Home » Frankfurt-based Quantagonia Secures €4.3 Million to Make Europe “Quantum Ready”
Europe Global News News Technology

Frankfurt-based Quantagonia Secures €4.3 Million to Make Europe “Quantum Ready”

An increasing number of corporations are facing larger decision-making models and escalating demands in their process control. Traditional computers, with their current architectures, are approaching their boundaries when it comes to optimization algorithms, simulation processes, and the implementation of Artificial Intelligence (AI). 

Quantum computing, an evolving technology, presents a potential solution to these issues by accomplishing tasks much faster or even rendering solutions possible for the first time. The current challenge, however, is that existing program codes and applications are incompatible with the new quantum computers, necessitating a redefinition of algorithms and programs. 

In this context, Quantagonia, a German firm focused on quantum computing software, has successfully completed its seed fundraising led by Tensor Ventures, thereby increasing its total funding to €4.3 million. Apart from three European deep tech VCs, financial backing has also been secured from a state holding and a family office. 

“It is of great importance for Germany and Europe to take action now and become ‘quantum ready’. We should not allow a repetition of missed breakthroughs and the subsequent failure to seize innovations, as we experienced with the introduction of Artificial Intelligence. Companies need to take immediate action to benefit from the advantages that Quantum Computing will offer in the future,” says Dirk Zechiel, CEO and co-founder of Quantagonia.

Quantagonia’s unique B2B SaaS “Hybrid Quantum Platform” stands out due to its capacity to utilize existing computer programs while combining the advantages of both classical and quantum computing. The startup’s objective is to extend the benfits of its Hybrid Quantum Platform to a wide market spectrum. The capital raised by Quantagonia will be utilized for further product development and sales expansion.

Quantagonia envisions a revolution in computing and its applications: its Hybrid Quantum Platform aims to facilitate the execution of existing program code on both classical and quantum computer architectures. This enables the way for the employment of innovative and predominantly AI-based solutions.

“In Germany, the transfer from basic research to industry is generally still too cumbersome. Quantagonia stands out as one of the few European startups that facilitates this process, leveraging their expertise in research and successful business development, thereby strengthening our economic and technological location,” says Martin Drdúl from the new lead investor Tensor Ventures.

After the pre-seed round in December 2021, which included participation from the FTTF (Fraunhofer Technology Transfer Fonds), Finnish Deep-Tech VC Voima Ventures, and a German family office, Quantagonia has escalated its investment volume to a grand total of €4.3 million, with the addition of the European Deep Tech VC Tensor Ventures, the Beteiligungs-Managementgesellschaft Hessen, and subsequent investments from existing backers.

Quantagonia’s Hybrid Quantum Platform provides customers with access to applications in the AI, optimization, and simulation sectors. It integrates seamlessly with leading manufacturers of both classical hardware (i.e., CPUs & GPUs) and quantum hardware. Through the readily available HybridSolver, customers can now resolve optimization problems utilizing both quantum computers and classical hardware with proof of optimality. Even for those customers who have not yet adopted active quantum applications, Quantagonia offers its expertise for conducting use-case analyses and implementing future-oriented solutions.

Founded in November 2021 by Dirk Zechiel, Prof. Dr. Sabina Jeschke, Prof. Dr. Sebastian Pokutta, and Philipp Hannemann, the team now consists of 15 experts who combine expertise in the fields of computer science, physics, mathematics, and successful business development. To continue leading the technological change, Quantagonia is currently working on accelerating the development and implementation of its platform while simultaneously increasing its market reach.

Source : EU-Startups