QuantWare has raised $178 million in new financing from a group led by Intel Capital and plans to use the proceeds to increase production at its Delft facility, the company said in an announcement.
The funding arrives as Europe seeks to keep pace with technology leaders in the U.S. And China; consultancy firm McKinsey estimates the quantum sector could be worth trillions of dollars over the next decade.
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Alongside Intel Capital, other backers named in the fundraising include IQT, ETF Partners, FORWARD.one and Invest-NL Deep Tech Fund, the company said. Matt Rijlaarsdam, CEO and co-founder of QuantWare, said: "The promise of quantum computing, capable of solving humanity's intractable challenges, can only happen once it can be manufactured and deployed at scale. That is exactly what we are building."
The company said the funds will finance a planned increase in its production capacity. The announcement also noted the European Commission and EU countries have provided more than 11 billion euros in public funding to quantum technology over the last five years.
The recap
- QuantWare raised $178 million from Intel Capital and other investors.
- Investors include IQT, ETF Partners, FORWARD.one, Invest-NL Deep Tech Fund.
- Funds will finance a planned increase in the company’s production capacity.
