By merging with Qu & Co, the French gold nugget Pasqal creates a European quantum champion

By joining these forces, the new Pasqal company is strengthening itself in the intense global competition in the quantum computer market.

Well placed in the intense global race for the development of quantum processors, the French nugget of Pasqal is accelerating not to be left behind. The young French company merges with another European gold nugget, the Dutch company Qu & Co, which develops algorithms and quantum software. “Our desire is to create a European leader in the quantum computer market. We must therefore consolidate our effortssummarizes Georges-Olivier Reymond, CEO and co-founder of Pasqal. He will remain CEO of the newly merged company, which retains the Pasqal name and is headquartered in France. Benno Broer, the current CEO of Qu & Co, will be its Commercial Director.

By joining Qu & Co, Pasqal is simultaneously regaining software technology stones, algorithms, solid commercial experience and a portfolio of major customers, especially in new sectors such as the automotive industry and chemicals. If quantum technologies are still emerging, large industrial groups are already very active on the subject of preparing for the advent of quantum computers. Johnson & Johnson, LG, Airbus, BMW Group, EDF, Thales, MBDA and Crédit Agricole CIB are already working with the new Pasqal company. They all work on specific use cases where quantum computation will create more than one difference, a real disruption for those who want access to it.

Quantum Advantage Race

Based on the physical properties of the scale of atoms or particles, future quantum computers will be able to perform calculations that are impossible to perform on the most powerful classical computers. Several technologies are currently competing to produce this “quantum advantage”, which requires the ability to develop sufficiently powerful processors.

Spin-off of the optical institute, established in 2019, Pasqal has chosen the technology with neutral atoms (that is, which has as many electrons as protons), which are controlled by temperature environment with laser light. The company hopes to reach 1000 qbits – the basic element of the processor that stores information – by 2023, having already managed to reach 200, as evidenced by a scientific publication in Nature. A critical threshold for providing a quantum advantage over certain identified uses. “Working with Pasqal on joint research has convinced us that their technology based on neutral atoms is the best solution for achieving real commercial applications in quantum computing.“, Explains Benno Broer. Mastering both hardware and software development will enable the new device to offer better performance throughout the value chain.

Fundraising

For Pasqal, it is also a matter of faster reaching the critical size needed to more easily raise the funds it needs and to gain easier access to the best engineering talent, in a competition between global players, which takes on a new dimension for several months with a sharp acceleration in investment. More American players went public in 2021 or were able to raise hundreds of millions of euros, and many European start-ups are starting to be approached for takeover.

After raising $ 40 million in April 2021 from the Quantonation Fund and the Defense Innovation Fund, Pasqal will conduct a new fundraising this year. A new financing, which must be of the same order of magnitude as its foreign competitors. “We are at the beginning of history, there are many possibilities. But you have to be able to compete with all the weapons,” concludes Georges-Olivier Reymond. mergers to accelerate the development of an offering likely to appeal to large companies, they announced Tuesday.

Leave a Comment