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Published on
June 20, 2024
9 min read
New C12 Funding Pushes Quantum Computer Dream Closer
Deeptech startup, C12 has raised €18 million in its latest equity funding round. Tech.EU says that C12 will use this amount to develop the technology underlying its quantum processors. The startup will also use the new C12 funding to develop partnerships with industrial customers.
Extraordinary Investors
The C12 funding round was led by Varsity Capital, EIC Fund, and Verve Ventures. The new funding brings the total amount raised by C12 to about €30 million. The quantum computing startup raised €9 million in 2021.
Varsity Founding Partner, Didier Valet said, “We are proud to lead the new C12 round with a clear objective of building a large-scale, fault-tolerant quantum computer to strengthen France’s position as a leading force in the quantum space.”
C12 designs and produces quantum processors. The deeptech startup is focused on shaping the future of quantum computing in France and globally.
“I am very happy to have prestigious investors on board to speed up our development. I am proud that C12 can count on an extraordinary team. Our ambition is the same as day one- to become one of the quantum computing leaders of tomorrow,” C12’s CEO and Co-Founder, Pierre Desjardins said.
The company plans to use the processors to build large-scale quantum computers.
The Proqcima Program
C12 has been selected to take part in the Proqcima program. The program was launched by the French Ministry of the Armed Forces in March 2024. The purpose of the program is to design two prototypes of C12 universal quantum computers by 2032.
“Our goal is to demonstrate long-distance entanglement between 2 qubits. This entanglement is at the heart of the quantum leap that will one day allow us to compute in a few seconds, what today takes several years. This long-distance 2Q gate is therefore a major step forward in quantum technology,” C12 Co-Founder and CT, Matthieu Desjardins said.
Qubits are tiny particles in quantum processors that carry quantum information.
Proof of Concept
C12 has demonstrated that its single spin qubit architecture can reduce the noise that affects qubit quality. In 2023, the startup inaugurated its first quantum processor, Quantum Fab, in Paris. The startup has several production workshops. It also has a cleanroom for its semiconductor chips. The Quantum Fab pilot line will enable it to manufacture its initial quantum products.
360 Capital Partner, Nader Sabbaghian said, “Much like silicon laid the foundation for modern digital computing in the 1950s, we believe carbon holds the key to unleashing the extraordinary potential of quantum computing. We are immensely proud of C12’s pioneering achievements and are committed to supporting their efforts to turn quantum computing into a tangible reality.”
Stiff Competition
Many startups are building fully-fledged quantum computers in Europe. In France, C12 quantum computing is competing with Quandela, Pascal, and Alice & Bob. Its competitors have attracted better funding.
The companies use different qubits to differentiate themselves in the market. Pascal uses neutral atoms while Alice & Bob uses electrons. C12 uses spin qubits and Quandela uses photons.
Quantum computers are still in the infancy stage. Scientists expect them to unlock high computational power. They can solve complex problems that conventional computers can’t, which presents huge benefits for businesses.
