QuantWare Lands €6 million to Roll Out Quantum Processors

Matt Swayne

March 9, 2023

Capital Markets

Insider Brief

- QuantWare announced a €6 million seed round.
- Forward.One leads the round, with QDNL Participations and Graduate Entrepreneur playing a significant role.
- QuantWare has developed a patented 3D technology that routes the connections vertically, making it possible to scale superconducting quantum processors to thousands of qubit.

PRESS RELEASE — QuantWare, the leading provider of large-scale superconducting quantum processors, has announced a €6 million Seed Round led by Forward.One, with QDNL Participations and Graduate Entrepreneur also playing a significant role in the round.

QuantWare will use the funding to scale its team to support the production and development of its new 64 qubit processor ‘Tenor’. The device provides more than twice the number of qubits compared to its previous largest QPU at a 10x lower price point than competing solutions and opens the door to quantum processors with thousands of qubits.

QuantWare’s aim is to become the ‘Intel of quantum computing’ by providing easy-to-use, increasingly powerful and affordable quantum processors to organisations across the world. Last year, QuantWare was selected to deliver quantum processing units for Israel’s first fully functional quantum computer.

QuantWare has developed a patented 3D technology that routes the connections vertically, making it possible to scale superconducting quantum processors to thousands of qubits – opening the door to ‘quantum advantage’ where quantum computers will overtake the most powerful classical computer. Tenor marks a significant advance in commercial quantum computing because it is the first device commercially available that features this technology.

Matthijs Rijlaarsdam, CEO of QuantWare, said: “We believe that one of the key ways to supercharge development of the quantum computing sector is to provide the technology to enable companies to significantly scale their solutions at much lower costs. This is what Tenor enables, and with this funding we will be able to ramp up production and continue development of even more powerful processors.”

Paul Pruijmboom, Partner at FORWARD.one Venture Capital for Hardware, said: “We are proud to have been one of the first investors to see QuantWare’s potential in 2021. With this Seed Round investment, QuantWare will continue to spearhead innovation in the superconducting quantum space and accelerate the advent of real-world quantum applications.”

Ton van ‘t Noordende, Managing Director of QDNL Participations, said: “We’re incredibly excited to back Matthijs, Alessandro and the team as they continue to develop and deliver state of the art Quantum Processor Units. They’re well on their way to deliver quantum advantage to end users and perfectly positioned to serve both R&D and commercial markets in the future.”

Ludolf Stavenga, Partner at Graduate Entrepreneur, said: “QuantWare is built on state of the art technology from TU Delft. We are delighted to see this technology being used to make an impact in the world by QuantWare.”

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Topics

Ludolf Stavenga, Matthijs Rijlaarsdam, Paul Pruijmboom, QuantWare, Ton van 't Noordende

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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MENTIONED IN THE ARTICLE

QuantWare

CompanyThe Netherlands · 11-50 FTEs

QuantWare develops and sells quantum hardware including superconducting QPUs and attenuators.

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Intel

InvestorUnited States · 10001+ FTEs

Intel's mission is to drive the future of technology to contribute to a better world. By advancing in areas such as AI, analytics, and cloud-to-edge technology, Intel is central to many innovations.

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TU Delft

UniversityThe Netherlands · 5001-10000 FTEs

The Delft University of Technology, situated in Delft, Netherlands, is the oldest and largest public technical university in the country. It was established in 1842. In 2022, it holds a position within the top 10 engineering and technology universities globally, as per the QS World University Rankings.

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