QuantrolOx raised up to €10.5 million from the European Innovation Council (EIC), an organization formed by the European Commission to support visionary entrepreneurs in their pursuit of the commercialization of high-risk, high-impact technologies in the EU, according to Sifted and social media posts.
The funds, will be in the form of grant monies and equity investment, will use the cash to support the launch of its product in 2023, sources note.
QuantrolOx, which is a spinout of Oxford University, is developing machine learning tools to automate quantum computing tuning, which is a time-consuming process required by quantum computers. Tuning a quantum computer requires the careful adjustment of electrical voltages that are flowing into the qubit to maintain control — and that can take several hours. QuantrolOx’s algorithms can tune the qubits in a matter of minutes and its systems can monitor and adjust multiple parameters in microseconds.
According to Sifted, QuantrolOx, which has facilities in England and Finland, will receive €2.5 million in grant money upfront. A total of €8 million will be made available in exchange for equity at a later date. That can be unlocked when it receives matching investments from other sources. The EIC will match venture capital investment up to €8 million.
Nielsen Ventures and Hoxton Ventures led QuantrolOx’s £1.4 million seed round in February. Voima Ventures, Remus Capital, Hermann Hauser and Laurent Caraffa also invested in the round.
The EIC believes quantum computing is of “strategic importance for EU sovereignty in quantum computing.”
Andres Briggs, emeritus professor of nanomaterials at Oxford University and executive chair of QuantrolOx. Vishal Chatrath is the company’s cofounder and CEO.
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