Munich-based Planqc has successfully raised €50 million in a Series A funding round to advance its atom-based quantum computing technology.
This substantial investment was led by European Family Office CATRON Holding and the DeepTech & Climate Fonds (DTCF). Bayern Kapital, the Max-Planck Foundation, other private investors, UVC Partners, Speedinvest, and a non-dilutive grant from Germany’s Federal Ministry of Education and Research (BMBF) also contributed.
Strategic Investment for Global Competitiveness
Alexander Glätzle, CEO and co-founder of Planqc, emphasized the importance of this investment: “This latest funding round endorses our technology as a premier platform for quantum applications. It positions us to compete globally with our ‘Made in Germany’ quantum computers, targeting a market valued at billions of euros.”
Innovative Technology with Broad Applications
Planqc’s technology, based on research from the Max-Planck-Institute for Quantum Optics (MPQ), aims to accelerate the development of industry-relevant quantum computers. The funds will be used to establish a quantum computing cloud service and develop quantum software for industries such as chemistry, healthcare, climate tech, automotive, and finance. Currently, Planqc employs quantum machine learning for climate simulations and improving electric vehicle batteries.
Unique Approach to Quantum Computing
Dr. Sebastian Blatt, CTO of Planqc, highlighted their unique method: “We use individual atoms confined in crystals of light as qubits, which is the fastest way to scale the number of qubits and improve their quality, essential for delivering fault-tolerant quantum computers.”
Strategic Partnerships and Contracts
Founded in 2022 by scientists from MPQ and Ludwig-Maximilians-University Munich (LMU), Planqc is located in Munich’s Quantum Valley (MQV). The company recently secured a contract from the German Government to deploy a 1,000-qubit quantum computer at the Leibniz Supercomputing Centre. Additionally, Planqc won a European tender to develop a quantum computer for the German Aerospace Center (DLR).
Significant Endorsements
Dr. Torsten Löffler, Investment Director at DTCF, expressed excitement about the investment: “We are thrilled to support a startup leading in high-impact technology and enabling breakthroughs in global computational challenges through quantum cloud computing services. Planqc’s rapid success in securing contracts and grants within 18 months underscores its leadership in the quantum computing sector.”
Prof. Immanuel Bloch, director at MPQ, added: “Planqc exemplifies our tradition of supporting spin-offs and translating fundamental science to industry. We look forward to continuing this collaboration.”
Future Prospects
In collaboration with MPQ, Planqc has demonstrated the scaling of neutral atoms used as qubits to 1,200, paving the way for fault-tolerant quantum computers. Future plans include scaling to 10,000 or even 100,000 qubits, enabling the resolution of previously unsolvable problems.
Revolutionizing Multiple Fields
Quantum computers are expected to revolutionize material and pharmaceutical discovery, optimize climate research, industry, and transportation planning, and usher in new cryptographic techniques. Quantum machine learning will also enable unprecedented AI applications, providing new insights into the world.
Dr. Anna Christmann, Coordinator of the Federal Government for German Aerospace and Commissioner for the Digital Economy and Startups, remarked: “Planqc’s success shows how innovative research can become forward-looking companies, enhancing our competitiveness. We continue to work on improving the startup ecosystem in Germany and Europe.”
