PASQAL, a leader in neutral atoms quantum computing, has secured a €100 million equity Series B raise led by new investor Temasek, a global investment company headquartered in Singapore. The technology was built upon the Nobel Prize-winning research of company co-founder Alain Aspect. PASQAL will use the funding to further develop its neutral atoms quantum computing platform, which it believes will deliver major commercial advantages over classical computers by 2024.
“PASQAL’s engineers have transformed world-class fundamental research into a system that is easy to use and is expected to deliver tremendous benefit to the world,” said Professor Aspect. “I am incredibly proud of their accomplishments and impressed by the recognition from the investment community.”
With the new funding, the company plans to accelerate the company’s research and development efforts to build a 1,000-qubit quantum computer in the short term and fault-tolerant architectures in the long term. PASQAL also plans to increase the production of its quantum systems for on-premise installations as well as expand the development of proprietary algorithms for customers across key verticals including energy, chemistry, automotive, mobility, healthcare, enterprise technology, finance and government.
PASQAL will also use the funding to expand its global footprint. The company plans to open offices in the Middle East and Asia this year in addition to growing its existing operations in Europe and North America. PASQAL plans to double its current team of 100 employees this year.
“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. “This funding round validates that neutral atom technology is a premier platform for delivering real-world quantum applications, and we are proud to see its potential recognized by top investors.”
Other new investors include the European Innovation Council (EIC) Fund, Wa’ed Ventures and Bpifrance, through its Large Venture Fund. Continuing investors include Quantonation, the Defense Innovation Fund, Daphni and Eni Next.
“PASQAL’s innovation in the quantum computing space has made them an industry leader in Europe and globally,” said Nicklas Bergman, EIC Fund advisor.
PASQAL is currently engaged with many Global Fortune 500 companies. The company recently released research with Crédit Agricole CIB, the world’s largest cooperative financial institution, that showed its technology could solve complex financial optimization problems as accurately as classical computers. BASF, the world’s largest chemical company, is exploring how the technology can be used to predict weather patterns, while BMW is leveraging PASQAL’s algorithms to simplify complex simulations that can be used for crash testing and development of lighter parts and materials. Other customers include Siemens, Airbus, LG Electronics, Johnson & Johnson and Thales, among many others.
In 2022, PASQAL announced the company is working with the world’s leading energy players, including an MoU with Aramco and a collaboration for fast tracking industrial applications with Eni. In addition, PASQAL recently joined forces with EDF, Exaion Inc., and the Quantum Innovation Zone to form QuaTERA (Quantum Technologies Energy Result Accelerator), the first open center of excellence to develop sustainable energy solutions using HPC and quantum computing.
Quantum computing aims to overcome the limitations of classical computing and bring unprecedented processing power to solve highly valuable computational problems that could not be addressed previously. According to BCG research, quantum computing will unlock new value across many industries, creating up to $850 billion in annual value by 2040.