UVC invests in planqc to build highly scalable quantum computer
Munich, Germany — Quantum computing start-up planqc today announced a €4.6 million funding round led by UVC Partners and Speedinvest. With this funding, planqc will develop highly scalable room-temperature quantum computers based on atoms in optical lattices. planqc was founded by a team of scientists from the Max Planck Institute of Quantum Optics and the Ludwig Maximilian University of Munich and is the first spin-off of the Munich Quantum Valley, one of the leading centers for quantum technology in Europe.
Current digital quantum computers are limited by both the number of qubits used and their gate quality. While the number of qubits limits the amount of information that can be processed, the limited gate quality inevitably leads to errors in the result of a computation (so-called noise). While these NISQ (short for noisy intermediate-scale quantum) computers have recently outperformed classical computers on some abstract problems, they are still far from a “quantum advantage” for industry-relevant problems. TWAICE has increased sales by about 250 percent since May 2021. The company’s growing customer base includes more than five of the world’s leading automakers, as well as several major renewable energy storage developers and operators.
planqc’s unique combination of quantum technologies is the fastest way to scale to thousands of qubits, which is a prerequisite for an industry-relevant quantum advantage. Quantum computers from planqc store information in individual atoms — by nature the best qubits — and arrange them in highly scalable artificial light crystals. Quantum gates based on precisely controlled laser pulses are used to process quantum information. planqc benefits from basic research at the Max Planck Institute and the world’s leading laser and photonics industry in Germany.
Planqc’s founding team brings together decades of international research on neutral-atom quantum technologies at world-leading institutions such as Harvard University, Oxford University, University of California Berkeley, University of Colorado, University of Innsbruck, CQT Singapore, and MPQ. The founding team is completed by multi-supervisor and financial expert Ann-Kristin Achleitner and serial entrepreneur Markus Wagner, founder of i5invest.
Support for planqc continues to be provided by scientific advisors Immanuel Bloch and J. Ignacio Cirac. Both are directors at MPQ and are known for their pioneering work on quantum simulation and quantum information. In addition, quantum algorithm expert Dieter Jaksch, professor of physics at Oxford University and the University of Hamburg, was recruited as an advisor. “This world-class team combines the technical and commercial expertise to build the world’s most powerful quantum computers,” said Amanda Birkenholz, investment manager at UVC Partners.
About UVC Partners
UVC Partners is a Munich and Berlin based early-stage venture capital firm investing in European B2B start-ups within the enterprise software, industrial technologies and mobility sectors. The fund typically invests between €0.5 million and €10 million at the outset and up to €30 million in total per company. The portfolio companies benefit from the extensive investment and exit experience of the management team as well as from the close cooperation with UnternehmerTUM, Europe’s leading center for innovation and business creation. With over 300 employees and more than 100 industry partners, UnternehmerTUM can draw on many years of experience in building young companies. This collaboration allows UVC Partners to provide startups with unique access to talent, industry clients and other financial partners. www.uvcpartners.com
planqc builds quantum computers and stores quantum information in individual atoms — inherently the best qubits. Quantum information is processed by arranging these qubits in highly scalable registers and then manipulating them with precisely controlled laser pulses. planqc features a unique combination of quantum technologies that opens the fastest path to quantum processors with thousands of qubits, creating the necessary conditions for an industry-relevant quantum advantage. planqc was founded in April 2022 by Alexander Glätzle, Sebastian Blatt, Johannes Zeiher, Lukas Reichsöllner together with Ann-Kristin Achleitner and Markus Wagner. planqc is based in Garching near Munich. www.planqc.eu