Project Eleven

What Project Eleven does

Project Eleven is a New York-based applied lab founded in October 2024 that develops post-quantum cryptography infrastructure for blockchain networks and digital assets. Its portfolio combines open-source cryptographic primitives and developer tooling with bespoke enterprise advisory work: the Bitcoin Risq List is the canonical public tracker of quantum-vulnerable Bitcoin holdings (identifying approximately 6.9 million BTC at immediate risk through exposed public keys), Yellowpages is a production-deployed post-quantum attestation service that lets Bitcoin holders bind existing addresses to new post-quantum keypairs without moving coins on-chain, and Quantum Vault is a browser-extension reference wallet built on the libqc TypeScript SDK for ERC-4337 account abstraction. The company has also produced research artifacts including ML-DSA-B (a BLAKE3-optimized variant of NIST ML-DSA built with JP Aumasson and Zooko Wilcox), Lattice HD Wallets (a post-quantum BIP32 construction using a modified Raccoon-G scheme), THINCS (a SPHINCS+/SLH-DSA parameter optimizer), and the Post-Quantum Cryptography Registry.

The company's technology is built on NIST-standardized algorithms (ML-DSA, SLH-DSA, ML-KEM) combined with custom lattice-based constructions, and its open-source repositories (libqc, quantum-vault, THINCS, lattice-hd-wallets) are MIT-licensed and audited by Cure53. The core offerings sit alongside a professional services practice covering protocol and cryptography review, post-quantum readiness assessment, threat modeling, and security advisory for Layer 1 protocols and critical infrastructure operators, with named engagements underway at the Solana Foundation and Ripple (leading XRPL Phase 2 post-quantum readiness). The business model blends a freemium, open-source-led developer adoption motion with a quote-based, multi-year enterprise direct-sales motion and embedded protocol co-development. It serves Layer 1 blockchain protocols, financial institutions and custodians preparing for US federal PQC migration deadlines, cryptography researchers and developers contributing to its open-source repos, and individual Bitcoin holders using Quantum Vault and the Bitcoin Risq List.

The company is privately held and venture-backed, having raised approximately $26M across a $6M seed in June 2025 and a $20M Series A in January 2026 led by Castle Island Ventures at a reported $120M post-money valuation, with participation from Coinbase Ventures, Fin Capital, Variant, Quantonation, and others. Leadership includes CEO and co-founder Alex Pruden (former US Army officer) and CTO and co-founder Conor Deegan (cited in the Google/Stanford/Ethereum Foundation whitepaper), supported by an advisory bench that includes Michael Gronager (Chainalysis and Kraken co-founder), Dolev Bluvstein (Caltech professor and Oratomic CEO), and Marin Ivezic (Applied Quantum founder). The company has 5-10 employees as of the most recent data.

Name

Project Eleven

Legal name

Project Eleven, Inc.

Website

https://projecteleven.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

Project Eleven is a New York-based applied lab that builds post-quantum cryptography infrastructure and advisory services for blockchain protocols, financial institutions, and digital asset holders, with flagship offerings including the Bitcoin Risq List, the Yellowpages post-quantum attestation service, the open-source Quantum Vault and libqc SDK, and enterprise post-quantum readiness engagements.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Enterprise Audits & Advisory: Enterprise engagements covering protocol & cryptography review, post-quantum readiness assessment, threat modeling, and security advisory for L1 and infrastructure teams. Quote-based pricing, not publicly disclosed.
2. Co-Development & Deployment Services: Bespoke co-development engagements with major blockchain ecosystems (e.g., Ripple/XRPL, Solana Foundation) to design, prototype, and deploy post-quantum cryptography infrastructure, including hybrid signatures and custody wallet prototypes.
3. Open-source tools (Free): Yellowpages, Quantum Vault, libqc, THINCS, ML-DSA-B and other tools released as free, MIT-licensed open source to drive adoption and ecosystem pull-through into enterprise engagements.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

Project Eleven builds and sells post-quantum cryptography software and enterprise services for blockchain networks and digital assets. Its commercial revenue comes from quote-based professional services engagements (post-quantum audits, readiness assessments, threat modeling, and bespoke co-development with Layer 1 protocols and critical-infrastructure operators). Its product surface includes the Bitcoin Risq List data tracker, the Quantum Vault browser-extension wallet and libqc TypeScript SDK, the Yellowpages Bitcoin post-quantum attestation service, ML-DSA-B and PQC Suite-B optimized cryptographic algorithms, the THINCS parameter optimizer, the Lattice HD Wallets research construction, and the Post-Quantum Cryptography Registry, all released as free MIT-licensed open source alongside the paid advisory practice.

