QIZ raises $17 million to map enterprise cryptography

QIZ Security announced a $17 million seed round on 9 July, co-led by Bessemer Venture Partners and Merlin Ventures. Evolution Equity Partners, Singtel Innov8 and other investors also participated. The company is building software to discover cryptographic assets across enterprise systems, model their risks and help organisations plan a transition to post-quantum cryptography.

Replacing encryption and authentication across a large organisation requires knowing which systems depend on which algorithms and who owns them. QIZ pitches continuous inventory and remediation management for that work. The company says it is already working with large businesses, but did not name customers in the release. Its statements about when quantum computers may threaten current cryptography are company framing, not a forecast validated by the funding announcement. The round’s stated use is product development and market expansion.