Wa’ed backs quantum computing startup PASQAL in $108M Series B round
Wa’ed Ventures, the venture capital arm of Saudi Aramco Entrepreneurship Centre, has invested in a $108 million Series B round in French quantum computing startup PASQAL. Led by Temasek, the round also saw participation from investors such as the European Innovation Council (EIC) Fund, Bpifrance, Quantonation, Daphni and Eni Next.
PASQAL will use the funds to further develop its neutral atoms quantum computing platform and accelerate its global expansion, especially in the Middle East, as reported by Wamda.
Moreover, PASQAL will also use the capital to accelerate the company’s research and development to build a 1,000-qubit quantum computer and fault-tolerant architectures. The company also plans to increase the production of its quantum systems for on-premise installations and expand the development of proprietary algorithms for customers across verticals such as automotive, chemistry, energy, enterprise technology, healthcare, mobility, finance and government.
PASQAL was founded in 2019 by Georges-Olivier Reymond and Nobel prize-winner and physicist Alain Aspect.
In 2022, PASQAL announced partnering with Saudi Aramco and Italian multinational energy company Eni. It also partnered with EDF, Exaion Inc. and the Quantum Innovation Zone to form QuaTERA (Quantum Technologies Energy Result Accelerator), the first open centre of excellence to develop sustainable energy solutions using HPC and quantum computing.
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Edited by Affirunisa Kankudti