10.5 Million EUR for German Quantum Software Company Kipu Quantum
- Closing of seed round led by HV Capital and DeepTech & Climate Fonds
- Investment used for further development of hardware-specific quantum algorithms
- Quantum software already implemented at major industrial customers such as BASF
Karlsruhe, 19 December 2023 – Kipu Quantum, a German quantum software company, today announced that it raised seed round funding totaling 10.5 million EUR. The start-up based in Karlsruhe and Berlin develops compressed algorithms needed for operating high-performing quantum computers. These algorithms enable customers from the pharmaceutical, chemical, logistics and financial industries already today to run highly complex processes on existing quantum hardware, which will radically shorten the time to market for quantum computers. The successes of the team around founders Enrique Solano, Tobias Grab and Daniel Volz are the result of more than two decades of dedicated research, scientific expertise and unique industry experience.
The financing round was led by HV Capital and DTCF, with strong participation from all existing shareholders: Entrada Ventures, Quantonation and First Moment Ventures. In addition, Onsight Ventures and QAI Ventures joined the round. Kipu Quantum will use the funding to continue building its team of world-leading quantum scientists, researchers and engineers, with the goal to bring down the time to industrially-useful quantum computers by years.
Quantum computers have the power to change the world through their potential to solve intractable computational tasks. Yet, the quantum processors needed to tackle problems of industrially relevant sizes need to improve by orders of magnitude to reach general usefulness. “Kipu’s massively compressed algorithms allow the use of today’s quantum processors across multiple industries without waiting for larger quantum computers. We develop algorithms tailored towards specific, contemporary hardware, as well as the given specs of an application”, explains Enrique Solano, founder of Kipu Quantum and the scientific lead of a team of 16 quantum computing PhDs.
With this approach, the team of Kipu Quantum set a new performance world record for protein folding, beating the previous record by IBM, besides Pasqal and QuEra one of Kipu Quantum’s hardware partners. “Our team has spent almost 25 years of research to bring forward the timeline to solve real-world business problems with quantum computing and achieve drastic improvements over competing algorithms in areas like the simulation of chemical and biological processes, mechanical systems, or complex optimization problems,” says Daniel Volz, founder and CEO of Kipu Quantum, who previously built up global activities in the field of quantum computing in various industries at McKinsey & Company. “We have built a strong team and brought our leading tech to major commercial customers like BASF.”
Hermann Hauser, renowned entrepreneur and venture capitalist as well as co-founder of Acorn Computers and thus pioneer in the development of the ARM microprocessor, joined via Onsight Ventures as new investor. „I am excited about the innovative technology and the talented team behind Kipu Quantum and I am very happy to be part of this exciting journey and to accompany them on their way.”
Maxi Pethö-Schramm of HV Capital says: „The founding trio of Kipu Quantum combines world-leading research, a deep understanding of customer problems, and experience in the commercialization of future technologies. This enables Kipu Quantum to create a quantum software product with new business value.”
“We are investing in the transformative potential of the quantum computing technology to advance areas where traditional computing is reaching its limits. Kipu Quantum’s approach is in line with our vision of a future where quantum computing accelerates breakthroughs in areas such as drug discovery”, comments Tobias Faupel, co-Managing Director of the DeepTech & Climate Fonds.
About Kipu Quantum GmbH
Kipu Quantum is a German company based in Karlsruhe and Berlin that operates at the intersection of quantum computer hardware and application software layers, developing disruptive application- and hardware-specific quantum algorithms for a wide range of industries. These algorithms are based on a one-of-a-kind compression technology that requires orders of magnitude less quantum processor resources to solve a given problem than comparable approaches. Kipu Quantum’s technology has the potential to solve industry-relevant problems in the order of 1,000 physical qubits and is compatible with any leading quantum hardware. The company is currently testing its technology with customers in the pharmaceutical, chemical, logistics and financial industries.
To learn more about Kipu Quantum, visit www.kipu-quantum.com.
About DeepTech & Cimate Fonds
The DeepTech & Climate Fund (DTCF) is a new fund that invests in the growth of technology-based companies. It is financed with funds from the “Zukunftsfonds” and the ERP Special Fund and helps build the European ecosytem of tomorrow´s technology champions. As an anchor investor and partner of long-term investors such as family offices, the DTCF will invest up to one billion euros in the coming years to develop the new technology-based SMEs of tomorrow.
Press
Press contact:
Kipu Quantum GmbH
Eva Hoffmann
E-Mail: eva.hoffmann@kipu-quantum.com
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