Deeptech startup banks $60m to deploy Quantum-as-a-Service technology

Based in Rorschach, St. Gallen, Terra Quantum is a Quantum-as-a-Service company with three core focus areas. The first is Quantum Algorithms as a Service where an extensive library of algorithms are available to customers, such as quantum-based optimization and quantum-based neural networks which can for example be used for pattern recognition. Terra Quantum also develops new algorithms for customers or adapt existing algorithms to their specific needs. The second is Quantum Computing as a Service providing customers with access to its high performing logical qubits to equip them with real quantum advantages already today. The third is Quantum Security as a Service offering quantum security worldwide via its unique quantum secure communication and QKD solutions.

Thanks to its technology, the company can support its industrial clients in developing solutions for intractable problems. Its platform is also expected to help corporates and institutions in their fight against climate change by supporting the development of more efficient fertilizers, batteries, electricity grids and much more.

The announcement of a $60m Series A funding, marks one of the largest global funding rounds achieved in the quantum tech space globally. According to a press release, it underscores Terra Quantum’s unique position as a leader of the quantum revolution.

The new shareholders include two of the largest and globally renowned German family offices and one of the most influential cryptocurrency investors globally. The new investors have deep roots and entrepreneurial backgrounds in the pharmaceutical, logistics and blockchain spaces. With their individual investments, they are seeking to ensure faster drug development – more important than ever against the backdrop of the global COVID pandemic, more efficient logistics and quantum security. Lakestar, which backed the company from its Seed round in 2019, has reaffirmed its commitment in this landmark round underlining its firm belief in the potential of Terra Quantum's pioneering approach focused on revolutionary quantum applications.

New appointments at Terra Quantum
In addition, the appointment of industry veterans Prof. Valerii Vinokur as Co-CTO, one of the world’s leading physicists, and Florian Neukart as CPO, quantum expert and former director of Volkswagen's Data Lab, have been strategically aligned with Terra Quantum's growth strategy.

With an experienced, talented, and global team Terra Quantum has set an ambitious mission to lead the international quantum revolution. The fresh injection of capital will be invested in research and accelerating the company’s international expansion which will see the opening of a new office in Silicon Valley (US) and in the Munich Quantum Valley (Germany). 

Markus Pflitsch, founder and CEO of Terra Quantum says: “The Series A funding round enables us to drive forward our leading position in the field of quantum computing as we have evolved from a DeepTech start-up into a global quantum business. I am extremely proud of our recent milestones having launched the first hybrid quantum cloud data center (QMware) and a super-secure global quantum protocol based on the quantum key distribution (QKD) and grateful for the support of all of our partners who have and will support us on our path. Our new investors share my strong conviction with me that quantum will play a pivotal role in all major industries. The new funding will help us to strengthen our research capabilities, accelerate our industrial roll-out, and further extend our “Quantum-as-a-Service” product offering.

(Press release/RAN)