Terra Quantum raises $60M for its quantum-as-a-service platform

Terra Quantum, a Zurich, Switzerland-based startup that aims to build a quantum-as-a-service platform (including, eventually, its own proprietary quantum hardware), today announced that it has raised a $60 million Series A round led by Lakestar, which also backed the company’s 2019 seed round. The additional investors in this round prefer to remain anonymous. According to Terra, they include two of the largest and globally renowned German family offices and one of the most influential cryptocurrency investors globally.

The idea behind Terra Quantum is to build a new end-to-end quantum platform. With its own quantum chips still a couple of years out, this currently means the company focuses on offering to its customers a library of quantum algorithms and quantum security tools, including a quantum key distribution service.

As for its own hardware, the company tells me that it is “very interested in superconducting qubits.” It currently offers its users access to simulated virtual qubits and is able to support workloads on any of the currently available hardware platforms, no matter the topology or architecture.

“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 Deep Tech startup into a global quantum business,” said Markus Pflitsch, founder and CEO of Terra Quantum. “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 quantum key distribution (QKD), and grateful for the support of all of our partners who have and will support us on our path.”

Terra Quantum currently counts a number of DAX40 companies in the automotive and biotech industry among its clients.

The company plans to use the new funding to expand its R&D capabilities (something it’ll need if it wants to build its own quantum hardware) and extend its quantum-as-a-service offering (for which it’ll need that hardware).

“We strongly believe in partnering with exceptional technology founders. We have trusted the incredible potential of Terra Quantum’s quantum technology from day one,” said Lakestar partner and CTO Stephen Nundy. “Terra Quantum has consistently proven its leading role in driving the second quantum revolution. Its pioneering quantum applications have tremendous potential, for example to solve the imminent quantum cryptography challenges. We are incredibly excited to further support Terra Quantum in its continued growth on a global scale.”