Quantum Startup planqc Raises $54M

Quantum computing firm planqc has secured €50 million (~$54 million) in series A financing from various European investor groups. With the money, the startup plans to establish a quantum computing cloud service and develop quantum software for applications in industries including healthcare, climate tech, automotive, and finance.

Founded in 2022 and based in the Munich Quantum Valley, the startup is developing neutral atom-based quantum computing built on a foundation of research conducted at the Max-Planck Institute for Quantum Optics. Quantum information is processed by arranging neutral atom qubits trapped in optical lattices and manipulating them with precisely controlled laser pulses.

In its collaboration with the Max-Planck Institute for Quantum Optics, planqc had previously showcased the scaling of the number of neutral atoms used as qubits to 1,200. According to the company, the milestone can pave the way for fault-tolerant quantum computers.

The computational power of quantum computers is poised to fuel the discovery of new materials and pharmaceuticals; address optimization challenges in fields like climate research, industry, and transportation planning; and usher in a new era of cryptography.

planqc was commissioned last May to develop a quantum computer for the German Aerospace Center. According to the company, it was recently contracted by the government to build a 1000 qubit quantum computer at the Leibniz Supercomputing Centre.