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

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
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
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
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
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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