Unlocking the Future: Quantum Technology Start-ups Secured Funding from EIC Accelerator
The European Innovation Council (EIC) has made a significant stride in the advancement of quantum technology by selecting 68 companies for the first EIC Accelerator round of 2024. Among these companies are five promising quantum technology start-ups that have been awarded an estimated €165 million in grants and €245 million in equity.
These quantum start-ups, including Kiutra, QuiX Quantum, QC Design, Quantum Transistors, and Welinq, will be receiving blended financing to fuel their innovative projects in areas such as quantum processors, cryogenic measurements, fault-tolerant architectures, and quantum memory links.
The EIC Accelerator serves as a crucial support system for high-risk, deep-tech start-ups that hold strategic relevance to the EU. By providing both grants and external equity investments, the accelerator enables these companies to propel their innovations forward.
During the first EIC Accelerator round of 2024, quantum computing and quantum-enabling cryogenics took center stage. Companies like Kiutra, QuiX Quantum, and Welinq secured funding for their groundbreaking projects, signaling a significant push towards advancing quantum technologies in Europe.
The selected proposals span a spectrum of cutting-edge technologies, from renewable energy to AI to biomedical applications. The five quantum technology start-ups are set to revolutionize the industry with their innovative solutions:
- Kiutra (DE) – Democratizing Cryogenic Measurements for the Quantum Ecosystem
- QuiX Quantum (NL) – QuiX Quantum Universal Quantum Processor
- QC Design (DE) – Fault-Tolerant Architectures and Software for Scalable Quantum Computers
- Quantum Transistors (IL) – A million qubit quantum computer: highly scalable solid state quantum computing platform with native optical networking
- Welinq (FR) – Scaling-up quantum computers with quantum memory links
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Through ‘blended finance’, these companies will receive a mix of grants and equity investments, with the latter coming from the EIC Fund and other external investors. This dual support system is aimed at fueling the growth and success of these start-ups.
Stefan Hengesbach, CEO of QuiX Quantum, expressed his enthusiasm for the EIC Accelerator, calling it an essential instrument for financing deep tech start-ups in the EU. The accelerator’s support will be instrumental in realizing their vision of creating Europe’s leading quantum photonic products.
For a comprehensive list of quantum technology companies funded in previous EIC rounds, as part of the EIC Pathfinder and Transition initiatives, visit the quantum coordination board.
Find out more about the latest EIC Accelerator funding round for quantum tech SMEs here.