Deeptech
Q4 202306.11.2023

Quantum Computing

Picture of Jonathan Sinclair

Jonathan Sinclair

at Sifted

Raising late-stage quantum money is hard, but Europe has done well to nurture a clutch of already huge quantum hardware companies, including IQM, PASQAL and Quantum Motion. All of which are building their own approaches, trying to increase the number of qubits in their systems.

Oxford Quantum Circuits CEO Ilana Wisby recently told Sifted that her company, which raised a £38m Series A last year, would need to look to the US for its Series B. The data says otherwise. In the space of two years, the average Series B quantum cheque size in Europe has grown from $106m to $261m. A record nine Series B+ deals landed in H1, out of 57 in total — the same heights as last year's comparable period.

The EU’s €1bn quantum programme is a notable funding push, which recently concluded its initial phase. Software development remains in its infancy: from the €152m distributed by the EU quantum pot so far, a mere 2.9% has gone to software projects (which only rises to 14.5% for private investment).

20 most promising early-stage startups

  • Terra Quantum logo

    Sifted score

    8.54
    -

    Terra Quantum

    Algorithmic solutions for complex operations

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2019

    • HQ

      Rorschach, Switzerland

    • Latest round

      Series A
      €75m / Feb 2023

    • Total funding

      €78.2m

    View company profile
  • Qubit Pharmaceuticals SAS logo

    Sifted score

    8.18
    -

    Qubit Pharmaceuticals SAS

    Computational drug development for complex targets

    • Strong investor(s)
    • Serial founder(s)

    • Year founded

      2020

    • HQ

      Paris, France

    • Latest round

      Seed
      €16m / Jun 2022

    • Total funding

      €23.5m

    View company profile
  • Eleqtron quantum logo

    Sifted score

    7.23
    -

    Eleqtron quantum

    Silicon spin qubit quantum computing

    • Strong investor(s)
    • Hiring

    • Year founded

      2020

    • HQ

      Siegen, Germany

    • Latest round

      Seed
      €50m / Nov 2022

    • Total funding

      €59.1m

    View company profile
  • Multiverse Computing logo

    Sifted score

    6.48
    -

    Multiverse Computing

    Quantum software for finance optimisation

    • Serial founder(s)
    • Hiring

    • Year founded

      2019

    • HQ

      San Sebastián, Spain

    • Latest round

      Early VC
      €10m / Feb 2023

    • Total funding

      €24.3m

    View company profile
  • Nu Quantum logo

    Sifted score

    6.4
    -

    Nu Quantum

    Processing technologies for quantum information

    • Strong investor(s)
    • Hiring

    • Year founded

      2018

    • HQ

      Cambridge, United Kingdom

    • Latest round

      Seed
      -

    • Total funding

      -

    View company profile

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