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Post-Quantum Cryptography Companies Analysis

A comprehensive analysis of PQC companies and their value propositions in the quantum-resistant security landscape

TIMG5303B: ML for Tech Entrepreneurship Winter 2025 Group 2
Temuulen Turbat Lizhao Luo Mike Wang Christabel Awuah-Gyasi Babatunde Oladoja Ye Liu Joe (Beiqiao) Hu

Our Research Process

1. Company Collection & Validation

Using multiple LLM tools (Perplexity, Grok, ChatGPT), we compiled an initial list of companies offering Post-Quantum Cryptography (PQC) solutions. After deduplication and manual validation, we finalized a list of 63 verified companies, each with working links to their official websites or product pages.

2. Web Scraping & Content Cleaning

  • ​We used Claude 3.7, which performed best in our tests, to scrape relevant web content.
  • ​Firescraper was also used to automate content extraction from official company websites.
  • ​Team members uploaded their scraped data to a shared Corpus folder and manually cleaned the content, removing irrelevant or duplicate pages and keeping only material related to PQC solutions. The cleaned content was then organized in a shared spreadsheet for analysis.

3. Company Classification & Topic Modeling

Using the Orange Data Mining tool, we applied topic modeling to cluster companies into five distinct categories based on the nature of their PQC offerings. Then we choose a certain number of examplary companies that can represent each topic. The exemplary companies are selected if their Correlation Coefficient to that topic is higher than 0.95

4. Insight Development

We analyzed the representative companies to extract strategic insights, including value propositions, target customers, key benefits, technological differentiators (such as use of AI), and cost/value structures. This helped us understand broader trends in the PQC market and how different companies position themselves.

5. Website Generation & Presentation

Based on the refined insights and content, we used LLMs to generate clean summaries and HTML pages. These were then compiled into a website to visually present the results and insights from the entire project.

Orange Workflow

Orange Workflow Diagram

Load Data

Loaded the corpus from 1A into Orange using CSV File Import widget

Preprocess Data

  • Transformation: Lowercase
  • Tokenization: Regexp
  • Filtering: Stopwords & Stemming
  • Document Frequency: 0.11 - 0.85 range

Topic Modeling

  • Log perplexity: 32.44154
  • Topic coherence: 0.51707
  • Five distinctive topics are identified

Topics Identified

Our analysis identified five distinct topic models from the PQC companies' data. Each topic represents a unique focus area in the post-quantum cryptography landscape.

Topic 1

Infrastructure

Secure Digital Infrastructure

Products built for modern digital environments integrating blockchain and cloud technologies with robust APIs and storage solutions

blockchain cloud design service partner fip storage api ip developer

Topic 2

Embedded

Embedded Advanced Security

Solutions designed to be embedded within hardware or software systems with advanced cryptographic methods and discovery tools

embed offer discovery bit design advance government method service tool

Topic 3

Communication

Resilient Communication & Encryption

Products addressing the critical need for secure data transmission with enhanced traditional encryption/decryption processes

government encrypt resilient decrypt benefit transmission case problem traditional ability

Topic 4

Analytics

Comprehensive Visibility & Analytics

Tools delivering full-system visibility through machine-level analytics with built-in discovery features and adherence to standards

machine visibility full crystal standard offer discover built user advance

Topic 5

Authentication

Robust Authentication & Protection

Features like randomness and advanced decryption to strengthen authentication with complex, resilient protection mechanisms

random protect feature resilient guide authentication state enhance complex decrypt

Log Perplexity

32.44
Lower is better

Log perplexity measures how well the model predicts the data. Lower values indicate a better fit.

Topic Coherence

0.517
Higher is better

Topic coherence measures how closely related the words within a topic are. Higher values suggest more coherent topics.

Group Analysis

A comprehensive analysis of each group's value proposition, target customers, key benefits, differentiators, and more.

Secure Digital Infrastructure

blockchain cloud design service partner fip storage api ip developer

This category highlights products built for modern digital environments. They integrate blockchain and cloud technologies with robust APIs and storage solutions, support secure design and development, and adhere to compliance standards (e.g., FIP) to facilitate collaboration among developers and partners.

Each company in this group is selected with a Correlation Coefficient higher than 0.95 to this topic.

Companies in this group focus on infrastructure-level security solutions that integrate with modern technology stacks. They provide robust frameworks for developers and enterprises looking to build quantum-safe applications and systems.

