Lastwall Raises $16M CAD Led by BDC Capital to Scale Quantum-Resilient Identity Platform in Canada

Lastwall, the identity-first cybersecurity company behind a quantum-resilient access platform, has raised 16 million Canadian dollars in a new funding round led by BDC Capital’s StrongNorth Fund. The round is the first cybersecurity investment by StrongNorth, and includes participation from the New Brunswick Innovation Foundation, Frostbite Capital, Blue Bear Capital, BlueWing Ventures, and 18West. The company is using the new capital to expand its Canadian operations after building out its product through US federal deployments.

Lastwall sells an identity and access platform built around what the company calls quantum-resilient cryptography, designed to secure sign-in and session management against the future risk posed by cryptographically relevant quantum computers. The platform covers passwordless and high-assurance authentication, and works across cloud, hybrid, and disconnected environments, including air-gapped defense systems and operational technology. The company holds a FedRAMP Moderate authorization, the federal cloud security baseline that lets US agencies adopt the platform for moderate-impact data.

The company’s customer base is concentrated in government, defense, critical infrastructure, and large enterprises. Lastwall already counts US Department of War and Canadian government clients, and the funding is directed at extending the operational model that produced those references into the Canadian critical infrastructure base, where energy, telecommunications, defense networks, and government institutions are facing rising threat activity.

“We proved our model in the world’s most demanding federal market,” said Karl Holmqvist, Founder and Chief Executive Officer of Lastwall, framing the funding as “the next phase of a North American resilience mission.” Peter Dawe, recently appointed Vice President, Defence Strategy at BDC, is joining Lastwall’s board as part of the investment.

The investment lands as identity and access vendors continue to add post-quantum components to their platforms. Wultra has expanded its post-quantum authentication business in Asia-Pacific, and other identity vendors have started integrating the NIST-selected post-quantum cryptographic algorithms into biometric platforms and authentication sessions. Lastwall’s pitch sits in the same category, with an emphasis on disconnected and air-gapped environments where conventional cloud-anchored identity systems cannot reach.

Sources: Newswire.ca

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By the ID Tech Editorial Team