PASQAL, a Paris, France-based neutral atoms quantum computing, announced that it secured a €100 million equity Series B funding round led by new investor Temasek, a global investment company headquartered in Singapore.
Other new investors include the European Innovation Council (EIC) Fund, Wa’ed Ventures, and Bpifrance. Continuing investors include Quantonation, the Defense Innovation Fund, Daphni, and Eni Next.
With the new funding, PASQAL plans to accelerate the company’s research and development efforts to build a 1,000-qubit quantum computer in the short term and fault-tolerant architectures in the long term.
The company also plans to increase the production of its quantum systems for on-premise installations as well as expand the development of proprietary algorithms for customers across key verticals including energy, chemistry, automotive, mobility, healthcare, enterprise technology, finance, and government.
“We are on a clear path to deliver a quantum computer capable of unlocking commercial advantage for our customers, and this latest investment round will help us reach this goal by 2024,” said Georges-Olivier Reymond, CEO, and founder of PASQAL. “This funding round validates that neutral atom technology is a premier platform for delivering real-world quantum applications, and we are proud to see its potential recognized by top investors.”
The company will also use the funding to expand its global footprint. It plans to open offices in the Middle East and Asia this year in addition to growing its existing operations in Europe and North America. PASQAL plans to double its current team of 100 employees this year.
PASQAL is currently engaged with many global Fortune 500 companies. The company recently released research with Crédit Agricole CIB, the world’s largest cooperative financial institution, that showed PASQAL’s technology could solve complex financial optimization problems as accurately as classical computers.
Other PASQAL customers include Siemens, Airbus, LG Electronics, Johnson & Johnson, and Thales, among many others.
Company: PASQAL SAS
Round: Series B
Funding Month: January 2023
Lead Investors: Temasek
Additional Investors: European Innovation Council (EIC) Fund, Wa’ed Ventures, Bpifrance, Quantonation, the Defense Innovation Fund, Daphni, and Eni Next
Company Website: https://www.pasqal.com/
Software Category: Quantum Simulators and Quantum Computers
About the Company: Founded in 2019 by Georges-Olivier Reymond, Christophe Jurczak, Professor Dr. Alain Aspect, Dr. Antoine Browaeys, and Dr. Thierry Lahaye, PASQAL builds quantum computers from ordered neutral atoms in 2D and 3D arrays to bring a practical quantum advantage to its customers and address real-world problems. It develops lasers, vacuum technology, electronic controls, and software stack to make individual atoms accessible to quantum programmers worldwide. It focuses on energy, mobility, healthcare, finance, high-tech, public, and other industries. The company recently sold two quantum computers to France and to Germany for on-premises installation at HPC centers in both countries. Named a 2022 Gartner Cool Vendor, PASQAL also recently announced a research collaboration with the University of Chicago.