Munich-based quantum computing startup planqc is today announcing a €50m Series A round, led by the European Family Office CATRON Holding and Germany’s deeptech and climate tech fund (DTCF).
Founded in 2022, planqc — a spinout from the Max Planck Institute in Munich — builds quantum computers using a technique known as “neutral atoms” that involves using lasers to trap and stabilise single atoms to make qubits (stores of quantum information).
The company says this approach is the fastest way to scale up a quantum processor’s number of qubits and improve their quality — both of which are “prerequisites for being the first to deliver fault-tolerant quantum computers,” says Dr Sebastian Blatt, CTO of planqc.
Startups globally are racing to build quantum computers, which scientists say will unlock unprecedented computational power, aiding in the discovery of new materials and pharmaceuticals and solutions for the climate crisis, among other applications.
VC funding for quantum-related tech in Europe grew by 3% last year to $781m — more than three times the amount raised in the sector in North America ($240m). Governments have also declared strong support for the sector: the UK has committed $4.3bn to quantum technologies and Germany has pledged to invest €3bn by 2026 to build a universal quantum computer.
As part of Planqc’s round, Germany’s Federal Ministry of Education and Research (BMBF) contributed a non-dilutive grant. Bayern Kapital, the Max Planck Foundation, existing investors UVC and Speedinvest also participated.
On par with IBM?
Plancq is the first startup to have come out of Munich’s Quantum Valley (MQV) — an initiative set up in 2020 to promote quantum science and technology and operate quantum computers in Bavaria.
Professor Immanuel Bloch of the Max Planck Institute says that planqc has already shown it can scale “the number of neutral atoms utilised as qubits to 1,200” which, if true, would put the company on par with US computing giant IBM, which recently showcased a 1,121 qubit machine.
“Reaching this industry milestone in qubit numbers paves the way for fault-tolerant — and therefore practically useful — quantum computers,” he says. “Further scaling to 10,000 or even 100,000 qubits is expected in the next couple of years. These systems will then be capable of tackling previously unsolvable problems.”
Recently, planqc was commissioned by the German Government to deploy a 1,000-qubit quantum computer at the Leibniz Supercomputing Centre.
It also secured a European tender of €29m in 2022 to develop a quantum computer for the German Aerospace Center (DLR).
Planqc will use the funding to establish a quantum computing cloud service and to develop quantum software for applications in industries such as chemistry, healthcare, climate-tech, automotive and finance.
The company says it is already using quantum machine learning to work on climate solutions, such as more efficient batteries for electric vehicles.
Read the orginal article: https://sifted.eu/articles/planqc-raises-50m-series-a-news/