Companies in This Group

Securosys

Market Offers

Quantum-safe cloud security services, hardware security modules (HSMs).

Target Customers

Enterprises, financial institutions, government entities.

Key Benefits

Secure storage, transmission, cloud data protection.

Differentiation

Hardware-backed quantum-safe cryptography, Swiss-based security compliance.

Key Resources

Cloud-integrated HSM, robust API support.

Role of AI/Tech

Enhanced data security via quantum-resistant algorithms.

Cost Drivers

Security compliance, infrastructure integration.

PQShield

Market Offers

Quantum-safe cryptography integrated on hardware, software, and cloud platforms.

Target Customers

Chip manufacturers, IoT device producers, software developers.

Key Benefits

Scalability, easy integration, compatibility with existing technology.

Differentiation

Hardware-software unified quantum protection, algorithm agility.

Key Resources

Cryptographic IP, developer-friendly tools.

Role of AI/Tech

Cryptographic adaptability for evolving threats.

Cost Drivers

Integration complexity, licensing of cryptographic IP.

QANplatform

Market Offers

Quantum-resistant blockchain solutions, developer platforms.

Target Customers

Blockchain developers, enterprises.

Key Benefits

Simplified development, secure transactions.

Differentiation

Developer-centric quantum-resilient blockchain API.

Key Resources

Easy-to-use APIs, developer tools.

Role of AI/Tech

AI-driven security optimizations in blockchain.

Cost Drivers

Blockchain implementation, API usage.

Communique (IronCAP)

Market Offers

Post-quantum cybersecurity solutions.

Target Customers

SMEs, financial services, technology companies.

Key Benefits

Ease of implementation, robust encryption.

Differentiation

Combined quantum-proof and classical cryptographic methods.

Key Resources

User-friendly deployment guides, technical support.

Role of AI/Tech

Optimized cryptographic protocols.

Cost Drivers

System integration, solution customization.

NXM Labs

Market Offers

Quantum-resistant IoT platform.

Target Customers

IoT device makers, developers.

Key Benefits

Simplified quantum-safe development.

Differentiation

User-friendly IoT quantum protection solutions.

Key Resources

Comprehensive developer ecosystem.

Role of AI/Tech

IoT device security management.

Cost Drivers

Platform licensing, IoT integration.

Cross-Group Insights

Comparing insights across the five groups to understand the broader post-quantum cryptography landscape

Market Offers & Customer Segmentation

Diverse Security Focus

Although all groups aim to enhance security in the post‑quantum era, they target different layers of the security stack--from infrastructure and embedded systems to communication channels, monitoring and analytics, and authentication.

Tailored Value Propositions

Each group has specialized value propositions targeting specific customer needs, from foundational security (Groups 1-2) to resilient communication (Group 3), monitoring (Group 4), and access protection (Group 5).

Key Benefits & Differentiators

Innovation and Resilience

Each group leverages advanced technologies to offer innovative security solutions that differentiate them from traditional alternatives.

Compliance and Integration

Adherence to standards is a common differentiator, ensuring that solutions not only secure systems but also integrate smoothly into existing environments.

Role of AI and Emerging Technologies

Enhancing Customer Value

AI is a common thread across all groups, enhancing different aspects from real-time monitoring to anomaly detection, adaptive encryption, and biometric systems.

Driving Innovation

The convergence of AI with cryptographic techniques strengthens the overall security posture and offers a competitive edge in rapidly evolving threat landscapes.

Resources & Cost Considerations

Investment in R&D

Significant investments in R&D, infrastructure, and compliance certifications are necessary across all groups.

Strategic Partnerships

Many companies emphasize partnerships which are critical to value co‑creation, helping reduce integration costs and foster innovation.

Cost Drivers for Customers

Integration costs, compliance certification, and operational overheads contribute to customer cost bases across all groups.

Conclusion

PQC Landscape

By examining each group individually and then comparing them, we can see that while all these companies are focused on enhancing security in the quantum era, they differentiate themselves through specialized market offers--from digital infrastructure and embedded security to resilient communication, comprehensive analytics, and robust authentication.

Their value propositions are driven by a blend of advanced cryptographic techniques, compliance with industry standards, and the strategic use of AI and emerging technologies. This multi‐layered approach not only caters to diverse target customers--from developers to government agencies--but also addresses key challenges such as integration complexity, cost of deployment, and the need for proactive security measures.

Security Enhancement
Specialized Solutions
AI Integration
Quantum Resistance
Value Co-Creation