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Planqc raises £42.2M in financing for quantum advancements

Written by Tue 9 Jul 2024

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Digital atom-based quantum computing company, planqc, has secured £42.2 million ($54 million) in financing.

The Series A investment is led by the European Family Office CATRON Holding and the DeepTech & Climate Fonds (DTCF). Additional support comes from Bayern Kapital, the Max-Planck Foundation, private investors, existing investors UVC and Speedinvest, and a non-dilutive grant from Germany’s Federal Ministry of Education and Research (BMBF).

“The substantial backing 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,” said Alexander Glätzle, CEO and co-founder at planqc.

The new financing will be utilised to establish a quantum computing cloud service and to develop quantum software for applications in industries such as chemistry, healthcare, climate-tech, automotive, and finance. 

“We are thrilled to invest in a startup that not only leads in high-impact technology but also enables further breakthroughs in most pressing global computational challenges across various industries,” said Dr. Torsten Löffler, Investment Director at DTCF.

Advancing Industry-Relevant Quantum Computing

planqc’s technology is built on research at the Max-Planck-Institute for Quantum Optics (MPQ) and aims to rapidly advance the development of industry-relevant quantum computers.

CTO of planqc, Dr. Sebastian Blatt, said unlike most other companies, planqc uses 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,” added Blatt.

Currently, planqc is using quantum machine learning to work on climate simulations or more efficient batteries for electric vehicles.

The quantum computing company stated quantum computers’ computational power has the potential to significantly impact the discovery of new materials and pharmaceuticals, tackle optimisation challenges across fields such as climate research, industry, and transportation planning, and potentially transform cryptography.

“Quantum computers are one of the technologies that can offer unforeseeable added value by facilitating or even enabling the discovery, research and development of other future technologies,” said Monika Steger, Managing Director at Bayern Kapital.

Reaching Quantum Milestones

Planqc added quantum machine learning is expected to enable new applications for artificial intelligence (AI), offering the scientific community fresh perspectives on understanding the world.

The MPQ, working with planqc, has demonstrated the use of 1,200 neutral atoms as qubits, a significant milestone in quantum computing. 

Achieving this milestone suggests progress towards building fault-tolerant quantum computers, which are essential for practical applications. They anticipate scaling up to 10,000 or even 100,000 qubits in the coming years. These advancements will enable these systems to tackle problems that were previously unsolvable.

Planqc was 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 selected to deploy a 1,000-qubit quantum computer at the Leibniz Supercomputing Centre, a leading supercomputing facility in Germany, by the German Government. 

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Written by Tue 9 Jul 2024

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