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Germany's planqc Secures €50 Million Series A Funding

Jul 8, 2024 1 min read

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Munich-based quantum computing startup planqc has secured €50 million in Series A financing. The funding round was led by the European Family Office CATRON Holding and the DeepTech & Climate Fonds (DTCF), with additional financial support from Bayern Kapital, the Max-Planck Foundation, further private investors, and a non-dilutive grant from Germany's Federal Ministry of Education and Research (BMBF). Founded in 2022 by scientists from the Max Planck Institute for Quantum Optics (MPQ) and Ludwig-Maximilians-University Munich, the company aims to use the financing to establish a quantum computing cloud service and develop quantum software for applications across various industries including chemistry, healthcare, climate-tech, automotive, and finance.

Planqc's technology leverages individual atoms as qubits, which are based on award-winning research from the MPQ. The German government has tasked the company with deploying a 1,000-qubit quantum computer at the Leibniz Supercomputing Centre. Additionally, the company is already utilizing quantum machine learning for projects such as developing more efficient batteries for electric vehicles and creating advanced climate simulations.

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