QuantWare raises $178 million to scale quantum processor production

Dutch quantum processor company QuantWare said on Tuesday, May 5, that it has raised $178 million in new financing to support a planned increase in production.

The round included Intel Capital, IQT, ETF Partners, FORWARD.one and Invest-NL Deep Tech Fund.

QuantWare, headquartered in Delsources, said scaling manufacturing and deployment is central to bringing quantum computing into wider use.

Quantum computers are expected to make data processing considerably faster than conventional computing, and consultancy McKinsey has said the sector could be worth trillions of dollars within the next decade.

The European Commission and EU member states have provided more than 11 billion euros ($12.88 billion) in public funding for quantum technology over the past five years, as Europe seeks to keep pace with leading technology companies in the United States and China.