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Germany-based planqc snaps €50M to build scalable quantum computers

planqc team
Picture credits: planqc

planqc, a Germany-headquartered digital atom-based quantum computing startup, has snapped €50 million in Series A funding. The European Family Office CATRON Holding and the DeepTech & Climate Fonds (DTCF) led the round, which recently backed German startups Fernride and LiveEO

Additional financial support was provided by Bayern Kapital, which backed Proxima Fusion and Isar Aerospace, the Max-Planck Foundation, further private investors, and existing investors UVC and Speedinvest. It also includes a non-dilutive grant from Germany’s Federal Ministry of Education and Research (BMBF).

Funds utilisation

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

What does planqc do?

planqc was founded in 2022 by scientists from Max-Planck-Institute for Quantum Optics (MPQ) and Ludwig-Maximilians-University Munich (LMU) – Alexander Glätzle, Sebastian Blatt, Johannes Zeiher, Lukas Reichsöllner, Ann-Kristin Achleitner, and Markus Wagner. It is located at the heart of Munich’s Quantum Valley (MQV). It aims for rapid advancement in the development of industry-relevant quantum computers. 

The computer’s quantum computers store information in individual atoms – nature’s best qubits. Quantum information is processed by arranging these qubits in highly scalable arrays and manipulating them with precisely controlled laser pulses. planqc’s unique combination of quantum technologies is the fastest way to scale to thousands of qubits, a prerequisite for industry-relevant quantum advantage.

Prof. Immanuel Bloch, director at MPQ, added, “At MPQ, we have a strong tradition of supporting spin-offs from our institute and translating fundamental science to industry. planqc is the latest example and is based on our expertise in trapping, cooling and manipulating cold atoms and molecules. In the future, we look forward to extending this collaboration.”

Dr. Sebastian Blatt, CTO of planqc explained: “Unlike most other companies, including Big Tech, we use 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.”

Recent updates from planqc

Recently, the company has been commissioned to deploy a 1,000-qubit quantum computer at the Leibniz Supercomputing Centre, one of the nation’s premier supercomputing facilities by the German Government. Moreover, planqc has secured a European tender to develop a quantum computer for the German Aerospace Center (DLR).

Dr. Anna Christmann, Coordinator of the Federal Government for German Aerospace and Commissioner for the Digital Economy and Start-ups at the Federal Ministry for Economic Affairs and Climate Action noted: “The success story of planqc demonstrates that innovative research today can become the forward-looking companies of tomorrow, strengthening our long-term competitiveness. We are proud that our ongoing commitment to innovation-friendly frameworks and easier access to venture capital is bearing fruit, and we continue to work every day to improve the start-up ecosystem in Germany and Europe.”

Investors’ views

Dr. Torsten Löffler, Investment Director at DTCF on the occasion said: “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 by offering access to the technology in form of a quantum cloud computing service. planqc’s impressive track record in securing contracts – in particular the DLR Tender – and public grants within just 18 months of operations underscores the company’s role as a frontrunner in the quantum computing sector both in Europe and globally.”

Benjamin Erhart, General Partner at UVC Partners said, “The rapid progress of planqc since our initial investment is rooted both in planqcs scientific excellence as well as its capability to attract world class talent. In line with our strategy of building sustainable category leaders, it was a clear decision to double down on planqc significantily.”

“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. Examples include new medicines, sustainable battery technology, and climate simulations. planqc’s technologically promising approach coupled with the existing technological maturity convinced us,” added Monika Steger, Managing Director of Bayern Kapital.

“Neutral atoms are currently on the fast track to achieving fault-tolerant quantum computing,” added Hermann Hauser, representing the APEX Amadeus Technology fund, one of planqc’s seed investors. “I am deeply impressed by planqc’s rapid progress in this area. Securing over 50 million euros in contracts within 18 months and achieving Europe’s first 1200-atomic qubit array are remarkable milestones for planqc and Europe’s tech sovereignty. I eagerly anticipate our continued collaboration in this pioneering field.”

What do we think about planqc?

The recent funding will boost its efforts to establish a quantum computing cloud service and develop quantum software for various industries. Leveraging individual atoms as qubits, planqc’s unique approach offers a fast track to scalable, fault-tolerant quantum computers. Its rapid progress, key contracts, and support from prominent investors highlight its potential to revolutionise quantum computing.

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