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.
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 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.
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 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.