockchains.
▸Full profile — market position, technology, go-to-market, history, risks & controversies
Market position
The company positions itself as the leader in post-quantum cryptography, security and migration for digital assets. Sources cite an ecosystem of more than $4 trillion in digital assets secured by elliptic curve cryptography as the addressable risk, and note that post-quantum cryptography has become a planning priority for government and industry.
Project Eleven cites production deployment rather than research alone: yellowpages is described by the company as the only post-quantum cryptographic solution deployed in production for Bitcoin, alongside the first post-quantum testnet for a major network (Solana), open-sourced high-performance NIST algorithm variants, audited reference implementations, and the Bitcoin Risq List. Its lead investor characterized the company as building "the practical bridge from research to real-world deployment."
Technology
Post-quantum cryptography for blockchain systems: NIST-standardized post-quantum algorithm implementations (including performance-optimized variants developed with cryptographers), ML-DSA signatures as an EdDSA replacement in a Solana post-quantum testnet, post-quantum key generation and migration mechanisms for Bitcoin (yellowpages), and the open-source libqc library and quantum-vault reference implementation covering ERC-4337 account abstraction, Bitcoin vault security and crypto-agile wallet infrastructure. Research output also covers post-quantum zero-knowledge proofs for proving crypto ownership after Q-Day and tracking of NIST's Additional Digital Signatures process.
Go-to-market
Project Eleven markets through direct enterprise engagement ("start with a conversation"), open-source releases aimed at developers, free tools such as the Bitcoin Risq List address checker and Quantum Vault download, a newsletter, and published research and reports. It also works directly with protocol foundations and Layer 1 ecosystems, including the Solana Foundation and Ripple's XRP Ledger.
Enterprises and institutions holding or servicing digital assets, blockchain protocols and Layer 1 ecosystems, wallet and infrastructure developers, and end users of Bitcoin and other digital assets.
History
Founded 2024-10-31. In June 2025 the company raised a $6 million seed round led by Variant and Quantonation with participation from Castle Island Ventures, Nebular and Formation. Over its first 15 months it shipped yellowpages, the Q-Day Prize and Q-Day Clock, open-source post-quantum algorithm implementations, a post-quantum Solana testnet and the Bitcoin Risq List. On 14 January 2026 it announced a $20 million Series A led by Castle Island Ventures, reported at a $120 million valuation, and signalled a further major product release in early 2026.
Risks & controversies
The sources do not report controversies. The business depends on the uncertain timing of a cryptographically relevant quantum computer ("Q-Day"), and the company notes that networks such as Bitcoin are governed cautiously and take years to upgrade, making adoption of post-quantum migration slow and dependent on protocol governance.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 7
launches, deals, and filingsProject Eleven announced a $20 million Series A led by Castle Island Ventures, reported 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. Proceeds are directed at post-quantum migration tooling for digital asset networks and institutions.
$20M source ↗
Project Eleven is collaborating with the Solana Foundation and other Layer 1 ecosystems on post-quantum readiness planning, migration testing and deployment sequencing.
Project Eleven announced that Marin Ivezic, founder of Applied Quantum and author of PostQuantum.com, joined as an advisor. Date not stated in the source.
Blog post announcing that Project Eleven is collaborating with Ripple on quantum-era security for the XRP Ledger; date not stated in the source.
Project Eleven open-sourced libqc and quantum-vault, described as audited reference implementations covering post-quantum crypto migration, ERC-4337 account abstraction, Bitcoin vault security and crypto-agile wallet infrastructure. Exact date not stated in the sources.
Project Eleven published the Bitcoin Risq List, described by the company as a tracker of quantum-vulnerable Bitcoin, with a tool on its site to check whether a Bitcoin address is exposed.
Project Eleven raised a $6 million seed round led by Variant and Quantonation, with participation from Castle Island Ventures, Nebular and Formation.
$6M source ↗
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
▸Research sources · 8
primary sources listed
- Project Elevenprojecteleven.com · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Project Eleven do?
- Project Eleven builds post-quantum cryptography and migration tooling for Bitcoin, Ethereum and other digital asset networks.
- Who are Project Eleven's investors?
- Project Eleven's investors include Castle Island Ventures, Coinbase Ventures, Lattice Capital, Quantonation, Variant Fund, Balaji Srinivasan.