The Paris-based quantum computer startup PASQAL has raised 100 million euros and aims to deliver major commercial advantages over classical computers by next year using the fresh funds.
The investment is the biggest private funding round for a quantum computer startup in Europe and as a result of the investment round, PASQAL is planning to double its headcount to about 200 this year.
PASQAL recently sold two quantum computers to France and Germany for high-performance computing centers, and Alain Aspect, one of PASQAL‘s founders, won the 2022 Nobel Prize in Physics for experiments in quantum mechanics that laid the groundwork for quantum computing.
Scientists expect quantum computers could one day make certain calculations millions of times faster than the fastest super computers today. The next generation of devices with hundreds of qubits*, hopefully 1.000, will showcase a true quantum advantage over regular technology.
*The number of qubits, or quantum bits, is an indication of the power of the quantum computer. PASQAL‘s most recent computer has 350 qubits.
The funding round was led by new investor Temasek, Singapore’s state-owned investment firm. Other new investors include the European Innovation Council (EIC) Fund, Saudi Aramco’s Wa’ed Ventures and Bpifrance.