Munich-based planqc, a company developing quantum computers, has secured €50M in a Series A round of funding.
The round was led by the European Family Office CATRON Holding and the DeepTech & Climate Fonds (DTCF), with additional support from Bayern Kapital, the Max-Planck Foundation, private investors, existing investors UVC and Speedinvest.
The round also includes a non-dilutive grant from Germany’s Federal Ministry of Education and Research (BMBF).
Dr. Torsten Löffler, Investment Director at DTCF, says, “We are thrilled to invest in a startup that not only leads in high-impact technology but also enables further breakthroughs in most pressing global computational challenges across various industries by offering access to the technology in form of a quantum cloud computing service.”
“planqc’s impressive track record in securing contracts – in particular the DLR Tender – and public grants within just 18 months of operations underscores the company’s role as a frontrunner in the quantum computing sector both in Europe and globally.”
Monika Steger, MD of Bayern Kapital, adds, “Quantum computers are one of the technologies that can offer unforeseeable added value by facilitating or even enabling the discovery, research and development of other future technologies. Examples include new medicines, sustainable battery technology and climate simulations.”
“plancq’s technologically promising approach coupled with the existing technological maturity convinced us.”
Creating quantum computers atom by atom
Founded in 2022 by Alexander Glätzle, Sebastian Blatt, Johannes Zeiher and Lukas Reichsöllner, planqc is building quantum computers that store information in individual atoms – nature’s best qubits.
According to Wikipedia, in quantum computing, a qubit, or quantum bit, serves as the basic unit of quantum information. It differs from a classical bit by utilising a two-state quantum-mechanical system, showcasing unique properties of quantum mechanics.
planqc uses highly scalable arrays of qubits arranged and controlled by precisely timed laser pulses to process quantum information. This approach is claimed to be the fastest pathway to scaling to thousands of qubits, essential for achieving industry-relevant quantum advantage.
Co-founder Dr. Blatt, says, “Unlike most other companies, including Big Tech, we use individual atoms – confined in crystals of light – as qubits. This approach is the fast track to scaling the number of qubits and improving their quality, the prerequisites for being the first to deliver fault-tolerant quantum computers.”
Capital utilisation
planqc leverages technology from research at the Max Planck Institute of Quantum Optics (MPQ), focusing on advancing industry-relevant quantum computers.
The recent funding will help the company to establish a quantum computing cloud service and the development of quantum software. These efforts target applications across sectors including chemistry, healthcare, climate-tech, automotive, and finance.
Currently, planqc applies quantum machine learning to projects like climate simulations and improving electric vehicle battery efficiency.
Alexander Glätzle, CEO and co-founder of planqc, says, “This latest investment round is a strong endorsement of our technology as a leading platform for quantum applications.”
“The substantial backing places us in a perfect position to take on global competitors with our ‘Made in Germany’ quantum computers, targeting an emerging market valued at billions of euros.”
Recent growth and developments
The German Government has recently tasked the company to deploy a 1,000-qubit quantum computer at the Leibniz Supercomputing Centre, a facility in Germany.
Additionally, planqc has secured a European tender to develop a quantum computer for the German Aerospace Center (DLR).
The MPQ in collaboration with planqc have advanced neutral atom qubits to 1,200, a critical step toward fault-tolerant quantum computers. Future scaling to 10,000 or 100,000 qubits will enable solving previously unsolvable challenges.
Quantum computing’s potential spans new materials, pharmaceutical discovery, climate research optimisation, and cryptography advancements. Quantum machine learning will reshape AI, offering new insights into scientific understanding.
Hermann Hauser, representing the APEX Amadeus Technology fund, one of planqc’s seed investors, says, “Neutral atoms are currently on the fast track to achieving fault-tolerant quantum computing. I am deeply impressed by planqc’s rapid progress in this area.”
“Securing over 50 million euros in contracts within 18 months and achieving Europe’s first 1200-atomic qubit array are remarkable milestones for planqc and Europe’s tech sovereignty. I eagerly anticipate our continued collaboration in this pioneering field.”
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