Project Eleven raises $20M Series A led by Castle Island Ventures

Project Eleven has raised $20 million in a Series A round to help secure digital assets against future quantum threats. The company plans to launch its next product in early 2026.

Funding details: $20 million (Series A)

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New York-based Project Eleven has raised $20 million in a Series A funding round. The round was 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.

The funding comes as governments and companies start to plan for a future where quantum computers could break today’s cryptography. Many blockchains, including Bitcoin, rely on encryption methods that may not hold up once quantum systems mature. These networks protect trillions of dollars and move slowly by design, making upgrades hard to rush.

Project Eleven is building tools to help networks and institutions prepare early. This includes readiness checks, testing environments, and step-by-step plans to move safely to post-quantum systems over time.

CEO and co-founder Alex Pruden said the risk is real, even if it feels far off. He explained that major blockchains take years to change, so waiting until quantum threats are urgent would force rushed decisions. The company wants teams to prepare calmly, not react under pressure.

Castle Island Ventures general partner Nic Carter said quantum computing is the biggest technical threat public blockchains have faced so far. He believes Project Eleven is helping turn years of research into tools that can actually be used in production systems.

Project Eleven is already working with the Solana Foundation and other Layer 1 blockchain teams on early planning and technical efforts. The company previously raised a $6 million seed round in June 2025, led by Variant and Quantonation.

The startup plans to roll out its next major product in early 2026. It will focus on institutions, protocols, and users that want their systems to stay secure for decades.

Source: PRNewswire