BRUSSELS, May 5 (Reuters) – Dutch quantum processor company QuantWare has raised $178 million in new financing, including funding from Intel Capital, it said on Tuesday, as Europe tries to keep up pace with tech leading companies from the U.S. and China.
Quantum computers will make data processing considerably faster than via conventional computing, and the sector could be worth trillions of dollars in the next decade, according to consultancy firm McKinsey.
QuantWare, headquartered in the Dutch town of Delft, said the funds would finance a planned increase in its production.
Along with Intel Capital, other companies involved in the fundraising for QuantWare included IQT, ETF Partners, FORWARD.one and Invest-NL Deep Tech Fund.
“The promise of quantum computing, capable of solving humanity’s intractable challenges, can only happen once it can be manufactured and deployed at scale. That is exactly what we are building,” said Matt Rijlaarsdam, CEO and co-founder of QuantWare, in a statement.
The European Commission and EU countries have in the last five years provided more than 11 billion euros ($12.88 billion) in public funding to quantum technology.
($1 = 0.8543 euros)
(Reporting by Sudip Kar-Gupta, editing by Inti Landauro)
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