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Terra Quantum Raises $60 Million to Accelerate Quantum-as-a-Service Tech

Terra Quantum
Terra Quantum
Terra Quantum raises $60 million in Series A funding for quantum-as-a-service funding.

PRESS RELEASE — Quantum has become the most important global technology frontier. Terra Quantum AG, one of Europe’s leading quantum technology companies focused on providing an end-to-end technology platform delivering real quantum advantage to its customers already today, Terra Quantum not only supports its industrial clients developing solutions for intractable problems. Its platform is also expected to help corporates and institutions in their fight against climate change by supporting the development of more efficient fertilizers, batteries, electricity grids and much more.

Today’s announcement of a $60 million Series A funding, marks one of the largest global funding rounds achieved in the quantum tech space globally, and underscores Terra Quantum’s unique position as a leader of the quantum revolution. Having assembled one of the biggest quantum tech teams globally and focused on algorithms, software, quantum compute and quantum safety, Terra Quantum targets a global customer base.

Most companies will have to adopt quantum to remain competitive and Terra Quantum’s customers can benefit from Terra Quantum’s market leading position as a solution provider with the ability to provide quantum advantage on a commercial scale already today. Through its proprietary quantum cloud, Terra Quantum is able to offer a unique end-to-end Quantum-as-a-Service technology platform to its customers.

The new shareholders include two of the largest and globally renowned German family offices and one of the most influential cryptocurrency investors globally. The new investors have deep roots and an entrepreneurial background in the pharmaceutical, logistics and blockchain spaces. With their individual investments, they are seeking to ensure faster drug development – more important than ever against the backdrop of the global COVID pandemic, more efficient logistics and quantum security. Lakestar, which backed the company from its Seed round in 2019, has reaffirmed its commitment in this landmark round underlining its firm belief in the potential of Terra Quantum’s pioneering approach focused on revolutionary quantum applications.

Markus Pflitsch, founder and CEO of Terra Quantum says: “The Series A funding round enables us to drive forward our leading position in the field of quantum computing as we have evolved from a DeepTech start-up into a global quantum business. I am extremely proud of our recent milestones having launched the first hybrid quantum cloud data center (QMware) and a super-secure global quantum protocol based on quantum key distribution (QKD), and grateful for the support of all of our partners who have and will support us on our path. Our new investors share my strong conviction with me that quantum will play a pivotal role in all major industries. The new funding will help us to strengthen our research capabilities, accelerate our industrial roll-out, and further extend our “Quantum-as-a-Service” product offering.

In addition, the appointment of industry veterans Prof. Valerii Vinokur as Co-CTO, one of the world’s leading physicists, and Dr Florian Neukart as CPO, quantum expert and former director of Volkswagen’s Data Lab, have been strategically aligned with Terra Quantum’s growth strategy. We have an experienced, talented, and global team with whom we will achieve our ambitious mission to lead the international quantum revolution. We plan to expand our operations globally by opening a new office in Silicon Valley (US) and in the Munich Quantum Valley (Germany). We can’t wait for it.”

Stephen Nundy, partner and CTO at Lakestar says: “We strongly believe in partnering with exceptional technology founders. We have trusted the incredible potential of Terra Quantum’s quantum technology from day one. Terra Quantum has consistently proven its leading role in driving the second quantum revolution. Its pioneering quantum applications have tremendous potential, for example to solve the imminent quantum cryptography challenges. We are incredibly excited to further support Terra Quantum in its continued growth on a global scale.” 

About Terra Quantum
Terra Quantum is a leading quantum technology company based in Switzerland and is organized as a “Quantum as a Service” company with three core focus areas. The first is Quantum Algorithms as a Service where an extensive library of algorithms are available to customers, such as quantum-based optimization and quantum-based neural networks which can for example be used for pattern recognition. Terra Quantum also develops new algorithms for customers or adapt existing algorithms to their specific needs. The second is Quantum Computing as a Service providing customers with access to its high performing logical qubits to equip them with real quantum advantages already today. The third is Quantum Security as a Service offering quantum security worldwide via its unique quantum secure communication and QKD solutions. Visit Terra Quantum on LinkedIn and at https://terraquantum.swiss

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Matt Swayne

With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses. [email protected]

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