(Boursier.com) — PASQAL, leader in the field of quantum computing based on neutral atoms, announces a capital increase of 100 million euros in equity. This Series B round was led by a new investor, Temasek, an investment company headquartered in Singapore which is entering the company’s capital, the European Innovation Council (EIC) fund, Wa ‘ed Ventures and Bpifrance’s Large Venture fund. The historical investors Quantonation, the Defense Innovation Fund, Daphni and Eni Next, the venture capital arm of Eni, are also participating in this financing round.
“We are proud to invest in a startup that we have followed for years, which is working on very high impact technology and which will solve many of the most critical challenges in the world, declares Nicklas Bergman, fund advisor of the EIC. PASQAL’s developments in quantum computing have made them an industry leader in Europe and globally. We are excited to be part of their incredible growth and contribute to their long-term impacts.”
A leading global player
This operation will allow PASQAL to pursue the development of its neutral atom quantum computer. This will offer commercial advantages for the development of industrial use cases compared to conventional supercomputers, from 2024.
“PASQAL engineers have transformed fundamental research of global significance into an easy-to-use system that can bring significant benefits to the world, says Alain Aspect, co-founder of PASQAL and winner of the 2022 Nobel Prize in Physics. I am incredibly proud of their accomplishments and impressed by the recognition from the investment community.”
Power up
With this new funding, PASQAL plans to accelerate its research and development efforts to build, in the short term, a 1,000-qubit quantum computer and, in the long term, error-tolerant architectures. The company also plans to ramp up production of its quantum computers and accelerate the development of proprietary algorithms for customers in key market verticals, including energy, chemicals, automotive, mobility, healthcare, business technology, finance…
PASQAL will also use this funding to strengthen its international presence. Thus, the start-up plans to expand its presence this year by opening offices in Asia, while developing its existing activities in Europe and North America. PASQAL, which has 100 employees, intends to double its workforce in the coming months.
“We are ready to deliver a quantum computer capable of unlocking commercial advantages for our customers, and this round of investment will help us achieve this goal by 2024, said Georges-Olivier Reymond, President and co-founder of PASQAL. This fundraising validates neutral atom technology as a premier platform for delivering real-world quantum applications, and we are proud to see its potential recognized by investors.”