Quantum computers can process massive and complex datasets more efficiently supercomputers. Such computers use the fundamentals of quantum mechanics to speed up complex computation solving. These computations involve an infinite number of variables and the potential applications of the same span across industries including finance, information security, medicine and every other industry.
All quantum computation processes are made of one-qubit and two-qubit operations that are the central building blocks of quantum computing. Researchers across the world are involved in figuring out ways to scale up to a large number of qubits necessary for universal quantum computing. They are working on integrating silicon to make this possible as it is a future proof platform, which is the core of the global computer industry for decades.
Many companies across the world are leveraging on quantum computing as this technology is on the cusp of becoming a practical solution. Here we list 10 hot quantum computing startups in Europe that are creating headlines right now as sourced from Dealroom.
Cambridge Quantum Computing (UK)
Founders: Ilyas Khan
Funding: €59.6 million
Valuation: $20 million
Founded Year: 2014
Why its hot: Cambridge Quantum Computing (CQC) is a leading independent quantum computing software company. It builds tools for the commercialisation of quantum technologies. The design solutions of CQC allows access to the quantum computing solutions for a variety of government and corporate users.
IQM (Finland)
Founders: Jan Goetz, Kuan Yen Tan
Funding: €11 million
Valuation: €44 million – €66 million
Founded Year: 2018
Why its hot: IQM is an emerging hardware systems leader involved in developing a quantum computer for practical application. It is a spin-off of the VTT Technical Research Centre and Aalto University. IQM develops quantum processors for large-scale and fraud-resistant quantum computing. Recently, the startup raised seed funding to boost the development of its hardware systems.
ID Quantique (Switzerland)
Founders: Nicolas Gisin
Funding: €6.6 million
Valuation: $65 million
Founded Year: 2001
Why its hot: ID Quantique is a global company with its headquarters in Switzerland and research labs and sales offices located across the world. There is a strong focus on innovation and flexibility that have made it a leader in applications such as scientific instrumentation, random number generation and safe cryptography.
Crypta Labs (UK)
Founders: Joe HQ Luong, Maarten Weehuizen
Funding: €4 million
Valuation: €8 million – €11 million
Founded Year: 2015
Why its hot: London-based Crypta Labs is addressing technologies that use quantum properties of light to ensure the security of critical data and communication devices. Crypta Labs is developing commercial applications for connected automotive applications. It plans to develop its technology for the medical sector too so that it can find applications ranging from MRI machines to computer-controlled insulin pumps and pacemakers.
Riverlane (UK)
Founders: Steve Brierley
Funding: €4 million
Valuation: £13 million – £20 million
Founded Year: 2017
Why its hot: Cambridge-based Riverlane is a leading European startup in developing advanced quantum computing software. It plans to put quantum computing to use as a simulation engine for microscopic systems that replace laboratory tests in applications such as drug discovery. Riverlane uses quantum computers to speed up the simulation of quantum systems.
GTN (UK)
Founders: Noor Shaker, Vid Stojevic
Funding: €2.5 million
Valuation: £8 million – £13 million
Founded Year: 2017
Why its hot: London-based GTN is a female-led company, which has developed a technology called Generative Tensorial Networks. This company builds on techniques from quantum physics and machine learning to simulate, filter and discover new molecules. GTN believes that it will make the drug development cycle more efficient and discover medicines needed for patients suffering from cancer, infectious and autoimmune diseases.
KETS Quantum Security (UK)
Founders: Chris Erven, Jake Kennard, Philip Sibson
Funding: €2.4 million
Valuation: £8 million – £12 million
Founded Year: 2016
Why its hot: KETS Quantum Security is a quantum tech company, which is passionate about solving real-world security issues by leveraging the advantages of quantum technologies. Its unique chip-based solutions provide ultra-low size power and weight without compromising performance.
Kiutra (Germany)
Founders: Jan Spallek, Tomek Schulz
Funding: €1 million
Valuation: €4 million – €6 million
Founded Year: 2018
Why its hot: Kiutra builds easy-access turn-key refrigeration solutions. Its all-electrical cooling devices combine closed-cycle pre-cooling and magnetic refrigeration to provide cryogeniccrypogenic temperatures that are convenient and cryogen-free. Kiutra is a TUM spin-off launched at the Chair for the Topology of Correlated Systems.
Phasecraft (UK)
Founders: Ashley Montanaro, Toby Cubitt, Professor John Morton
Funding: €900k
Valuation: £3 million – £5 million
Founded Year: 2018
Why its hot: Phasecraft cofounded by professors at the University of Bristol and UCL is involved in thehe development of software for quantum computers. The startup aims to solve problems beyond the capacity of classical computers. Phasecraft plans to design new algorithms and software that will run on quantum computers under development.
ChemAlive (Switzerland)
Founders: Laetita Bomble, Peter Jarowski, Thomas Eaton
Funding: €600k
Founded Year: 2014
Why its hot: ChemAlive operates with the objective to let full and automatic calculation of reliable and accurate data for molecular properties and synthetic reactions available to chemicals. The company’s technologies beckon a future where everything about a molecule will be known through computation. ChemAlive believes that the future of R&D will be more directed with more efficient chemical processes.
Stay tuned to Silicon Canals for more updates in the tech startup world.
Also read,
5 secrets to successful international fundraising from an industry insider