March 17, 2023

Europe’s quantum startups, mapped


The US and China have dominated the quantum sector — particularly when it comes to quantum hardware — and large corporations like IBM are nudging closer to reaching more milestones, such as unveiling the first universal quantum computer with more than 1,000 qubits, expected some time this year.

But European startup underdogs could still leapfrog them.

Last month, French quantum computing startup PASQAL raised €100m after achieving a “world first” — running a calculation where its quantum computer performed as well as a state-of-the-art classical computer.

Investors are keen to bolster Europe’s quantum sector. Last year, VC investment into quantum computing and processors more than doubled — from $105m in 2021 to $257m in 2022. 

Europe even has a dedicated quantum fund from Paris-based VC firm Quantonation. And this February, Germany announced a new €1bn fund for deeptech and climate tech growth-stage companies, including quantum.


The best funded quantum startups in Europe

Here are the eight European startups that have raised the most money so far.

IQM Quantum Computers

Last year, Finnish quantum computing hardware provider IQM raised a hefty €128m round, led by climate tech investor World Fund, cementing it as Europe’s best-funded quantum computing startup. Up against big US companies like IBM and Google, the startup is focused on quantum computer hardware.

While IQM’s cofounder and CEO Jan Goetz told Sifted he doesn’t believequantum computing can solve the climate crisis on its own, he does believe it can help. One of the key potential applications is developing more efficient batteries to replace the combustion engine, by more accurately simulating the way chemical processes work at an atomic level.

McKinsey estimates that quantum computing could help develop technologies with the potential to abate seven gigatonnes of CO2 a year by 2035. 


Another chunky round was raised this year by French startup PASQAL. The company landed €100m in January to scale its quantum processing technology. 


Multiverse Computing

Another quantum software company that claims to have a ready-made application is Multiverse Computing. The Spanish startup says it’s developing quantum software for “extreme ideas” across verticals including finance, energy, aerospace and chemistry. In December 2021, Multiverse Computing was awarded €12.5m in funding from European Innovation Council. 

Have a look at Sifted's article here.