C12 raises €18M for universal quantum computing

C12 aims to have two French-designed prototypes of universal quantum computers by 2032.
C12 raises €18M for universal quantum computing

C12, a French spin-off of the Physics Laboratory of the École Normale Supérieure in Paris which is developing a carbon nanotube-based universal quantum computer, has closed its second round at €18M.

The new round of financing will allow C12 to accelerate its R&D work to create the first high-fidelity quantum operation on two distant spin qubits connected by a communication bus.

C12 has also been selected for the Proqcima program, launched in March 2024 by the French
Ministry of the Armed Forces with the French Secretary General for Investment. It aims to
have two French-designed prototypes of universal quantum computers by 2032.

It brings together leading investors, Varsity Capital, EIC Fund and Verve Ventures, as well as historical investors including 360 Capital, Bpifrance through its Digital Venture fund and BNP Paribas Développement.

 Matthieu Desjardins, CTO and co-founder of C12, commented: "Our goal is to demonstrate long-distance entanglement between 2 qubits. This entanglement is at the heart of the quantum leap that will one day allow us to compute in a few seconds what today takes several years. This long-distance 2Q gate is therefore a major step forward in quantum technology.”

Didier Valet, Founding Partner at Varsity, commented: “We are proud at Varsity to lead the new C12 round
with a clear objective to build a large-scale, fault-tolerant quantum computer and to strengthen France’s position as a leading force in quantum space.”

Pierre Desjardins, CEO and cofounder at C12, said: “I am very happy to have prestigious investors on board to speed up our development. I am proud that C12 can count on an extraordinary team. Our ambition is the same as on day one: to become one of the quantum computing leaders of tomorrow.”

After raising $10M in 2021, the startup demonstrated both theoretically and empirically that its architecture - the closest realization of a single spin in vacuum - reduces all sources of noise that affect the quality of the qubit. At the end of October 2023, the company inaugurated a unique first production line for quantum processors in the heart of Paris: the Quantum Fab. Equipped with several production workshops, including a cleanroom for semiconductor chips, this pilot line will enable C12 to produce its first quantum products.

"Much like silicon laid the foundation for modern digital computing in the 1950s, we believe
carbon holds the key to unleashing the extraordinary potential of quantum computing. We are immensely proud of C12's pioneering achievements to date and are committed to support their
efforts to turn quantum computing into a tangible reality." said Nader Sabbaghian, Partner at
360 Capital.

“We are delighted to renew our support for C12, a company whose potential we are convinced
of. Since we first invested in 2021, this startup has continuously enhanced its value proposition,
unveiling last October their Quantum Fab, the first production line for quantum processors in
central Paris. This round of new investors will enable it to accelerate its development” stated
Clémentine Cazenave, Senior Investor at Bpifrance.

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