Millions in funding for university spin-off
The deep-tech company eleQtron, a leading developer of ion trap-based quantum computers in Europe, has closed a Series A financing round of 57 million euros. The financing round marks an important step for the industrial scaling of eleQtron's technology and underlines the growing momentum in the global competition for the commercialization of quantum computing. It is one of the largest Series A financings in quantum computing worldwide and clearly positions eleQtron as one of the most ambitious European providers in international competition.
eleQtron was founded in 2020 out of the University of Siegen. One of the founders of the first German start-up for quantum computing is Prof. Dr. Christof Wunderlich, who conducts research in the field of quantum optics at the University of Siegen and remained on board as a shareholder after leaving the management of eleQtron. The basic technology for controlling ion qubits in quantum computers was developed at the University of Siegen.
"The University of Siegen is proud of its outstanding scientists, who set new standards with their inventiveness and courage. We particularly appreciate the commitment of the eleQtron founders, who are translating scientific excellence into entrepreneurial success. Their path is an impressive example of how research can lead to forward-looking innovations," says University Rector Prof. Dr. Stefanie Reese.
The lead investor in the Series A financing round is Schwarz Digits, the IT and digital division of the Schwarz Group, a leading international group of companies in the retail sector. The EIC Fund of the European Innovation Council is also one of the key investors and financial backers.
In addition to new investors, existing investors such as Earlybird are also participating in the financing round. New investors in the financing round include the VC firm Ankaa Ventures from France, the laser equipment specialist Precitec and the development banks NRW.BANK from Düsseldorf and IFB Innovationsstarter GmbH. The financing also includes individual funding.
eleQtron already has an order volume of over 54 million euros. This underlines the growing commercial demand and makes eleQtron one of the few quantum computing companies with a substantial order backlog.
The fresh capital will now flow into the development of scalable production capacities, the expansion of cloud-based access to the systems and the further development of the hardware platform.
In addition, eleQtron is investing in the further development of its proprietary MAGIC (Magnetic Gradient Induced Coupling) technology. It enables the high-precision control of trapped ions using miniaturized microwave technology and thus opens up a clear path to scalable quantum computers.
"Quantum computing is currently evolving from a research technology to an industrially usable infrastructure. With this funding, we are accelerating this transition and building systems that will solve real problems for industrial customers," says Jan Henrik Leisse, CEO and co-founder of eleQtron.
Technological scaling for industrial application
eleQtron was founded in 2020 and combines research-based technology development with a clear focus on industrial scaling and commercialization. Quantum computing is increasingly understood as part of critical digital infrastructure - comparable to data centers, networks or AI platforms. The investment round strengthens eleQtron's position as a provider of scalable quantum computing systems for industrial applications. With the capital of the consortium around the companies of the Schwarz Group as lead investor, the commercialization of the product will now be significantly accelerated.
"Digital sovereignty is a top priority for us and our partners. Following our strategic decisions in the areas of cloud and artificial intelligence, the investment in eleQtron is a logical building block. We want to ensure that we remain independent in key technologies and actively shape future-oriented, secure IT infrastructures right here in Germany," says Christian Müller, Co-CEO of Schwarz Digits.
"eleQtron combines a clearly differentiated technology with a convincing approach to scaling and commercializing quantum computing. In particular, the combination of proprietary technology and cloud-based access shows how research can lead to concrete applications. We look forward to continuing to support the next phase of growth as an investor," said Dr. Hendrik Brandis, Co-Founder & Partner at Earlybird.
"Quantum computing is entering a crucial phase of industrialization. Companies like eleQtron, which combine scientific excellence with a clear focus on scalable systems, are crucial to translate Europe's strengths into globally competitive technologies", emphasizes Svetoslava Georgieva, Chair of the Board of Directors of the EIC Fund.
About eleQtron
eleQtron was founded in 2020 as a spin-off of the University of Siegen and develops quantum processors based on trapped ions. The proprietary MAGIC (Magnetic Gradient Induced Coupling) technology enables high-precision, scalable control of qubits using microwaves. eleQtron employs over 100 people and is a technology partner of leading European research and computing centers and drives the industrial use of quantum computers.
About Schwarz Digits
Schwarz Digits is the IT and digital division of the Schwarz Group. It offers convincing digital products and services that meet the high German data protection standards. Schwarz Digits thus guarantees the greatest possible digital sovereignty. With this in mind, Schwarz Digits provides the IT infrastructure and solutions for the extensive ecosystem of the Schwarz Group companies and develops it for the future. Schwarz Digits' sovereign core services include Cloud, Cyber Security, Data and AI, Communication and Workspace. Schwarz Digits creates optimal conditions for the development of trend-setting innovations for end customers, companies and public sector organizations.
About the EIC Fund
The European Innovation Council Fund of the European Commission is a deep tech investor across all technology sectors. The EIC Fund aims to fill a critical funding gap and support companies in the development and commercialization of disruptive technologies. With its large network of investors and strategic partners, it shares risks and mobilizes other market players. Further information: https://eic.ec.europa.eu/eic-fund_en
