Reports: QuantrolOx Raises €10.5 Million From European Innovation Council
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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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.
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MENTIONED IN THE ARTICLE
QuantrolOx
QuantrolOx develops automated machine learning based control software for quantum technologies to tune, stabilize, and optimize qubits. QuantrolOx’s software is technology agnostic and applicable to all types of quantum technologies, and their goal is to maximize quantum computer uptime and make their hardware more accessible.
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European Commission
The Commission represents and upholds the interests of the EU as a whole, and is independent of national governments. The European Commission prepares legislation for adoption by the Council (representing the member countries) and the Parliament (representing the citizens). It administers the budget and the policy programmes (agriculture, fisheries, research etc.) in cooperation with authorities in the member countries.
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