Europe’s Answer to Accessible Quantum Computing Technology? Firm Raises Millions to Lay the Foundation
Swiss deep tech startup Terra Quantum raises €10 million to advance European quantum tech ecosystem
Key points…
+ 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.
Terra Quantum has been quietly building an incubator for quantum applications, hoping to lay the foundation for a quantum tech scene in Europe.
+ 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.
+ The Swiss startup will use its funding “to build infrastructure and software solutions” that could amount to a diverse venture project portfolio.
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