French quantum computer startup PASQAL raises $109 mln investment

French quantum computer startup PASQAL raises $109 mln investment

Paris-based quantum computer startup PASQAL on Tuesday said it had raised 100 million euros ($109 million) and aims to deliver major commercial advantages over classical computers by next year using the fresh funds.The investment is the biggest private funding round for a quantum computer startup in Europe, according to Georges-Olivier Reymond, CEO and co-founder of PASQAL. It comes as the stock price collapse of three New York-listed quantum computer makers, IonQ Inc, Rigetti Computing, and D-wave Quantum has made funding for the sector challenging.

For the latest headlines, follow our Google News channel online or via the app.“As the other companies will probably struggle to find cash and so forth, maybe it’s a good opportunity for us to take the talents that are available,” Reymond told Reuters, adding that PASQAL planned to double its headcount to about 200 this year.PASQAL recently sold two quantum computers to France and Germany for high-performance computing centers, and Alain Aspect, one of PASQAL’s founders, won the 2022 Nobel Prize in Physics for experiments in quantum mechanics that laid the groundwork for quantum computing.Scientists expect quantum computers could one day make certain calculations millions of times faster than the fastest super computers today.For now, Reymond said,