German quantum computing startup Planqc has secured €50 million ($54m) in equity financing.
The Munich-based company, which makes neural atom-based quantum computers, this week announced the Series A investment, led by the European Family Office Catron Holding and the DeepTech & Climate Fonds (DTCF).
Additional financial support is provided by Bayern Kapital, the Max-Planck Foundation, further private investors, plus existing investors UVC and Speedinvest. It also includes a non-dilutive grant from Germany’s Federal Ministry of Education and Research (BMBF).
The new financing will be utilized to establish a quantum computing cloud service and to develop quantum software for applications in industries such as chemistry, healthcare, climate-tech, automotive, and finance
Alexander Glätzle, CEO and co-founder of Planqc, said: “This latest investment round is a strong endorsement of our technology as a leading platform for quantum applications. The substantial backing places us in a perfect position to take on global competitors with our ‘Made in Germany’ quantum computers, targeting an emerging market valued at billions of euros.”
The company was founded in 2022 by scientists from MPQ and Ludwig-Maximilians-University Munich (LMU) and spun out from the Max Planck Institute. It relies on technologies and techniques developed for atomic clocks. Previous investors include Apex Investors and Amadeus Capital.
Dr. Torsten Löffler, investment director at DTCF said: “We are thrilled to invest in a startup that not only leads in high-impact technology but also enables further breakthroughs in most pressing global computational challenges across various industries by offering access to the technology in the form of a quantum cloud computing service. Planqc’s impressive track record in securing contracts – in particular the DLR Tender – and public grants within just 18 months of operations underscores the company’s role as a frontrunner in the quantum computing sector both in Europe and globally.”
Prof. Immanuel Bloch, director at the Max-Planck-Institute for Quantum Optics (MPQ), added: “At MPQ, we have a strong tradition of supporting spin-offs from our institute and translating fundamental science to industry. Planqc is the latest example and is based on our expertise in trapping, cooling, and manipulating cold atoms and molecules. In the future, we look forward to extending this collaboration.”
Planqc has previously secured a €29 million contract with the German Aerospace Center (DLR) to install a neutral-atom quantum computer as part of the DLR Quantum Computing Initiative’s (DLR QCI) 100-qubit DiNAQC project. DLR QCI recently launched a quantum computer from another German quantum firm, eleQtron.
The company was recently commissioned to deploy a 1,000-qubit quantum computer at the Leibniz Supercomputing Centre by the German Government.
Benjamin Erhart, general partner at UVC Partners, said: “The rapid progress of Planqc since our initial investment is rooted both in Planqc’s scientific excellence as well as its capability to attract world-class talent. In line with our strategy of building sustainable category leaders, it was a clear decision to double down on Planqc significantly.”
