Kiutra lands millions

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

Munich-based quantum technology start-up Kiutra has received a seven-figure sum in 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 were also back.

Kiutra plans to use the capital to expand its team and production capacities, as well as to further develop the company's products for the fast-growing quantum technology market.

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

CEO and co-founder of Kiutra Alexander Regnat adds, "The second quantum revolution is well underway and Kiutra is in a great position to become an essential 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: Indeed, 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.