QphoX Secures $8.7 Million to Propel Quantum Computing Forward
In Brief
Today, QphoX proudly announced that it has successfully raised $8.7 million to bring its initial products to the market and advance the commercialization of quantum computing technology.
Dutch quantum computing Today, the company QphoX disclosed that it has raised €8 million ($8.7 million), establishing itself as the leading quantum enterprise in the Netherlands.
As per the company’s announcement, the capital will be directed towards launching its initial products and further advancing the commercialization of quantum computing.
Simon Groeblacher, co-founder and CEO of QphoX, expressed gratitude, stating, 'We are incredibly thankful for the trust our investors have placed in us to develop the technology that will facilitate practical applications of quantum computing. We currently stand as the sole firm equipped with transduction hardware at a performance level that permits quantum systems to connect via optical quantum channels. We eagerly anticipate collaborating with our partners to scale quantum computers beyond mere concepts.'
Following a substantial €6.5 million ($7 million) grant from the European Innovation Council (EIC) Accelerator in 2022, the company has entered a new funding round with significant backing from QDNL Participations.
The latest funding initiative has also garnered support from several notable investors, including contributions from the EIC Fund, Quantonation, Speedinvest, High-Tech Gründerfonds, and Delft Enterprises.
QphoX has developed a revolutionary hardware component known as a quantum modem that facilitates communication between quantum computers via an optical networking device. The organization believes that this innovation will be fundamental to the future establishment of the quantum internet.
The quantum transduction devices crafted by QphoX establish connections between quantum processors over efficient and extended quantum channels, significantly reducing limitations. This innovation enables the integration of smaller yet highly efficient quantum processors into an extensive, parallel quantum processing unit, greatly optimizing distributed computational capabilities. data loss QphoX's Pursuit of Quantum Technology Commercialization
According to the company, since raising €2 million ($2.1 million) in 2021, it has made considerable strides in its technology, showcasing recent advancements that usher it into maturity.
The newly acquired funds will be utilized to accelerate product development and prepare QphoX’s technology for integration into commercial frameworks, while continuing pilot projects with various customers and partners. quantum computers within reach.
At the heart of QphoX’s technology lies the capability to create devices that facilitate quantum transduction, enabling the translation of (quantum) information between microwave and optical realms.
Recently, the company has achieved multiple breakthroughs in its technology. In October 2023, QphoX reported successful demonstrations of optical-frequency readouts of superconducting qubits and shared peer-reviewed findings on its leading transducer performance in Nature Nanotechnology.
Marcin Nowak, Investment Director at the European Investment Bank, emphasized, 'We are incredibly impressed with the caliber of QphoX’s team and its innovative quantum transduction technology, successfully taken beyond the lab. We firmly believe that QphoX’s solutions will underpin and pave the way for the impending quantum internet and facilitate the scaling of quantum computing.'
'The substantial investment in QphoX is a testament to the EIC Fund’s commitment to fostering innovation in quantum computing and bridging the financial gaps prevalent in the capital-intensive, high-risk landscape of early-stage deep-tech industries,' Nowak further elaborated.
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In line with the Trust Project guidelines Kumar is a seasoned Tech Journalist with expertise at the intersection of AI/ML, marketing technology, and emergent areas such as cryptocurrency, blockchain, and NFTs. With over three years of industry experience, Kumar has developed a strong reputation in creating engaging narratives, conducting profound interviews, and delivering insightful analyses. His skills are reflected in high-impact material, including articles, reports, and research pieces for prominent industry platforms. Blending technical knowledge with storytelling finesse, Kumar excels at making complex tech concepts accessible and engaging for varied audiences.
