European Quantum Computing Leader PlanQC Raises 50 Million Euros

European leader in digital atom-based quantum computing, planqc, has secured €50 million in Series A financing led by CATRON Holding and DeepTech & Climate Fonds. The investment will be used to establish a quantum computing cloud service and develop quantum software for industries such as chemistry, healthcare, and finance.

Planqc’s unique technology, built on award-winning research at the Max-Planck-Institute for Quantum Optics, uses individual atoms confined in crystals of light as qubits, allowing for rapid scaling and improved quality. CEO Alexander Glätzle stated that this investment places planqc in a strong position to compete globally with its “Made in Germany” quantum computers.

The company has already been commissioned to deploy a 1,000-qubit quantum computer at the Leibniz Supercomputing Centre and has secured a European tender to develop a quantum computer for the German Aerospace Center. Key individuals involved include Dr. Sebastian Blatt, CTO of planqc, Prof. Immanuel Bloch, director at MPQ, and Dr. Anna Christmann, Coordinator of the Federal Government for German Aerospace.

European Quantum Computing Leader planqc Secures €50 Million Series A Financing

planqc, a European pioneer in digital atom-based quantum computing, has successfully secured €50 million in Series A financing. This substantial investment is 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, as well as a non-dilutive grant from Germany’s Federal Ministry of Education and Research (BMBF).

The financing will be utilized to establish a quantum computing cloud service and develop quantum software for applications in industries such as chemistry, healthcare, climate-tech, automotive, and finance. planqc is already leveraging quantum machine learning to work on climate simulations and more efficient batteries for electric vehicles.

Unique Technology Built on Award-Winning Research

planqc’s technology is built on award-winning research at the Max-Planck-Institute for Quantum Optics (MPQ). The company’s approach uses individual atoms confined in crystals of light as qubits, which enables rapid scaling of the number of qubits and improvement of their quality. This is a crucial step towards delivering fault-tolerant quantum computers.

Dr. Sebastian Blatt, CTO of planqc, explained that this approach is the fast track to achieving scalable and high-quality qubits. “Unlike most other companies, including Big Tech, we use individual atoms as qubits. This allows us to rapidly scale the number of qubits and improve their quality, which are the prerequisites for delivering fault-tolerant quantum computers.”

Rapid Progress and Milestones

Founded in 2022 by scientists from MPQ and Ludwig-Maximilians-University Munich (LMU), planqc is located at the heart of Munich’s Quantum Valley (MQV). The company has made significant progress, including securing a contract to deploy a 1,000-qubit quantum computer at the Leibniz Supercomputing Centre. Additionally, planqc showcased the scaling of neutral atoms used as qubits to 1,200, paving the way for fault-tolerant quantum computers.

Further scaling to 10,000 or even 100,000 qubits is expected in the next couple of years. These systems will be capable of tackling previously unsolvable problems, revolutionizing fields such as materials discovery, pharmaceuticals, climate research, and cryptography.

Government Support and Ecosystem

The success story of planqc demonstrates the importance of innovation-friendly frameworks and easier access to venture capital. Dr. Anna Christmann, Coordinator of the Federal Government for German Aerospace and Commissioner for the Digital Economy and Start-ups at the Federal Ministry for Economic Affairs and Climate Action, emphasized that “the ongoing commitment to innovation-friendly frameworks and easier access to venture capital is bearing fruit.”

Hermann Hauser, representing the APEX Amadeus Technology fund, one of planqc’s seed investors, added that “neutral atoms are currently on the fast track to achieving fault-tolerant quantum computing.” He praised planqc’s rapid progress in this area, securing over 50 million euros in contracts within 18 months and achieving Europe’s first 1,200-atomic qubit array.

Investor Confidence and Future Outlook

Benjamin Erhart, General Partner at UVC Partners, concluded that “the rapid progress of planqc since our initial investment is rooted both in planqc’s scientific excellence as well as its capability to attract world-class talent.” Monika Steger, Managing Director of Bayern Kapital, emphasized that planqc’s technologically promising approach coupled with the existing technological maturity convinced them to invest.

With this significant financing round, planqc is poised to continue its rapid progress and solidify its position as a frontrunner in the quantum computing sector both in Europe and globally.