Planqc, an atom-based quantum computing headquartered in Munich, recently announced the successful completion of a €50 million Series A financing round. This significant investment was spearheaded by the European Family Office CATRON Holding and the DeepTech & Climate Fonds (DTCF), with additional contributions from Bayern Kapital, the Max-Planck Foundation, other private investors, existing investors UVC Partners and Speedinvest, and a non-dilutive grant from Germany’s Federal Ministry of Education and Research (BMBF).
Alexander Glätzle, CEO and co-founder of planqc said: “This latest investment round is a strong endorsement of our technology as a leading platform for quantum applications. It 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.”
Planqc’s unique technology, rooted in award-winning research at the Max-Planck-Institute for Quantum Optics (MPQ), aims to rapidly advance the development of industry-relevant quantum computers. The newly acquired funds will be used to establish a quantum computing cloud service and to develop quantum software for applications across various industries, including chemistry, healthcare, climate tech, automotive, and finance. Currently, planqc leverages quantum machine learning for climate simulations and the development of more efficient batteries for electric vehicles.
Dr. Sebastian Blatt, CTO of planqc, explained: “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.”
Founded in 2022 by scientists from MPQ and Ludwig-Maximilians-University Munich (LMU), planqc is situated in Munich’s Quantum Valley (MQV). Recently, the company was commissioned by the German Government to deploy a 1,000-qubit quantum computer at the Leibniz Supercomputing Centre, one of Germany’s premier supercomputing facilities. Additionally, planqc secured a European tender to develop a quantum computer for the German Aerospace Center (DLR).
Dr. Torsten Löffler, Investment Director at DTCF, remarked: “We are thrilled to invest in a startup that not only leads in high-impact technology but also enables further breakthroughs in the most pressing global computational challenges across various industries by offering access to the technology in the form of a quantum cloud computing service. Planqc’s impressive track record in securing contracts and public grants within just 18 months underscores its role as a frontrunner in the quantum computing sector both in Europe and globally.”
Prof. Immanuel Bloch, director at MPQ, added: “At MPQ, we have a strong tradition of supporting spin-offs from our institute and translating fundamental science to industry. Planqc is the latest example, based on our expertise in trapping, cooling, and manipulating cold atoms and molecules. We look forward to extending this collaboration in the future.”
In collaboration with planqc, MPQ has already showcased the scaling of neutral atoms used as qubits to 1,200. This milestone paves the way for fault-tolerant quantum computers. Further scaling to 10,000 or even 100,000 qubits is expected in the coming years, enabling the tackling of previously unsolvable problems.
The computational power of quantum computers is poised to revolutionize the discovery of new materials and pharmaceuticals, optimize challenges in fields like climate research, industry, and transportation planning, and usher in a new era of cryptography. Quantum machine learning will unlock unprecedented applications for artificial intelligence, providing the scientific community with a wholly new understanding of the world.
Dr. Anna Christmann, Coordinator of the Federal Government for German Aerospace and Commissioner for the Digital Economy and startups at the Federal Ministry for Economic Affairs and Climate Action, commented: “The success story of planqc demonstrates that innovative research today can become the forward-looking companies of tomorrow, strengthening our long-term competitiveness. We are proud that our ongoing commitment to innovation-friendly frameworks and easier access to venture capital is bearing fruit, and we continue to work every day to improve the start-up ecosystem in Germany and Europe.”
Read the orginal article: https://www.eu-startups.com/2024/07/munich-based-planqc-secures-e50-million-aiming-to-accelerate-quantum-computing-innovation/
