Dutch Quantum Firm QuantWare Raises $178M from Intel Capital and Investors
QuantWare Secures Major Funding to Advance Quantum Computing
Overview of the Funding Round
BRUSSELS, May 5 (Reuters) - Dutch quantum processor company QuantWare has raised $178 million in new financing, including funding from Intel Capital, it said on Tuesday, as Europe tries to keep up pace with tech leading companies from the U.S. and China.
The Potential of Quantum Computing
Quantum computers will make data processing considerably faster than via conventional computing, and the sector could be worth trillions of dollars in the next decade, according to consultancy firm McKinsey.
QuantWare’s Growth Plans
Production Expansion
QuantWare, headquartered in the Dutch town of Delft, said the funds would finance a planned increase in its production.
Key Investors in the Round
Along with Intel Capital, other companies involved in the fundraising for QuantWare included IQT, ETF Partners, FORWARD.one and Invest-NL Deep Tech Fund.
Executive Statement
CEO’s Vision for Quantum Computing
"The promise of quantum computing, capable of solving humanity's intractable challenges, can only happen once it can be manufactured and deployed at scale. That is exactly what we are building," said Matt Rijlaarsdam, CEO and co-founder of QuantWare, in a statement.
European Support for Quantum Technology
Public Funding Initiatives
The European Commission and EU countries have in the last five years provided more than 11 billion euros ($12.88 billion) in public funding to quantum technology.
Currency Conversion
($1 = 0.8543 euros)
(Reporting by Sudip Kar-Gupta, editing by Inti Landauro)
