Other new investors include the European Innovation Council (EIC) Fund, Wa’ed Ventures and Bpifrance, through its Large Venture Fund.
The new funding takes the total amount raised so far to €140 million.
Continuing investors include Quantonation, the Defense Innovation Fund, Daphni and Eni Next.
With the new funding, PASQAL plans to accelerate the company’s research and development efforts to build a 1,000-qubit quantum computer in the short term and fault-tolerant architectures in the long term.
The company plans to build a 200-300 qubit computer by 2024.
The company also plans to increase the production of its quantum systems for on-premise installations as well as expand the development of proprietary algorithms for customers across key verticals including energy, chemistry, automotive, mobility, healthcare, enterprise technology, finance and government.
PASQAL will also use the funding to expand its global footprint. The company plans to open offices in the Middle East and Asia this year in addition to growing its existing operations in Europe and North America. PASQAL plans to double its current team of 100 employees this year.
