HQS Quantum Simulations brings in 12 million euros in series A funding
Quantum Simulations, a European start-up specialising in complex quantum simulations, has concluded its series-A financing round and secured more than 12 million euros together with new research funding.
As a new investor, the quantum VC fund Quantonation is leading the financing round while already invested VC funds UVC Partners, btov Industrial Technologies, and HTGF is underlining their commitment to new investment.
For some years now, the market for quantum technology has seen rapid growth, posting record highs last year. In Germany, HQS Quantum Simulations has been driving forward the key technology as part of the Q-Exa consortium. The aim of this interdisciplinary project is to install in the Leibniz Supercomputing Centre the first quantum computer manufactured in Germany, by the end of this year. Like most supercomputing centres, the High Performance Computing Centre at the Bavarian Academy of Sciences and Humanities uses significant parts of its computing power to solve problems relating to quantum mechanics, while sourcing the necessary software from HQS Quantum Simulations.
Michael Marthaler, CEO at HQS Quantum Simulations said: ‘‘The new financing round provides us with the resources we need to continue growing our team, strengthen our base, and find even more efficient ways of meeting the demands of our customers. Our investors’ reaffirmed confidence in us and the fact that Quantonation, the most renowned VC fund in the industry, is now on board, shows that we’re on the right path.’
Thanks to the capital obtained from the new financing round, HQS Quantum Simulations will seek to further strengthen its position as the leading European software provider in the field of quantum simulation. The start-up, created by four quantum physicists, has been developing efficient quantum algorithms for material, chemical and pharmaceutical research since 2017. This new financing round will enable HQS Quantum Simulations to continue the development of its Quantum Assisted Design cloud platform, and to expand the Active Space Finder open-source library.
With the goal to enhance its Quantum Assisted Design cloud platform, HQS Quantum Simulations is in the process of developing a unique piece of software that is optimised for use on current quantum computers.
The hope is that in due course it can also be used by research groups and companies that do not have access to their own quantum hardware, to carry out the same quantum simulations as performed by HQS Quantum Simulations with its software in the Leibniz Supercomputing Centre. With its Active Space Finder open-source library, HQS Quantum Simulations is the only company worldwide currently working on a solution to the active space problem. Only by solving this problem will we see practical use of quantum computers for material simulation.
The huge potential along with new technological advances continue to attract capital. ‘Quantum Simulation is on the verge of delivering substantial commercial value in industrial applications and HQS Quantum Simulations is best positioned to deliver on that promise,’ says Yann Fiebig, Principal at HTGF.
Benjamin Erhart from UVC Partners agrees: ‘We believe HQS Quantum Simulations will become the leading European player in quantum simulations and bring large benefits to our society.’
Quantonation, the first VC fund worldwide to specialise in quantum technology, is leading the financing round. ‘Quantonation is committed to the development of quantum technologies and to their transition into commercially viable products’ says Christophe Jurczak of Quantonation. ‘High performance computing is an exciting market for this, and we believe that HQS Quantum Simulations is developing the right products for chemical and physical simulations on a quantum level – products that will have a tremendous impact on these industries.’
The co-founder and COO of HQS Quantum Simulations, Iris Schwenk, strongly believes that this goal is within reach following the new financing round. ‘When we started out in 2017, we were just four quantum computing scientists who wanted to build bridges between the academic world and industry,’ she recalls. ‘Today, with more than 30 talented scientists from a range of disciplines, we are the leading quantum start-up in Europe. But this is just the beginning of our journey.’