Terra Quantum Rises $60M for its Quantum-as-a-Service Platform

Terra Quantum Rises $60M for its Quantum-as-a-Service Platform

Terra Quantum, a Zurich, Switzerland-based business aiming to establish a quantum-as-a-service platform (including, eventually, its own unique quantum hardware), has raised $60 million in a Series A round headed by Lakestar, which also sponsored the company’s seed round in 2019. This round’s additional investors choose to remain anonymous. According to Terra, they include two of Germany’s largest and most well known family offices, as well as one of the world’s most powerful cryptocurrency investors. Terra Quantum’s goal is to create a new end-to-end quantum platform.

With its own quantum processors still a few years away, the business is presently focusing on providing a library of quantum algorithms and quantum security tools, as well as a quantum key distribution service, to its customers. The corporation says it is “extremely interested in superconducting qubits” in terms of its own technology. It now provides simulated virtual qubits to its users and can support workloads on any of the currently available hardware platforms, regardless of topology or architecture.

“As we have matured from a Deep Tech company into a worldwide quantum firm, the Series a fundraising round enables us to press forward our leadership position in the field of quantum computing,” stated Markus Pflitsch, founder and CEO of Terra Quantum. “I am extremely proud of our recent achievements, including the launch of the world’s first hybrid quantum cloud data center (QMware) and a super-secure global quantum protocol based on quantum key distribution (QKD), and grateful for the support of all of our partners who have and will continue to support us on our journey.” Among Terra Quantum’s clients are a number of DAX40 firms in the automotive and biotech industries.

The extra financing will be used to improve the company’s R&D skills (which it will need if it wants to manufacture its own quantum hardware) and to expand its quantum-as-a-service offering (which will also require that hardware). “We are firm believers in collaborating with excellent technology entrepreneurs.”From the beginning, we believed in Terra Quantum’s quantum technologies great promise,” stated Lakestar partner and CTO Stephen Nundy. 

“Terra Quantum has continually demonstrated that it is at the forefront of the second quantum revolution. Its groundbreaking quantum applications, for example, have enormous potential in addressing the looming quantum cryptography issues. We’re ecstatic to continue to support Terra Quantum’s global expansion.”