Swiss quantum technology company Terra Quantum has raised about €10 million, with a company valuation at around €50 million. The investment was led by Lakestar and supported by several business angels.
Based in Rorschach, the deep tech company claims to be “the European answer to breakthrough and accessible quantum computing technology”. As huge enterprise companies such as IBM, Microsoft and Google race to build the first quantum computer, Terra Quantum has been quietly building an incubator for quantum applications, hoping to lay the foundation for a quantum tech scene in Europe.
“It will take time to get a stable quantum computer with new soft- and hardware with relevance to the economy, but in the meantime, hybrid solutions and various fields within quantum technology will have an immediate impact on our lives and the economy,” says Anders Indset, a Norwegian investor in the round.
So far the Terra research team has developed a hybrid quantum algorithm, which is currently undergoing experiments. In a press release, the company said the algorithm shows “high promise to meet practically relevant challenges” — be they in transport, medicine, manufacturing, or a number of other fields.
“Quantum technologies will revolutionise almost every industry very soon,” says Markus Pflitsch, Terra Quantum founder and a CERN quantum physicist. “The time to shape and commercialise this fundamental is now.”
The Swiss startup will use its funding “to build infrastructure and software solutions” that could amount to a diverse venture project portfolio.