October 6, 2023 · 1 min read

Unlocking Europe's Quantum Potential

The European Union (EU) stands on the leading edge of the quantum industry. This is one of the most promising industries of the future, with a projected market size of $106 billion by 2040. Yet its current global leadership position is under significant threat. As detailed by the European Quantum Industry Consortium (QuIC), the continued development and future competitiveness of the EU's quantum startups and scaleups are being imperiled by regulatory hurdles inherent in the financial models required by European funding institutions. These weaknesses jeopardize the unlocking of Europe's full quantum potential at a critical point in its evolution.

Multiverse Computing

Unlocking Europe's Quantum Potential

Quantum technology is not just a buzzword—these technologies are strategic assets with value acknowledged by EU institutions. The success of the EU startups and scaleups developing these assets—which are likely to become Europe's future tech giants—relies heavily upon their access to capital. Adequate financial resources are the lifeblood that transforms scientific leadership into commercially viable industrial prowess.

While the EU and its member states have established funding mechanisms to support local quantum companies, their implementation falls short of their intended objectives. This outcome is behind the troubling trend that sees the EU starting to lag behind other global players, deploying insufficient capital to keep up with the rapid growth of competitors in the quantum technology sector.

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About Multiverse Computing

Multiverse Computing is the leader in quantum-inspired AI model compression. The company’s deep expertise in quantum software led to the development of CompactifAI, a revolutionary compressor that reduces computing requirements and unleashes new use cases for AI across industries. Headquartered in Donostia, Spain, with offices in the United States, Canada, and across Europe, Multiverse serves more than 100 global customers, including Iberdrola, Bosch, and the Bank of Canada.

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