Pasqal raises €100M for neutral atom quantum computing
Quantum computing startup Pasqal SE (Paris, France) has raised €100 million in a Series B round led by new investor Temasek, the sovereign wealth fund of Singapore.
Other new investors include the European Innovation Council (EIC) Fund, Wa’ed Ventures and Bpifrance and its brings to the total raised by the startup to more than €140 million.
Pasqal was founded in 2019 based on the research of co-founder Alain Aspect. Professor Aspect was awarded the Nobel prize for physics in 2022 for work on photon entanglement and quantum computing. The company offers a 100-qubit computer with a 200-qubit version coming soon.
The company said it would use the money to further develop its neutral atoms quantum computing platform, to double staffing from its current team of 100 people, and to open offices in the Middle East and Asia this year in addition to growing its existing operations in Europe and North America.
Commercial advantage by 2024
Pasqal said that it expects it platform to show major commercial advantages over classical computers by 2024.
The next step on the company’s technical path is to build a 1,000-qubit quantum computer in the short term and fault-tolerant architectures in the long term. It plans to increase production of quantum systems for on-premise installations as well as expand the development of proprietary algorithms.
“We are on a clear path to deliver a quantum computer capable of unlocking commercial advantage for our customers, and this latest investment round will help us reach this goal by 2024,” said Georges-Olivier Reymond, CEO and founder of Pasqal, in a statement.
Pasqal customers include BASF, BMW, Siemens, Airbus, LG Electronics, Johnson & Johnson and Thales among others. The company has sold quantum computers to France and to Germany for on-premises installation at high-performance computing centers in both countries.