Largest ever Seed Round for a Dutch quantum startup, to make superconducting quantum computers massively scalable
Delft, The Netherlands; 9th March 2023: QuantWare, the leading provider of large-scale superconducting quantum processors, has announced a €6 million Seed Round led by Forward.One, with QDNL Participations and Graduate Entrepreneur also playing a significant role in the round.
QuantWare will use the funding to scale its team to support the production and development of its new 64 qubit processor ‘Tenor’. The device provides more than twice the number of qubits compared to its previous largest QPU at a 10x lower price point than competing solutions and opens the door to quantum processors with thousands of qubits.
QuantWare’s aim is to become the ‘Intel of quantum computing’ by providing easy-to-use, increasingly powerful and affordable quantum processors to organisations across the world. Last year, QuantWare was selected to deliver quantum processing units for Israel’s first fully functional quantum computer.
QuantWare has developed a patented 3D technology that routes the connections vertically, making it possible to scale superconducting quantum processors to thousands of qubits - opening the door to ‘quantum advantage' where quantum computers will overtake the most powerful classical computer. Tenor marks a significant advance in commercial quantum computing because it is the first device commercially available that features this technology.
“We believe that one of the key ways to supercharge development of the quantum computing sector is to provide the technology to enable companies to significantly scale their solutions at much lower costs. This is what Tenor enables, and with this funding we will be able to ramp up production and continue development of even more powerful processors.”
Matthijs Rijlaarsdam, CEO of QuantWare
“We are proud to have been one of the first investors to see QuantWare’s potential in 2021. With this Seed Round investment, QuantWare will continue to spearhead innovation in the superconducting quantum space and accelerate the advent of real-world quantum applications."
Paul Pruijmboom, Partner at FORWARD.one Venture Capital for Hardware
Ton van 't Noordende, Managing Director of QDNL Participations, said: “We’re incredibly excited to back Matthijs, Alessandro and the team as they continue to develop and deliver state of the art Quantum Processor Units. They’re well on their way to deliver quantum advantage to end users and perfectly positioned to serve both R&D and commercial markets in the future.”
Ludolf Stavenga, Partner at Graduate Entrepreneur, said: “QuantWare is built on state of the art technology from TU Delft. We are delighted to see this technology being used to make an impact in the world by QuantWare."
QuantWare is a TU Delft / QuTech spin-out that develops, designs and fabricates scalable, superconducting quantum processors. By supplying these processors to third parties, QuantWare allows them to build a quantum computer for 1/10th the cost of competing solutions. The company develops technology that will massively scale the number of qubits in a single processor, to create processors that can perform useful quantum computation in the near term.
FORWARD.one is a venture capital firm focused on high-tech hardware start-ups and scale-ups. FORWARD.one has over €200 million under management including investments in quantum computing, robotics, semiconductors, photonics, sensors, extended reality and biomanufacturing. A team of financial professionals, entrepreneurs and engineers actively supports their portfolio companies to achieve their goals and ambitions.
QDNL Participations is a €15 million specialist, early-stage fund within a community of expert quantum talent nurturing the next wave of quantum technologies to commercial success.
Backed by Quantum Delta NL, QDNL Participations will invest €15 million into early-stage Dutch quantum technology startups in the coming years.
Graduate Entrepreneur Fund is a €58 million early stage fund that partners up with visionary founders from the universities of Delft and Rotterdam. It provides its companies with capital and coaching from an extensive network of successful entrepreneurs and business leaders. Website - www.graduate.nl
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