French Quantum Start-up company PASQAL gets massive funding securing €100 Million in Series B Funding.

Pasqal Hardware

PASQAL, a pioneer in neutral atoms quantum computing founded in 2019, announced a €100 million equity Series B financing headed by a new international investment firm based in Singapore, Temasek. Its newest investors are The European Innovation Council (EIC) Fund, Wa’ed Ventures, and Bpifrance, through its Large Venture Fund. While, Quantonation, the Defense Innovation Fund, Daphni, and Eni Next will continue to support the company.

We are proud to invest in a startup we’ve been following for years that is working on a very high-
impact technology that will solve some of the world’s most pressing computational challenges across industries. PASQAL’s innovation in the quantum computing space has made them an industry leader in Europe and globally. We are excited to be a part of their incredible growth and contribute to their lasting impacts

Nicklas Bergman, EIC Fund advisor

Alain Aspect’s Nobel Prize-winning research established the foundation for PASQAL’s technology. PASQAL will utilize the funds to advance its neutral atoms quantum computing platform, which the company claims could provide significant economic benefits over traditional computers by 2024.

PASQAL intends to use the new funds to boost its research and development activities to produce a 1,000-qubit quantum computer in the short term and fault-tolerant designs in the long run. In addition, the company intends to increase the production of its quantum systems for on-premise installations and expand the development of proprietary algorithms for customers in critical industries such as energy, chemistry, automotive, mobility, healthcare, enterprise technology, finance, and government.

“PASQAL’s engineers have transformed world-class fundamental research into a system that is easy to use and is expected to deliver tremendous benefit to the world. I am incredibly proud of their accomplishments and impressed by the recognition from the investment community.”

Professor Alain Aspect, co-founder of PASQAL

PASQAL will also use the funds to broaden its global reach. This year, the company intends to create offices in the Middle East and Asia and expand its existing operations in Europe and North America. PASQAL intends to treble its current workforce of 100 employees more than this year.

“We are on a clear path to deliver a quantum computer capable of unlocking commercial advantage for our customers and this latest investment round will help us reach this goal by 2024,” said . “This funding round validates that neutral atom technology is a premier platform for delivering real-world quantum applications, and we are proud to see its potential recognized by top investors.”

Georges- Olivier Reymond, CEO, and founder of PASQAL

PASQAL and its global partnerships

PASQAL is actively working with several Global Fortune 500 firms. The company recently published research with Crédit Agricole CIB, the world’s largest cooperative financial organization, demonstrating that PASQAL’s technology could tackle complicated financial optimization issues as precisely as traditional computers.

BASF, the world’s largest chemical business, is investigating how PASQAL’s technology can be used to predict weather patterns. Meanwhile, BMW uses PASQAL’s algorithms to simplify complex simulations for crash testing and produce lighter parts and materials. Siemens, Airbus, LG Electronics, Johnson & Johnson, and Thales are among the many additional PASQAL customers.

Pasqal Was Founded In 2019 By Georges-Olivier Reymond, Christophe Jurczak, Professor Dr. Alain Aspect, Nobel Prize Winner Physics, 2022, Professor Dr. Antoine Browaeys, And Dr. Thierry Lahaye.
The PASQAL team.

PASQAL has collaborated with the world’s biggest energy providers, Aramco and Eni, to accelerate industrial applications in 2022. Additionally, PASQAL partnered with EDF, Exaion Inc., and the Quantum Innovation Zone to establish QuaTERA (Quantum Technologies Energy Result Accelerator), the first open centre of excellence to use HPC and quantum computing to develop sustainable energy solutions.

Quantum computing aims to transcend classical computing’s limits by providing enormous processing power to solve highly valued computational problems that could not previously be handled. According to a BCG study, quantum computing will provide up to $850 billion in annual value by 2040, unlocking new value across various industries.

The company recently sold two quantum computers to France and Germany for installation on-premises at HPC centres in both countries. PASQAL, a Gartner Cool Vendor for 2022, has also established research cooperation with the University of Chicago.

“We are very proud of this new milestone in PASQAL’s development that will make the company a world leader. Quantonation has supported the company since its spin-off from Institut d’Optique. It is the first scale-up within Quantonation’s portfolio, and it truly illustrates the excellence of French research and the competitiveness of the French quantum ecosystem.”

Christophe Jurczak, Managing Partner at Quantonation