Kiutra lands millions

The money comes from two new investors, among others. The company intends to use the capital to hire employees and expand its production capacities.

The Munich-based start-up for quantum technology Kiutra has received a seven-figure sum as part of a financing round. The round was led by two new investors. Money came from the investment arm of machine tool company Trumpf and Swiss deep-tech VC Verve Ventures. Existing investors High-Tech Gründerfonds (HTGF), APEX Ventures and the Initiative for Industrial Innovators also participated again.

Kiutra intends to use the capital to expand its team and production capacities and to further develop the company's products for the rapidly growing quantum technology market.

"We invested in Kiutra because we at Verve Ventures firmly believe that now is the time to build a complete ecosystem around quantum technology. The outstanding team has already convinced major industry players with its products and is well positioned to become the market leader," says Emma Schepers, Investment Associate at Verve Ventures.

CEO and co-founder of Kiutra Alexander Regnat adds: "The second quantum revolution is in full swing and Kiutra is in an excellent position to become an integral part of the global quantum supply chain."

Kiutra manufactures magnetic cooling systems that are designed to eliminate the need for expensive and rare liquefied gases. Special conditions must be created for the use of second-generation quantum technologies: This is because these often require temperatures close to absolute zero (minus 273 degrees Celsius). Kiutra was founded in 2018 as a spin-off of the Technical University of Munich.