Product overview

Project Eleven offers an applied-lab portfolio of post-quantum cryptography products and services for digital-asset protocols and institutions, combining consumer-facing tooling, open-source cryptographic primitives, an enterprise advisory practice, and industry research. The public-facing data product (Bitcoin Risq List) and consumer wallet reference implementation (Quantum Vault) anchor the offering; these are built on the open-source libqc TypeScript SDK for ERC-4337 account abstraction. The on-chain attestation service Yellowpages is the only post-quantum cryptographic solution deployed in production for Bitcoin, while research artifacts (the PQ Registry, THINCS, the ML-DSA-B and PQC Suite-B initiative, and the Lattice HD Wallets paper + Rust implementation) advance the underlying cryptographic toolkit. Professional services (Protocol & Cryptography Review, Post-Quantum Readiness Assessment, Threat Modeling, Security Advisory) sit alongside industry-facing initiatives such as the 1 BTC Q-Day Prize bounty and the annual Quantum Threat to Blockchains research report.

Differentiator

Problem solved

Functional benefit

Brands

• Bitcoin Risq List: Real-time public tracker of quantum-vulnerable BTC, identifying Bitcoin addresses with exposed public keys at immediate risk; flagship reference dataset for Bitcoin's quantum exposure.
• Yellowpages
• Quantum Vault
• PQC Suite-B / ML-DSA-B
• THINCS
• Post-Quantum Cryptography (PQ) Registry
• libqc

Products and services

• Bitcoin Risq List A real-time public tracker of quantum-vulnerable Bitcoin that identifies approximately 6.9 million BTC at immediate risk through exposed public keys, serving as the canonical dataset referenced in serious conversations about Bitcoin's quantum exposure.
• Quantum Vault A browser-extension wallet (Chrome Web Store) for protecting Bitcoin and Ethereum against future quantum attacks, built on top of libqc with BIP-85 derivation, all-or-nothing sweep semantics, ERC-4337 Kernel accounts with validator-based crypto agility, and custom memory-handling tests. MIT-licensed and audited by Cure53.
• libqc An MIT-licensed, Cure53-audited TypeScript SDK for ERC-4337 account abstraction with parallel Bitcoin support. Provides Kernel accounts whose signature scheme is determined by a pluggable validator (current default secp256k1; ML-DSA/SLH-DSA support designed as a validator swap), plus BIP-85 derivation, off-network address derivation, and heap-snapshot memory-handling tests.
• Yellowpages
• PQC Suite-B (ML-DSA-B) Open-source initiative launched with JP Aumasson (Taurus) and Zooko Wilcox (Zcash) that leverages BLAKE3 high-performance hashing to produce faster drop-in variants of NIST-standard PQ algorithms. The first protocol, ML-DSA-B, replaces SHAKE inside NIST ML-DSA with BLAKE3, delivering up to 60x faster pre-hashing, 20% faster signing, and 30% faster verification.
• Post-Quantum Cryptography Registry
• THINCS An open-source Rust tool that searches the SPHINCS+/SLH-DSA parameter space for the smallest valid configuration given a user's signing budget and security level. Supports SHAKE and SHA-2 hash families with runtime selection and produces meaningfully smaller signatures than FIPS 205 defaults.
• Lattice HD Wallets A post-quantum HD wallet construction that restores BIP32-style key derivation using a modified Raccoon-G scheme with Gaussian-distributed secrets and unrounded public keys. Includes an ML-DSA variant limited to hardened derivation. The first post-quantum construction recovering BIP32's full non-hardened public-key derivation with provable security.
• Enterprise Post-Quantum Services

Quantifiable outcome

• Reduced Q-Day baseline projection to 2030-2033 (from prior estimates)
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Seven partnerships are on record, tiered core and flagship.

