planqc's Massive Series A Uplifts German Quantum Computing and the Neutral Atom Approach

Series A shows Germany is not to be denied in Quantum.

Welcome Back,

Currently on break but have to mention this important news to our Quantum computing watching. Digital atom-based quantum computing company planqc announced that the company has secured €50 million financing in a Series A round.

We talk a lot about Chicago or Colorado as Quantum valleys, but what about Munich? Founded in 2022 by scientists from MPQ and Ludwig-Maximilians-University Munich (LMU), planqc is situated in Munich's Quantum Valley (MQV).

Germany is downright behind in Generative AI, so it’s good to see them come up with a potential winner in Quantum computing. I’m not hopeful for Germany’s car manufacturing sector either in the era of hybrid and EVs. VW is brave to compete in China, but I’m not sure they have much of a future there. Germany is a symbol of the decline of Europe in technology with barely any “BigTech” firms to speak of. As of July 12, 2024, SAP SE is the most valuable company in Germany, with a market cap of $235 billion. Following it are Siemens AG ($152 billion) and Deutsche Telekom ($127 billion). SAP 0.00%↑.

But could Planqc be one of the winners of all of Quantum computing? The round was led by the European Family Office CATRON Holding and the DeepTech & Climate Fonds (DTCF).

The use of so-called superconducting circuits, in which quantum chips have to be cooled down at great expense, is considered to be comparatively advanced in development. Planqc was founded as recently as in 2022. On paper it looks very impressive:

A mere 18 months after its founding, the startup has already scaled its digital atom-based technology to over 1,000 qubits — something that puts it on par with industry giant IBM.