Pasqal raises €100M Series B to build quantum computers.
Pasqal, a Paris, France-based neutral atoms quantum computing company, recently raised €100M in Series B funding. The round was led by Temasek, with participation from the European Innovation Council (EIC) Fund, Wa’ed Ventures, Bpifrance, Large Venture Fund, Quantonation, the Defense Innovation Fund, Daphni and Eni Next. Founded in 2019, Pasqal builds quantum computers from ordered neutral atoms in 2D and 3D arrays to bring a practical quantum advantage to its customers. The company is currently engaged with many Global Fortune 500 companies, such as Crédit Agricole CIB, BASF, Aramco, Eni, and BMW.
Pasqal intends to use the funds to accelerate its research and development efforts, increase the production of its quantum systems, expand the development of proprietary algorithms for customers, and expand its global footprint. The technology was built upon research of company co-founder Alain Aspect, who was awarded the Nobel Prize in Physics in 2022. The company plans to double its current team of 100 employees this year.
Quantum computing has the potential to unlock new value across many industries, creating up to $850 billion in annual value by 2040. It is capable of overcoming the limitations of classical computing and bringing unprecedented processing power to solve highly valuable computational problems that could not be addressed previously. Pasqal is now well-positioned to take advantage of this potential with its new funding and ambitious plans for growth.