• Marin IveziccoreOthers · 3 June 2026Joined Project Eleven as an Advisor. Founder and CEO of Applied Quantum, author of PostQuantum.com, former cybersecurity practice leader at PwC, IBM, Accenture, and KPMG across APAC, North America, EMEA, and the Middle East. Advises on enterprise adoption, risk education, and post-quantum security standards.
• Ripple (RippleX)flagshipStrategic or Co-development Partner · 19 May 2026Collaboration announced May 19, 2026 to advance post-quantum readiness on the XRP Ledger. Project Eleven is leading Ripple's Phase 2 post-quantum readiness: full audit of XRPL's validator, custody, networking, and wallet layers; hybrid signature deployment; and a quantum-secure custody wallet prototype. Ripple stated Project Eleven's work "significantly" moved their Phase 2 timeline forward.
• Solana FoundationflagshipStrategic or Co-development Partner · 16 December 2025Collaboration announced December 16, 2025 to enhance post-quantum security for the Solana network. Project Eleven conducted an in-depth risk analysis and deployed the first functioning post-quantum signature system on a Solana testnet, demonstrating end-to-end quantum-resistant transactions are practical and scalable.
• BLAKE3 Team (JP Aumasson, Zooko Wilcox)coreStrategic or Co-development Partner · 8 October 2025Collaboration to launch PQC Suite-B, leveraging BLAKE3 high-performance hashing to create faster variants of NIST standard PQ algorithms. Jointly built ML-DSA-B with Taurus (JP Aumasson) and Zcash (Zooko Wilcox).
• Cure53coreImplementation/ SI/ Consulting PartnerIndependent cybersecurity audit firm that audited both libqc and quantum-vault reference implementations.
• Michael GronagercoreOthersCo-founder of both Chainalysis and Kraken. Serves as an Advisor to Project Eleven, bringing deep expertise in crypto infrastructure, regulation, and quantum-ready security for digital assets.
• Dolev BluvsteincoreOthersCEO of Oratomic and Professor at Caltech. Renowned quantum computing researcher in neutral-atom quantum systems who joined as an Advisor to bridge breakthroughs in neutral-atom quantum systems with real-world post-quantum cryptography and blockchain security.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• PQShield: Dedicated post-quantum cryptography company offering PQC implementations, hardware IP, and migration tooling for enterprises. Directly comparable as a venture-backed pure-play in PQ cryptography competing for the same enterprise advisory and deployment budget as Project Eleven.
• QuSecure: Post-quantum cybersecurity company offering quantum-safe communication, key management, and orchestration software. Comparable as a direct competitor selling PQ-readiness services into regulated enterprises, with overlap in crypto-agility tooling.
• Crypto4A Technologies: Post-quantum-ready hardware security module (HSM) and key management vendor. Comparable as a PQ security infrastructure specialist pursuing enterprise and government customers who need crypto-agile, quantum-resistant key custody — overlapping with Project Eleven's custody wallet prototype work.
• ISARA Corporation: Post-quantum security company building crypto-agile libraries and migration tools for large enterprises and public-sector buyers. Comparable as a competitor in the PQ readiness assessment and migration advisory market, though with less blockchain-specific specialization.

Broad incumbents

• Cloudflare Post-Quantum: Cloudflare's PQ initiatives including post-quantum TLS and post-quantum Roughtime. Comparable as a broad incumbent offering PQ primitives and migration support as part of an edge platform, with potential overlap in client-side crypto-agility tooling.
• Microsoft Quantum Safe: Microsoft's PQ cryptography program built into Windows, Azure, and Microsoft 365. Comparable as a broad incumbent driving PQ migration at enterprise scale and potentially absorbing the advisory-and-tooling niche Project Eleven serves.
• IBM Quantum Safe: IBM's post-quantum cryptography initiative spanning software, hardware, services, and standards engagement. Comparable as a broad incumbent whose portfolio overlaps with Project Eleven's enterprise advisory and migration offerings, but bundled with IBM's wider quantum and security stack.

Emerging players

• Niobium: Post-quantum cryptography hardware and software company focused on low-latency PQ primitives. Comparable as a venture-backed peer in the PQ implementation space with overlapping enterprise go-to-market motion.
• Quantinuum: Trapped-ion quantum computing company with a co-investor (Quantonation) and overlap with PQ cryptography initiatives. Comparable as a frontier quantum player whose roadmap directly influences the demand-side of Project Eleven's services market.
• Ethereum Foundation (Post-Quantum Initiatives): Ethereum Foundation-led research and engineering on post-quantum cryptography for Ethereum, including the roadmap that referenced Project Eleven's work. Comparable as an in-protocol PQ effort that could compete with Project Eleven's Ethereum-focused advisory engagements.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/qdayclock
• GitHubgithub.com/p-11
• LinkedInlinkedin.com/company/p-11

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Project Eleven