QphoX Raises $8.7 Million to Commercialize Quantum Computing
QphoX announced today that it raised $8.7 million funding to launch its first products to market and further commercialize quantum computing.
Dutch quantum computing company QphoX announced today that it raised $8.7 million (€8 million) in funding, making it the largest quantum company in the Netherlands.
According to the announcement, the company will be using the funds to launch its first products to market and further commercialize quantum computing.
“We are very grateful to be entrusted by our investors to build the technology that will enable real quantum computing applications,” said Simon Groeblacher, co-founder and CEO of QphoX. “At the moment, we are the only company with the transduction hardware at a performance level that will allow quantum systems to connect through optical quantum channels. We look forward to working with our partners to scale quantum computers beyond proof-of-concept systems.”
After securing a $7 million (€6.5 million) grant from the European Innovation Council (EIC) Accelerator in 2022, the company has recently embarked on a funding round that saw prominent participation from QDNL Participations.
The funding round further got support from notable investors, including contributions from the EIC Fund, Quantonation, Speedinvest, High-Tech Gründerfonds, and Delft Enterprises.
QphoX has developed hardware called a quantum modem which helps quantum computers to communicate through an optical network device. The company believes this technology will be the core of the upcoming quantum internet.
The quantum transduction devices crafted by QphoX link quantum processors through efficient and lengthy quantum channels, minimizing data loss. This enables the connection of small yet high-performing quantum processors into a massive, parallel quantum processing unit, enhancing the capabilities of distributed computation.
QphoX Efforts Towards Commercializing Quantum Technology
According to the company, since raising $2.1 million (€2 million) in 2021, it has made advances in its technology, including recent developments that bring mature quantum computers within reach.
The new funds will be used to accelerate product development and prepare QphoX’s technology for integration into commercial systems as it continues its first pilot projects with customers and partners, it added.
QphoX’s core technology centers on the ability to build devices that enable quantum transduction, where (quantum) information can be translated between the microwave and optical domains.
The company has made several breakthroughs in its technology recently. In October 2023, QphoX shared its demonstration of optical-frequency readout of superconducting qubits and published peer-reviewed details of its world-leading transducer performance in Nature Nanotechnology.
“We are very impressed by the quality of QphoX’s team and its unique quantum transduction technology, successfully taken out of the lab. We strongly believe that QphoX’s technology will form the backbone and pave the way towards a future quantum internet and accelerate scaling up of quantum computers,” said Marcin Nowak, Investment Director at European Investment Bank, leading the investment on behalf of the EIC Fund.
“The significant investment in QphoX is a demonstration of the EIC Fund’s commitment to support innovation in the field of quantum computing and bridge the funding gap in capital intensive, high-risk, early-stage, deep-tech industry,” Nowak added.
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.