QuantWare, a startup company based in the Netherlands, has raised €6 million ($6.33 million) in a seed funding round.
QuantWare is a company that creates quantum processors for research and commercial purposes.
QuantWare raises €6M in a seed funding round
QuantWare is playing an integral role in quantum computing and, in 2022, the company was picked to create the quantum processing units for the first quantum computer in Israel.
Dutch tech investor Forward.One spearheaded the recent €6 million ($6.34 million) funding round – it also attracted participation from other investors such as QDNL Participants and Graduate Entrepreneur.
"Superconducting quantum processor designer, developer, and fabricator QuantWare scores the Netherlands’ largest seed round to date in the sector."
— Robin Wauters @ Tech.eu (@robinwauters) March 9, 2023
The company plans to use the amount raised in this funding round to grow its team and improve the production and development of the 64-qubit Tenor processor.
The processor’s innovative architecture will play a major role in helping the company boost its scalability to the capacity of building large qubit chips.
The CEO and co-founder of the company, Matthijs Rijlaarsdam, noted that the company had raised more in this funding round than it had originally anticipated.
While speaking to TechCrunch, Rijlaarsdam noted that the company plans to double in size with this new investment, with a significant portion of the money allocated to acquiring more equipment.
One of the things that QuantWare has been focused on in recent months is its foundry service. The service enables others to build their superconducting quantum chips.
The company also released its first nonprocessor product, the “Crescendo” amplifier. These developments come against the backdrop of growing interest in an open hardware ecosystem.
Delft Quantware Launches Foundry Services For Superconducting Chips https://t.co/dXfC635yHH @quant_ware @QuTech_news pic.twitter.com/PntynRSpO2
— Pieter Hamans (@PieterHamans) November 29, 2022
QuantWare’s focus on a new processor
QuantWare is currently focused on its new processor and, according to Rijlaarsdam, the focus is on how this processor can connect different qubits.
The company noted that the processor would enable it to go 3D and boost its presence. Rijlaarsdam added:
“This will allow us to create modules that we can stick together and then get to very large qubit counts very rapidly.”
The company estimates that the qubit count will be doubled annually, with the CEO further opining that while the company could accelerate its production speed, it would still be challenging for a potential customer to control a 1000-qubit processor because of the current conditions in the market.
Rijlaarsdam has previously said that the company’s goal was to enable people to become the Dell of quantum – if the company emerges as a major quantum computing player, it will compete against Intel and AMD.
It appears that QuantWare is already solidifying its presence in the industry as it was given the project of releasing the first quantum computer in Israel.
He said that the market appeared more open towards QuantWare processors, which was exciting.
The CEO is also optimistic that the company can achieve scalability to meet the current level of demand – QuantWare is in a unique position to achieve growth and meet this demand, as not many firms currently want a quantum computer.
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