Lastwall Raises $16M to Bring U.S.-Proven Cyber Defense Platform Home to Protect Canada's Critical Infrastructure

BDC Capital's StrongNorth Fund makes its first cybersecurity investment; NBIF writes largest single investment cheque in its history; Peter Dawe, BDC's VP of Defence Strategy, joins Lastwall's Board of Directors

‍FREDERICTON, NB, May 27, 2026 /CNW/ - Lastwall, a leader in identity-first security and quantum-resilient solutions, today announced a $16 million investment round led by the Business Development Bank of Canada (BDC) through BDC Capital's StrongNorth Fund. The investment positions Lastwall at the forefront of Canada's growing effort to strengthen sovereign cyber defense capabilities amid escalating threats targeting critical infrastructure, defense systems, and government networks.

The investment round includes participation from the New Brunswick Innovation Foundation (NBIF), Frostbite Capital, and existing investors Blue Bear Capital, BlueWing Ventures, and 18West.

Trusted by the U.S. Department of War and the Government of Canada, Lastwall has spent nearly a decade securing some of the world's most sensitive government environments. Following its success in the U.S. federal market, the company is now accelerating its expansion into Canada at a critical moment for national resilience, underscoring growing demand for homegrown cybersecurity solutions.

Launched to accelerate Canadian technologies critical to national security, economic resilience, and defense modernization, BDC's newly announced StrongNorth Fund is making Lastwall one of its first investments, and its first in cybersecurity. NBIF also made the largest single investment in its history through this round.

The announcement comes as governments and infrastructure operators across North America face escalating cyber attacks targeting energy systems, telecommunications, defense networks, transportation infrastructure, and public sector institutions.

The funding follows Lastwall's FedRAMP® Moderate Authorization, a milestone that enabled the company to operate within the U.S. federal ecosystem, one of the world's most rigorous cybersecurity environments. Building on that foundation, Lastwall is now applying battle-tested capabilities across U.S. and Canadian defense and civilian systems while offering allied governments a trusted, interoperable sovereign option for high-assurance identity security.

"We proved our model in the world's most demanding federal market," said Karl Holmqvist, Founder and CEO of Lastwall. "We earned FedRAMP Moderate Authorization, secured U.S. government systems, and built a platform for the realities of modern cyber warfare. Now, we're bringing those trusted capabilities home to help strengthen Canada's cyber resilience at a defining moment for national security."

"This is not a pivot away from the U.S. It's the next phase of a North American resilience mission," Holmqvist added. "Lastwall intends to be at the center of the mission to protect our continent, which means helping defend critical systems on both sides of the border."

From air-gapped defense environments to operational technology systems powering energy and utilities, Lastwall secures access across cloud, hybrid, and disconnected environments, including denied, degraded, intermittent, and low-bandwidth conditions where traditional identity systems often fail.

"BDC Capital's StrongNorth Fund invests in Canadian companies developing defence‑relevant and dual‑use technologies," said Peter Suma, Managing Partner at BDC Capital. "Lastwall fits that focus: its identity platform addresses a critical vulnerability across defence, government, and infrastructure systems operating in increasingly complex and contested environments. This investment helps scale a Canadian capability that secures access to the critical systems our economy depends on, supporting a key focus of BDC: reinforcing Canada's economic sovereignty."

"New Brunswick has built a strong advantage in cybersecurity, and NBIF is proud to back companies like Lastwall that are turning that strength into global opportunity," said Jeff White, CEO of the New Brunswick Innovation Foundation. "This financing reflects our strong conviction in the team, the technology, and the market opportunity ahead as the company scales its trusted solutions in some of the world's most security-sensitive markets."  

Peter Dawe, recently appointed Vice President, Defence Strategy at BDC, has joined Lastwall's Board of Directors. Dawe brings deep expertise at the intersection of defense strategy, sovereign capability development, and technology investment, further strengthening Lastwall's role in helping Canada build and retain critical cyber defense infrastructure.

For more information, visit: lastwall.com

About Lastwall

Lastwall secures mission-critical operations by modernizing identity and authentication, enabling Zero Trust access across cloud, hybrid, and disconnected environments, with quantum-resilient protection built in for what's next. Trusted by the U.S. Department of War since 2017 and the Government of Canada, Lastwall helps defense, Government, and critical infrastructure organizations prevent credential-based attacks, stop lateral movement, and stay ahead of emerging quantum threats. With FedRAMP^® Moderate Authorization, adherence to NIST SP 800-53/63 control sets, U.S. DoD Impact Level 2 (IL2) compliance (and DoD IL4 in progress), Lastwall's identity-first approach keeps critical missions secure, compliant, and resilient in the face of evolving cyber risks. Learn more at www.lastwall.com; follow on LinkedIn.  

SOURCE Lastwall

Media Contact: Alexandra Pony, [email protected], 250.858.06567