December 18, 2022
Quantum computing has become increasingly important in recent times due to its potential to solve complex problems much more quickly than traditional computers.
It is believed that a quantum computer could potentially solve a problem in just a few seconds that would take a supercomputer several days to complete.
And startups are here to make quantum computing a reality.
The quantum computing market is expected to experience significant growth in the coming years, with projections estimating that it will increase from a value of $712.2 million in 2022 to $4,758 million by 2029. This represents a compound annual growth rate of 31.2% over the forecast period of 2022 to 2029.
Below is a list of some of the most innovative and promising quantum computing startups in the world.
Headquarters: Toronto, Ontario, Canada
Founders: Alex Challans
Year founded: 2019
Latest funding: $1,500,000 (Seed)
Total funding: $1,500,000
What they do: The Quantum Insider provides daily news updates, interviews and content through its quantum intelligence platform.
Headquarters: Enschede, Overijssel, The Netherlands
Founders: Hans van den Vlekkert
Year founded: 2019
Latest funding: $5,593,210 (Seed)
Total funding: $5,593,210
Investors: FORWARD.one, OostNL, PhotonDelta
What they do: QuiX offers a plug-and-play integrated and reconfigurable light-based quantum processor that accelerates the way to a quantum future. Quantum computing will revolutionize the way of processing information as we know it. Integrated photonics is a key enabling technology for light-based quantum computers as it allows us to realize reconfigurable quantum processors that process single photons in a stable, accurate and fast way. QuiX offers both integrated photonic processors and bespoke integrated devices for quantum photonics, based on the proprietary TriPleX platform.
Headquarters: Boulder, Colorado, United States
Founders: Dana Anderson, Rainer Kunz
Year founded: 2007
Latest funding: $110,000,000 (Series B)
Total funding: $184,483,421
Investors: In-Q-Tel, Foundry Group, Sumitomo Corporation, Maverick Ventures, Caruso Ventures
What they do: Infleqtion is building an ecosystem of quantum technologies and commercial products. The company is building on ColdQuanta’s 15 years of pioneering quantum research.
Headquarters: Toronto, Ontario, Canada
Founders: Christian Weedbrook
Year founded: 2016
Latest funding: $100,000,000 (Series C)
Total funding: $235,621,647
Investors: Alumni Ventures, Creative Destruction Lab (CDL), Tiger Global Management, Silicon Valley Bank, BDC Venture Capital
What they do: Since its founding in 2016, Xanadu has focused extensively on the effects quantum will have on society and how to best service those needs. Xanadu's ultimate goal is to provide quantum on demand to enable significant computational improvements over the best classical methods to solve really tough real-world problems. Xanadu has amalgamated leading scientists and professionals to pair academic research with industry veterans to develop a massively scalable venture.
Headquarters: San Mateo, California, United States
Founders: Dave Krauthamer, Konstantin Vilk, Rebecca Krauthamer, Skip Sanzeri, Skip Sanzeri
Year founded: 2019
Latest funding: $9,000,000 (Series A)
Total funding: $14,000,000
Investors: Techstars, Franklin Templeton Investments, EvoNexus, United States Air Force, Techstars Space Accelerator
What they do: The company’s mission is to solve the quantum security problem. QuSecure developed QuProtect™, their state-of-the-art, software-based quantum security solution. Designed to integrate seamlessly with today’s technology, QuProtect gives their clients the protection and assurance they need, so they’re ready for today.
Headquarters: Singapore, Central Region, Singapore
Founders: Joe Fitzsimons
Year founded: 2018
Latest funding: $13,100,000 (Series A)
Total funding: $16,287,400
Investors: Tencent, DCVC, Sequoia Capital India, SGInnovate, Summer Capital
What they do: Horizon Quantum Computing is pioneering classical to quantum programming: the automatic construction of quantum algorithms from conventional languages such as Matlab, Python or C. Spanning the entire chain from algorithm generation to hardware-specific implementation, its programming tools will allow users to develop quantum-accelerated applications whatever their expertise.
Headquarters: Paris, Ile-de-France, France
Founders: Emmanuelle Rolland-Martiano, Maximilien Levesque
Year founded: 2019
Latest funding: $29,296,960 (Series A)
Total funding: $30,520,688
Investors: Eurazeo, Bpifrance, Elaia
What they do: Aqemia is a next-gen pharmatech company generating one of the world's fastest-growing drug discovery pipeline. Their mission is to design fast innovative drug candidates for dozens of critical diseases. What sets the company apart is their unique quantum and statistical mechanics algorithms fuelling a generative AI to design novel drug candidates.
Headquarters: Tel Aviv, Tel Aviv, Israel
Founders: Amir Naveh, Nir Minerbi, Yehuda Naveh
Year founded: 2020
Latest funding: $13,000,000 (Series B)
Total funding: $61,750,000
Investors: OurCrowd, Team8, Alumni Ventures, HSBC, Samsung NEXT
What they do: Classiq Technologies develops automation and synthesis of quantum algorithms. The startup also provides a revolutionary Quantum Algorithm Design software platform for the automated synthesis of quantum circuits.
Headquarters: Sankt Gallen, Sankt Gallen, Switzerland
Founders: Markus Pflitsch
Year founded: 2019
Latest funding: $75,000,000 (Series A)
Total funding: $90,000,000
Investors: Lakestar, Anders Indset
What they do: Terra Quantum is a deep tech pioneer, developing revolutionary quantum applications to shape the technology of the future. Its international team of experts brings together the minds from science, academia, and industry to address the most fundamental questions of quantum physics and its manifestations in the world. The company is building quantum technology for a better future, breaking down the barriers between science and industry and laying the foundations of a real quantum tech ecosystem and value chain.
