Quantum Computing Innovation Takes a Quantum Leap with Planqc's €50 Million Funding
July 12, 2024, 3:31 pm
In a groundbreaking move that has sent shockwaves through the tech industry, Munich-based quantum computing startup, Planqc, has secured a massive €50 million in Series A financing. This significant investment, spearheaded by CATRON Holding and DTCF, marks a pivotal moment in the evolution of quantum computing technology, propelling Planqc to the forefront of the global quantum computing race.
The funding round, which also saw contributions from Bayern Kapital, the Max-Planck Foundation, private investors, UVC Partners, Speedinvest, and a non-dilutive grant from Germany’s Federal Ministry of Education and Research (BMBF), underscores the confidence and support that the industry has in Planqc's innovative approach to quantum computing.
Alexander Glätzle, CEO and co-founder of Planqc, expressed his excitement about the investment, stating, “This latest round of funding is a resounding validation of our technology as a leading platform for quantum applications. It positions us perfectly to compete on a global scale with our ‘Made in Germany’ quantum computers, targeting a market valued at billions of euros.”
Planqc's unique technology, rooted in award-winning research at the Max-Planck-Institute for Quantum Optics (MPQ), is poised to revolutionize the development of industry-relevant quantum computers. The newly acquired funds will be instrumental in establishing a quantum computing cloud service and developing quantum software for applications across a wide range of industries, including chemistry, healthcare, climate tech, automotive, and finance.
Dr. Sebastian Blatt, CTO of Planqc, shed light on the company's innovative approach, stating, “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, setting the stage for us to be the first to deliver fault-tolerant quantum computers.”
Founded in 2022 by scientists from MPQ and Ludwig-Maximilians-University Munich (LMU), Planqc is situated in Munich’s Quantum Valley (MQV), a hub of quantum innovation. The company's recent collaborations with the German Government to deploy a 1,000-qubit quantum computer at the Leibniz Supercomputing Centre and secure a European tender to develop a quantum computer for the German Aerospace Center (DLR) highlight its growing influence in the quantum computing sector.
Dr. Torsten Löffler, Investment Director at DTCF, expressed his enthusiasm for investing in Planqc, stating, “We are thrilled to support a startup that not only leads in high-impact technology but also enables breakthroughs in the most pressing global computational challenges across various industries through its quantum cloud computing service. Planqc's track record in securing contracts and public grants within a short span of 18 months underscores its position as a frontrunner in the quantum computing sector.”
Prof. Immanuel Bloch, director at MPQ, emphasized the institute's commitment to supporting spin-offs and translating fundamental science into industry applications, citing Planqc as a prime example of this collaboration. The scaling of neutral atoms used as qubits to 1,200 in collaboration with MPQ sets the stage for the development of fault-tolerant quantum computers, with further scaling to 10,000 or even 100,000 qubits expected in the near future.
The implications of quantum computing are vast and far-reaching, with the potential to revolutionize industries such as materials science, pharmaceuticals, climate research, industry optimization, transportation planning, and cryptography. Quantum machine learning is poised to unlock unprecedented applications for artificial intelligence, providing a new lens through which to understand the world.
Dr. Anna Christmann, Coordinator of the Federal Government for German Aerospace and Commissioner for the Digital Economy and startups at the Federal Ministry for Economic Affairs and Climate Action, commended Planqc's success as a testament to the power of innovative research in shaping the future of technology. She highlighted the government's commitment to fostering innovation-friendly frameworks and improving access to venture capital to support the growth of startups like Planqc, bolstering Germany and Europe's long-term competitiveness in the tech landscape.
In conclusion, Planqc's €50 million funding round represents a significant milestone in the quantum computing arena, positioning the company as a key player in the global quantum computing race. With its innovative technology, strategic partnerships, and commitment to advancing quantum computing innovation, Planqc is poised to lead the charge in unlocking the transformative potential of quantum technology across industries worldwide.
The funding round, which also saw contributions from Bayern Kapital, the Max-Planck Foundation, private investors, UVC Partners, Speedinvest, and a non-dilutive grant from Germany’s Federal Ministry of Education and Research (BMBF), underscores the confidence and support that the industry has in Planqc's innovative approach to quantum computing.
Alexander Glätzle, CEO and co-founder of Planqc, expressed his excitement about the investment, stating, “This latest round of funding is a resounding validation of our technology as a leading platform for quantum applications. It positions us perfectly to compete on a global scale with our ‘Made in Germany’ quantum computers, targeting a market valued at billions of euros.”
Planqc's unique technology, rooted in award-winning research at the Max-Planck-Institute for Quantum Optics (MPQ), is poised to revolutionize the development of industry-relevant quantum computers. The newly acquired funds will be instrumental in establishing a quantum computing cloud service and developing quantum software for applications across a wide range of industries, including chemistry, healthcare, climate tech, automotive, and finance.
Dr. Sebastian Blatt, CTO of Planqc, shed light on the company's innovative approach, stating, “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, setting the stage for us to be the first to deliver fault-tolerant quantum computers.”
Founded in 2022 by scientists from MPQ and Ludwig-Maximilians-University Munich (LMU), Planqc is situated in Munich’s Quantum Valley (MQV), a hub of quantum innovation. The company's recent collaborations with the German Government to deploy a 1,000-qubit quantum computer at the Leibniz Supercomputing Centre and secure a European tender to develop a quantum computer for the German Aerospace Center (DLR) highlight its growing influence in the quantum computing sector.
Dr. Torsten Löffler, Investment Director at DTCF, expressed his enthusiasm for investing in Planqc, stating, “We are thrilled to support a startup that not only leads in high-impact technology but also enables breakthroughs in the most pressing global computational challenges across various industries through its quantum cloud computing service. Planqc's track record in securing contracts and public grants within a short span of 18 months underscores its position as a frontrunner in the quantum computing sector.”
Prof. Immanuel Bloch, director at MPQ, emphasized the institute's commitment to supporting spin-offs and translating fundamental science into industry applications, citing Planqc as a prime example of this collaboration. The scaling of neutral atoms used as qubits to 1,200 in collaboration with MPQ sets the stage for the development of fault-tolerant quantum computers, with further scaling to 10,000 or even 100,000 qubits expected in the near future.
The implications of quantum computing are vast and far-reaching, with the potential to revolutionize industries such as materials science, pharmaceuticals, climate research, industry optimization, transportation planning, and cryptography. Quantum machine learning is poised to unlock unprecedented applications for artificial intelligence, providing a new lens through which to understand the world.
Dr. Anna Christmann, Coordinator of the Federal Government for German Aerospace and Commissioner for the Digital Economy and startups at the Federal Ministry for Economic Affairs and Climate Action, commended Planqc's success as a testament to the power of innovative research in shaping the future of technology. She highlighted the government's commitment to fostering innovation-friendly frameworks and improving access to venture capital to support the growth of startups like Planqc, bolstering Germany and Europe's long-term competitiveness in the tech landscape.
In conclusion, Planqc's €50 million funding round represents a significant milestone in the quantum computing arena, positioning the company as a key player in the global quantum computing race. With its innovative technology, strategic partnerships, and commitment to advancing quantum computing innovation, Planqc is poised to lead the charge in unlocking the transformative potential of quantum technology across industries worldwide.