Posted: January 19, 2024 11:54 AM Updated: January 19, 2024 11:54 AM
Correction and fact check date: January 19, 2024, 11:54 AM
briefly
QphoX announced today that it has raised $8.7 million in funding to bring its first product to market and further commercialize quantum computing.
Dutch quantum computing company QphoX announced today that it has raised $8.7 million (€8 million) in funding, making it the largest quantum company in the Netherlands.
According to the announcement, the company plans to use the funds to launch its first products and commercialize quantum computing.
“We are very grateful to have the trust of our investors to help us build technology that will enable real-world quantum computing applications,” said Simon Groeblacher, co-founder and CEO of QphoX. “Currently, we are the only company with conversion hardware at a level of performance that allows quantum systems to connect over optical quantum channels. We look forward to working with our partners to expand quantum computing beyond proof-of-concept systems.”
After securing a $7 million (€6.5 million) grant from the European Innovation Council (EIC) accelerator for 2022, the company recently embarked on a funding round that saw notable participation from QDNL.
The funding round received additional support from notable investors, including contributions from EIC Fund, Quantonation, Speedinvest, High-Tech Gründerfonds and Delft Enterprises.
QphoX has developed hardware called a quantum modem that helps quantum computers communicate over optical network devices. The company believes that this technology will be at the heart of the coming quantum internet.
Quantum conversion devices manufactured by QphoX connect quantum processors through efficient, long quantum channels to minimize data loss. This allows small but high-performance quantum processors to be connected to massively parallel quantum processing units to enhance distributed computation capabilities.
QphoX’s efforts to commercialize quantum technology
According to the company, since raising $2.1 million (€2 million) in 2021, technology has advanced, including recent developments that could make mature quantum computers a reality.
The new funding will be used to accelerate product development and prepare QphoX technology for integration into commercial systems, as QphoX continues its first pilot projects with customers and partners, it added.
QphoX’s core technology focuses on the ability to build devices that enable quantum transformation, where (quantum) information can be converted between the microwave and optical domains.
The company has made several recent breakthroughs in technology. In October 2023, QphoX shared a demonstration of optical frequency readout of a superconducting qubit and published details of the peer-reviewed performance of its world-leading transducer in Nature Nanotechnology.
“We are impressed by the quality of the QphoX team and the unique quantum conversion technology successfully implemented in our lab. We strongly believe that QphoX’s technology will form the backbone, pave the way for the quantum internet of the future and accelerate the scale-up of quantum computers,” said Marcin Nowak, Investment Director at the European Investment Bank, leading the investment on behalf of the EIC Fund. This said.
“The significant investment in QphoX demonstrates the EIC Fund’s commitment to supporting innovation in the field of quantum computing and bridging the funding gap in this capital-intensive, high-risk, early-stage deep technology industry,” Nowak added.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.