2023 may well be remembered as a landmark year for quantum computing. Tech.eu has already tracked multiple deals and we're only six weeks into the new year.
Away from the investment arena, quantum engineers have made enormous strides. On Wednesday, the EU reported promising data from its €1 billion Flagship quantum tech initiative. In the UK, a team of Sussex University researchers claimed to have executed quantum information transfers at unprecedented bitrates and precision. Early quantum qubits have high error rates, but the Sussex system is claimed to transport data at 99.99% accuracy, according to the BBC.
On top of all that, a private equity investor was today revealed as an investor in a leading quantum computing company. It's described as the first time traditional PE has taken a view on quantum, until now largely part of the venture capital domain.
St. Gallen, Switzerland-based Terra Quantum has clinched funding from the global equity fund Investcorp.
Terra, which also has a German branch office, is specialised in "quantum as a service" technologies, including algorithm libraries for building quantum optimisation technologies.
The company largely utilises hybrid quantum models, blending together elements of classical computing and quantum entanglement, for instance using hybrid models to underpin new neural networks for training quantum-powered AI models.
Automotive, chemicals, utilities and health providers are among clients already employing the platform. Terra Quantum also offers new quantum-secured protocols, through quantum key distribution. This is a major fault line for the industry as emerging quantum algorithms could hijack traditional cryptography keys.
Commenting on the deal, Investcorp head of global tech Gilbert Kamieniecky said he believed Terra Quantum would be relevant to its existing portfolio companies.
One of the Investcorp teams likely to benefit is the blockchain partnership led by Kamieniecky's colleague, Herve Francois, who added: "Our investment in Terra Quantum aligns with our interest in transformative technologies such as blockchain combined with quantum computing.
"We are very proud to contribute to Terra Quantum’s trajectory with our deep expertise on cybersecurity, cryptography, and distributive ledger technology."
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