Headquarters: New York, New York, United States
Founders: Mael Flament, Mehdi Namazi
Year founded: 2017
Latest funding: $8,000,000 (Series A)
Total funding: $12,405,556
Investors: National Science Foundation, US Department of Energy, New York Ventures, SandboxAQ, Airbus Ventures
What they do: Qunnect is a spin-off venture from the Quantum Information Technology group at Stony Brook university that focuses on engineering novel quantum devices enabling future information networks and quantum computing using photons to communicate and atoms to store and process quantum information. In particular, Qunnect focuses on engineering novel quantum memories and quantum sources that will enable future information networks and quantum computing.
Headquarters: Turku, Western Finland, Finland
Founders: Boris Sokolov, Guillermo Garcia-Perez, Matteo Rossi, Sabrina Maniscalco
Year founded: 2020
Latest funding: $4,000,000 (Seed)
Total funding: $4,000,000
Investors: Tiger Global Management, K5 Global, David Helgason, Keenan Rice, Haakon Overli
What they do: Algorithmiq utilizes its expertise in quantum information, complex systems, and computational physics to develop algorithms to develop new and effective drugs, solve problems in life sciences, and discover new materials.
Headquarters: Paris, Ile-de-France, France
Founders: Raphaël Lescanne, Théau Péronnin
Year founded: 2020
Latest funding: $29,736,075 (Series A)
Total funding: $33,036,076
Investors: Bpifrance, Acequia Capital (AceCap), Supernova Invest, Breega, AGORANOV
What they do: Alice & Bob build Universal, Error-free, Quantum Computers to help industries and researchers solve the hardest problems.
Headquarters: Hongo, Tokyo, Japan
Founders: Tianren Yang
Year founded: 2018
Latest funding: $10,000,000 (Series B)
Total funding: $12,774,567
Investors: Global Brain Corporation, Fujitsu, ANRI, Mitsubishi UFJ Capital, JIC Venture Growth Investments
What they do: QunaSys was established to bring out the quantum physics that has been active behind the scenes to the front stage, and to make use of quantum properties to realize technologies that could not be achieved with existing technologies.
Headquarters: London, England, United Kingdom
Founders: Cristina Escoda, Ian Walmsley, Josh Nunn, Richard Murray
Year founded: 2019
Latest funding: $15,000,000 (Series A)
Total funding: $15,000,000
Investors: Verve Ventures, Creative Destruction Lab (CDL), Oxford Science Enterprises, Octopus Ventures, Quantonation
What they do: ORCA Computing is building the first scalable and flexible quantum computer powered by photonics. They build a photonic Quantum computer, based on quantum memories. ORCA'a technology allows storage and synchronization of quantum operations, leading to improved performances.
Headquarters: Cambridge, Massachusetts, United States
Founders: Bharath Kannan, Simon Gustavsson
Year founded: 2022
Latest funding: $9,000,000 (Seed)
Total funding: $9,000,000
Investors: Glasswing Ventures, Future Labs, The E14 Fund, The Engine, Thomas Tull
What they do: Atlantic Quantum develops scalable quantum computers to tackle the world’s hardest computational challenges. Founded in 2022, Atlantic Quantum believes that fault-tolerant quantum hardware is the key to making progress in quantum computing.
Headquarters: Rehovot, HaMerkaz, Israel
Founders: Oded Melamed, Gil Semo, Dan Charash, Prof. Barak Dayan
Year founded: 2021
Latest funding: $15,000,000 (Seed)
Total funding: $15,000,000
Investors: Eclipse Ventures, Pitango Venture Capital, Grove Ventures
What they do: Quantum Source is building a team of world-leading experts in photonics and quantum computing.
Headquarters: Shenzhen, Guangdong, China
Founders: Jingen Xiang
Year founded: 2018
Latest funding: $12,823,618 (Series B)
Total funding: $12,823,618
Investors: Shenzhen Angel FOF, Ruixin Shunying Investment Fund
What they do: SpinQ Technology develops superconducting chip quantum computers, desktop nuclear magnetic resonance quantum computers, and quantum computing-related software.
Headquarters: Espoo, Southern Finland, Finland
Founders: Jan Goetz, Juha Vartiainen, Kuan Yen Tan, Mikko Möttönen
Year founded: 2018
Latest funding: $130,713,614 (Series A)
Total funding: $249,121,255
Investors: OurCrowd, Tencent, European Investment Bank, Vsquared Ventures, Bayern Kapital
What they do: IQM is the pan-European leader in building quantum computers. IQM delivers on-premises quantum computers for supercomputing data centres and research labs and offers full access to its hardware. For industrial customers, IQM delivers a quantum advantage through a unique application-specific, co-design approach. IQM is building Finland’s first commercial 54-qubit quantum computer with VTT, and an IQM-led consortium (Q-Exa) is also building a quantum computer in Germany.
The ability of quantum computers to quickly solve complex problems has led to a growing interest in and demand for quantum computing startups.
These companies are working on developing and advancing quantum computing technology in order to take advantage of its unique capabilities and potential to solve problems in a short amount of time.
Time will tell which one of these exciting companies will help move us closer to a quantum computing future.
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