Quantum computer startup planqc receives 50 million euros

The startup planqc receives 50 million euros in a Series A financing round. The investment will enable the expansion of quantum computer production and the development of industry-specific software

Munich, July 08, 2024 - Munich-based startup planqc has closed a Series A financing round of 50 million euros. This financing is provided by CATRON Holding, the DeepTech & Climate Fund, UVC Partners and Bayern Kapital. The company is developing a quantum computer "Made in Germany" based on research results from the Max Planck Institute of Quantum Optics.

Use of the funds

The new funds will be used to expand the production of a cloud-capable quantum computer system. In addition, planqc plans to develop software to support applications in various branches of industry. In addition to CATRON Holding and the DeepTech & Climate Fund, investors include Bayern Kapital, the Max Planck Foundation, private investors and existing investors UVC Partners and Speedinvest. The Federal Ministry of Education and Research (BMBF) is also supporting the project with a grant.

Unlike most other companies, including Big Tech, we use individual atoms - trapped in crystals of light - as qubits.

Dr. Sebastian Blatt, CTO of planqc

Technological basis and target markets

planqc uses a technology based on decades of research at the Max Planck Institute of Quantum Optics. This technology is aimed at rapid progress in the development of industry-oriented quantum computers. Alexander Glätzle, CEO and co-founder of planqc, sees the investment as an endorsement of the company's technology. He emphasizes that the support will enable planqc to position its quantum computers competitively and tap into a market worth several billion euros.

Quantum computers can provide invaluable 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.

Monika Steger, Managing Director of Bayern Kapital.

In collaboration with the startup planqc, the Max Planck Institute of Quantum Optics (MPQ) has shown that the number of neutral atoms used as qubits can be increased to 1,200. This progress is an important step towards fault-tolerant quantum computers that are practically usable. In the coming years, this number is expected to rise to 10,000 or even 100,000 qubits. These expanded systems could then solve problems that were previously considered unsolvable.

The increased computing power of quantum computers has the potential to revolutionize the discovery of new materials and medicines, tackle optimization problems in climate research, industry and transport planning, and usher in a new era of cryptography. In addition, quantum machine learning will enable new applications for artificial intelligence and open up a new understanding of the world to the scientific community.

Applications and future plans

The funding will be used to build a quantum computing cloud service. In addition, planqc is developing software for applications in various industries such as chemicals, pharmaceuticals, climate technology, automotive and finance. The company is already using quantum machine learning to work on climate simulations and more efficient batteries for electric vehicles.

The extensive support will enable us to successfully position our quantum computers 'Made in Germany' in a competitive environment and tap into an emerging market worth several billion euros.

Alexander Glätzle, CEO and co-founder of planqc

The planqc company

With the new funding of 50 million euros, planqc plans to expand its quantum computer systems and develop software for various industries. The support from investors and the BMBF underlines the confidence in planqc's technology and its potential for the future. Founded in 2022 by scientists from the Max Planck Institute of Quantum Optics (MPQ) and the Ludwig-Maximilians-Universität München (LMU), planqc is located in the heart of Munich's Quantum Valley (MQV). The company was recently commissioned by the German government to install a quantum computer with 1,000 qubits at the Leibniz Supercomputing Center. In addition, planqc has won a European tender to develop a quantum computer for the German Aerospace Center (DLR).