Of all the VC-backable sectors out there, quantum computing is one of the trickier ones.
The promise is huge, with some top minds predicting it’ll help with things like accelerating drug discovery, modelling fusion reactions or creating extremely powerful encryptions — the digital locks that keep governments’ sensitive data safe.
The race has no clear winners yet and VCs are duly taking bets. According to Sifted data, VCs have invested €600m in European quantum computing startups so far in 2024 — covering everything from quantum computer hardware development to cryptography, cloud, infrastructure and software.
It’s still very early days for quantum: 31 of the 36 quantum deals we’ve tracked in Europe this year were at an early stage (up to and including Series A), with an average cheque size of €8.3m. Munich-based planqc’s €50m Series A round, led by CATRON Holding and DTCF, is the largest early-stage deal seen to date in 2024.
The bulk of the action is happening in the big European countries. Including growth and late-stage fundraising, the UK sits alone on the podium for big quantum cheques. We counted five chunky deals totalling €394m so far in 2024 (of which €300m was for one company, Cambridge-based Quantinuum).
Relevant resources:
Here are the early-stage 5 startups that told Sifted they’re currently fundraising:
1/ Nu Quantum
Location: Cambridge, United Kingdom
Founded: 2018
Total funding: €13.5m
Last round: €10.2m Seed in November 2023
Investors: Ahren Innovation Capital, Amadeus Capital Partners, IQ Capital, Martlet, Cambridge Enterprise, Seraphim Space, University of Cambridge, University of Bristol Enterprise Fund, Parkwalk Advisors, Seraphim Space Camp, Expeditions Fund, Amadeus Partners Limited, 7percent Ventures
Fundraising: It has kicked off its fundraising efforts and is looking to close a €50m Series A in Q1 2025.
The startup is working on a novel quantum networking architecture tantalisingly called the “entanglement fabric”, which aims to address the scalability challenges of quantum computing by connecting different types of quantum processors. A University of Cambridge spinoff, the company’s investor base includes prominent VC firms like Seraphim Space, Amadeus Capital Partners and IQ Capital.
2/ SemiQon
Location: Espoo, Finland
Founded: 2023
Total funding: €2m
Last round: €2m pre-seed in February 2022
Investors: Voima Ventures, Lunar Ventures, European Innovation Council, Tiny VC, Dhyan VC
Fundraising: It hopes to close a €10m seed by Q1 2025.
It is working on building silicon-based quantum processors to make future quantum computers more affordable, scalable and sustainable. Following the start of its chip production line last year, SemiQon has worked with academic institutions and commercial players.
3/ G2Q Computing
Location: Milan, Italy
Founded: 2023
Total funding: €200k
Last round: €200k grant in June 2024
Investors: Techstars
Fundraising: It’s targeting a €2m pre-seed in Q2 2025.
Pitch deck
The startup specialises in enhancing classical computers using quantum tech. The company has created a modular software product that allows clients to select the best combo of quantum and classical approaches to efficiently tackle complex problems.
4/ Qubitrium
Location: Istanbul, Turkey
Founded: 2020
Total funding: €1.5m
Last round: €1.5m seed in August 2024
Investors: ACT Venture Partners
Fundraising: Expecting to close a €12m Series A round in Q3 2025.
Specialises in quantum cryptography, communication and sensing. The company has five patents and IP licences and is currently working with 13 companies.
5/ SECQAI
Location: London, UK
Founded: 2021
Total funding: €1.2m
Last round: €300k grant in September 2024
Investors: NATO Diana, UKRI, DSIT, DESNZ
Fundraising: Targeting a Q1 2025 close of a €10m seed round. It has already secured €5m.
The company, which was selected to join the NATO DIANA defence accelerator, develops dual-use hardware and software to protect governments and companies from future quantum-based attacks.
Read the orginal article: https://sifted.eu/articles/quantum-computing-startups-fundraising-list/
