Chances are, in one way or another, you’re already familiar with the term quantum computing. And if so, you might also be aware of just tricky (and costly) they are to not only build but maintain as well. In so much, over the past few years, we’ve seen the rise of SaaS cousin QaaS, or Quantum-as-a-Service.
Until now, investments in this deeptech have been on the relatively low side, so it’s quite a testament to the vertical with Switzerland’s Terra Quantum completing a hefty $60 million Series A round. With the funding, the company will continue its R&D efforts, as well as accelerate international expansion plans.
Currently, Terra Quantum is already helping industrial clients develop solutions for mind-boggling problems, but looking down the road and with the health and sustainability of mother earth in mind, the company is aiming to support the fight against climate change through quantum-computing-based developments of more efficient fertilizers, batteries, electricity grids, to name a few potentials.
“I am extremely proud of our recent milestones having launched the first hybrid quantum cloud data center (QMware) and a super-secure global quantum protocol based on quantum key distribution (QKD), and grateful for the support of all of our partners who have and will support us on our path,” commented founder, CEO, and former research scientist at CERN Markus Pflitsch. “Our new investors share my strong conviction with me that quantum will play a pivotal role in all major industries. The new funding will help us to strengthen our research capabilities, accelerate our industrial roll-out, and further extend our Quantum-as-a-Service product offering.”
Terra Quantum’s $60 million Series A funding saw participation from early investor Dr. Klaus Hommels' Lakestar, two of the largest German family offices, and one of the most influential cryptocurrency investors globally.
While the firm declined to disclose the names of these family offices and crypto investor, the company did mention that these investors have backgrounds and experience in the pharmaceutical, logistics, and blockchain (naturally), spaces, and are specifically looking to speed up the drug development process, logistics, and quantum security.
“Terra Quantum has consistently proven its leading role in driving the second quantum revolution. Its pioneering quantum applications have tremendous potential, for example, to solve the imminent quantum cryptography challenges,” commented Lakestar partner and CTO Stephen Nundy.