The company founded in 2020 develops quantum processors based on trapped ions using MAGIC’s proprietary technology.
German deep-tech startup Elektron has raised €57 million in a Series A funding round to develop its ‘locked-in’ quantum computers.
The company said the round, led by Schwarz Digits, is one of the largest Series A raised to date globally by a quantum company.
The round also featured the participation of the European Commission’s European Innovation Council Fund, existing investors such as Earlybird, and new investors including French VC firm Ankaa Ventures, laser equipment specialist Precitec, and German development banks NRW.Bank and IFB Innovationsstarter.
The company, founded in 2020, is developing quantum processors based on trapped ions using ‘magnetic gradient induced coupling’ (MAGIC) technology, and said it employs more than 100 people in collaboration with “leading European research and computing centers to advance the industrial use of quantum computing”.
It plans to use the new capital to build increased manufacturing capacity, expand cloud-based access to its systems and continue development of its hardware platform.
“Quantum computing is changing from a research-driven technology to an industrial infrastructure,” said Jan Henrik Leisse, CEO and co-founder of Elektron.
“With this funding, we’re accelerating that change and building programs that will solve real-world industrial problems.”
The company said its MAGIC technology allows very precise control of trapped ions using micro-microwave technology, providing a clear path towards uncontrollable quantum computers.
“Digital sovereignty is a very important thing for us and our partners. Following our strategic decisions in the areas of cloud and artificial intelligence, the investment in Elektron is a logical structure,” said Christian Müller, CEO of Schwarz Digits.
“We want to ensure that we remain independent of key technologies and create a forward-looking, secure IT infrastructure right here in Germany.”
Elektron’s target industries and applications include chemicals, pharmaceuticals and automotive, through material research; Logistics, routing and network optimization; and finance, dealing with risk management and portfolio optimization.
It claims to be the first German quantum computing hardware startup, and has the stated goal of building a freely programmable and scalable quantum computer.
Eleqtron was founded by Prof. Christof Wunderlich, Michael Johanning and Leisse, and started as a spin-out from the quantum optics department of the University of Siegen.
Last month, Irish and French quantum computing companies Equal1 and Bull announced a partnership to “develop the next generation of hybrid quantum-classical technologies and European solutions”.
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