Lakestar invests in Swiss quantum technology startup

While companies like IBM, Microsoft and Google are racing to build reliable quantum computers, the European quantum ecosystem is still at the beginning. To contribute to the European build-out, Terra Quantum is developing a hybrid quantum algorithm for solving a linear system of equations with exponential speedup that utilises quantum phase estimation - one of the exemplary core protocols for quantum computing.  Based in Rorschach (St. Gallen), the startup was founded by the CERN Quantum Physicist, Markus Pflitsch who works closely with an international team of experts from science, academia and industry.

The company's experiment carried out on superconducting IBMQ devices reveals the main shortcomings of the present quantum processors, which must be surpassed to boost quantum data processing via phase estimation. The developed algorithm demonstrates quantum supremacy and holds high promise to meet important challenges. The team envisages that the planned experiment will stimulate major players of the quantum computing industry to demonstrate that their hardware is achieving quantum supremacy. The company is now building its portfolio from which various sectors such as automobile, aviation, pharma, and industrial processes will benefit.

Since ist inception in July 2019, the startup has raised 10 million Euros from various investors including Lakestar, one of the leading Tech Venture Capital firms, influential corporate business angels and top tier strategy consulting and private equity industry veterans. The startup will use the funding to build infrastructure and software solutions and prepare for commercialisation as it further boosts the European quantum ecosystem as revealed by Pflitsch.

Stephen Nundy, Lakestar CTO and Investment Partner, said: “We are seeing a revolution taking place with quantum computing, which is why we are excited to work alongside Markus and the Terra Quantum team. We started the process with Markus long before the COVID-19 pandemic hit the world. We believe that quantum computing will be of even more relevance in the aftermath of the coronavirus. It will also accelerate drug discovery, artificial intelligence, breakthrough materials, and many other areas that will have a profound impact on our way of life.”

Anders Indset, investor and bestselling author of the Quantum Economy, adds: “Right now, Europe is looking for the next big thing and a new success story after the platform economy and the development of AI. Instead of waiting, Terra Quantum dares to be a pioneer. As a senior advisor, I am excited to support Markus and the excellent team in becoming a global player."

(Press release/ran)