A Netherlands-based quantum computing company has successfully secured $178 million in new investment capital, with Intel Capital leading the funding round, the firm announced Tuesday. The investment comes as European nations work to compete with technology leaders in the United States and China.
According to consulting giant McKinsey, quantum computing technology promises to revolutionize data processing speeds compared to traditional computers, with the industry potentially reaching trillions of dollars in value over the coming decade.
QuantWare, which operates from its headquarters in Delft, Netherlands, plans to use the new capital to expand its manufacturing capabilities for quantum processors.
The funding round included participation from several investment firms beyond Intel Capital, including IQT, ETF Partners, FORWARD.one, and the Invest-NL Deep Tech Fund.
Company CEO and co-founder Matt Rijlaarsdam emphasized the importance of scaling production in a prepared statement. “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,” Rijlaarsdam said.
European leadership has made significant investments in quantum technology development, with the European Commission and member nations contributing over 11 billion euros (approximately $12.88 billion) in public funding over the past five years.
