Amsterdam, 9 August 2021 - Qu&Co closes new investment round to accelerate and expand the development of its quantum application platforms for chemistry, multiphysics and finance.
Qu&Co, a leading European quantum computational software developer, today announced the completion of a new round of funding led by Quantonation and with investments from Runa Capital and SPInvest. The company will use these additional funds to further accelerate and expand the research and development activities for its quantum platform products for chemistry and materials simulation, multiphysics simulation and computational finance.
A recent Boston Consulting Group study estimates that quantum computing could create value of $450-850 billion in the next 15 to 30 years, with $5-10 billion available within the next 3 to 5 years. Qu&Co is tapping into this market by developing quantum computational algorithms and platform products for quantum enhanced simulation and quantum enhanced machine learning, which BCG estimates to account for about half of the total quantum computing market.
"We are thrilled to lead this round and support Benno and Vincent and the team in the next phase of their development." said Christophe Jurczak, managing partner at Quantonation. "We’re seeing tremendous progress on the quantum computing hardware side, Qu&Co’s current and future quantum software products will be key to bring enterprises to benefit from quantum advantage"
Dmitry Galperin, partner at Runa Capital, added: "World-leading companies are already turning to quantum to find solutions to their most challenging problems and stay competitive in the future. Qu&Co's platform and algorithms make the company exceptionally well positioned to capture this trend and we are happy to support them in this journey."
Qu&Co was founded by Benno Broer (CEO) and Vincent Elfving (CTO) in 2017 in Amsterdam, the Netherlands and has R&D activities in the Netherlands, the UK, France, Germany, and Spain. The company’s clients include Johnson & Johnson, LG Electronics, Covestro, BMW Group and Airbus, it has partnerships with most of the leading US and European quantum hardware players and R&D collaborations with prominent quantum academics from top Universities around the world. The company’s previous investment round closed in June 2020.
For more information on Qu&Co please visit: https://www.quandco.com/
About Quantonation - Quantonation is an international venture capital firm headquartered in Paris, France that is dedicated to quantum technologies and innovative physics. Quantonation aims to support the transition of these disruptive deep technologies to marketable products for the industry. For more information, please visit: https://www.quantonation.com
About Runa Capital - Runa Capital is an international venture capital firm headquartered in Palo Alto, California, United States that invests in (deep) tech in areas areas like quantum computing, AI and machine learning, middleware, open-source software, cloud business software, fintech, edutech and digital health. For more information, please visit: https://runacap.com
About SPInvest – SPInvest is the investment vehicle of Joseph Peeraer, a technology entrepreneur and deeptech investor. Later this year, Peeraer expects to formally launch an new early-stage deeptech focused venture capital fund and his investment in Qu&Co will be a cornerstone investment for this new fund.