Quantum computing will have an impact on the lives of everyone. From speeding up the development of life-saving drugs to creating new ways to address climate change, the benefits will affect all areas of life.
Many innovators are trying to achieve a level of computing development known as the “quantum advantage,” which is when quantum computers start achieving tasks that are not possible for traditional computers. This could pave the way for breakthroughs in fields like drug discovery, the identification of materials with unique properties, and the optimisation of complex systems in logistics and finance.
In 2020, revenues for commercial research in quantum computing surpassed $300 million and have been rapidly increasing as confidence in the technology grows. The market is expected to boom once quantum advantage is achieved. In the meantime, public and private institutions must collaborate to improve funding, increase knowledge levels and ensure that Europe is a leader in quantum technologies.
EIB Advisory has been supporting the sector, providing insights and suggestions to increase investments in quantum technology companies.
One company getting support from the European Investment Bank is Pasqal, established in 2019 in Massy, France. The company delivered to customers the first large-scale industrial neutral atom quantum processing unit with 100 qubits in 2024 and aims to reach the 10 000 qubit mark for a research and development machine in 2026. A quantum computer performs calculations in quantum bits, or qubits. The quantum processing unit is the brain of a quantum computer.
Pasqal’s quantum processing units have the potential to transform numerous industries by making solar panels or wind turbines more powerful, speeding up drug development, reducing costs in logistics and supply chain management and finding new materials for electronics, manufacturing and aerospace.
One of Pasqal’s main challenges is increasing the number of qubits in its quantum processors, as well as ensuring the stability of the quantum systems. Developing processes that can connect to traditional computers is essential for practical applications of quantum computing. Despite raising substantial funds, Pasqal needs additional financing to continue its research and business plans.
The quantum computing industry is highly competitive, with major players like Google, IBM, and IonQ. Pasqal hopes its neutral atoms quantum computing can have advantages over other platforms. Transforming its trials into commercial products is crucial. This involves convincing customers that the technology is beneficial and signing long-term contracts for sales and cloud services.
With funding from the European Investment Advisory Hub, EIB Advisory reviewed Pasqal's business plan and funding strategies to boost its appeal to investors. Advisory staff helped to create an investment narrative for the company. They also advised on the optimal financing structure. Navigating regulatory requirements and aligning with public policy and funding initiatives is crucial to prepare for future fund raisers.
Photo on right of EIB Quantum Finance Lab Advisory team at Quantum Meets Q-Expo, June 2024
