SEPTEMBER 15, 2022
Kipu Quantum, a German quantum computing startup based in Karlsruhe and Berlin, emerged from stealth after closing a EUR 3 million funding round, according to a LinkedIn post.
The round was co-led by Quantonation, US-based deep-tech investor Entrada Ventures and Karlsruhe-based early-stage investor First Momentum Ventures.
Dr. Daniel Volz, founder and CEO of Kipu comments: “We are glad and grateful to be backed by a strong consortium with a stellar track record in quantum tech, product design and scaling to commercialise an exciting technology that builds on more than two decades of scientific breakthroughs.”
“THERE IS NO DOUBT ABOUT THE MASSIVE ECONOMIC POTENTIAL OF QUANTUM TO LARGE CORPORATES, BUT SO FAR THE COMBINATION OF CURRENT HARDWARE FEATURING LESS THAN 500 QUBITS WITH MAINLY HARDWARE-AGNOSTIC ALGORITHMS FAILS TO DELIVER ANY MEANINGFUL ADVANTAGE OVER OTHER SOLUTIONS. KIPU INTENDS TO FUNDAMENTALLY CHANGE THIS SOON.”
Volz, who gained deep insights into the end users’ needs for quantum computing-based solutions when building the first quantum teams at global top management consultancy McKinsey and at chemicals giant BASF, added: “There is no doubt about the massive economic potential of quantum to large corporates, but so far the combination of current hardware featuring less than 500 qubits with mainly hardware-agnostic algorithms fails to deliver any meaningful advantage over other solutions. Kipu intends to fundamentally change this soon.”
Olivier Tonneau, partner at Quantonation, the world’s leading sector VC focused on quantum technology, said that the firm shares both Kipu’s vision and is confident in the team’s potential.
“As an investor specialised in quantum technologies, we are totally aligned with Kipu’s vision of the quantum technologies market,” said Tonneau in a statement. “We are convinced that the team has the potential to lead the Quantum revolution with groundbreaking software and algorithms that will help industrial clients take advantage of the promises of quantum technologies. Kipu will partner closely with prominent Hardware Quantum Computing manufacturers in Europe and the US and bring their value-adding software philosophy as the hardware platforms mature.”
Founded in 2021, Kipu Quantum has been working in stealth mode for the past 18 months. In addition to Volz, the company is led by Chief Visionary Officer Prof. Enrique Solano and Chief Strategy Officer Dr. Tobias Grab, and CEO Dr. Daniel Volz.
According to the post, the company will use funds to design quantum computing products that fulfill customer needs in different industry verticals such as chemicals, pharmaceuticals, optimisation, finance, and logistics.
“OUR VISION IS TO USE APPLICATION-SPECIFIC QUANTUM COMPUTING THAT BUILDS ON TODAY’S AND TOMORROW’S HARDWARE TO START SOLVING REAL PROBLEMS SINCE NOW, RATHER THAN IN THE NEXT DECADE.”
To achieve this, Kipu operates at the intersection between customer use cases with co- designed quantum hardware architectures and tailored application and hardware-specific algorithms which are developed together with customers and turned into enterprise solutions.
“We are proud to productise and commercialise the ideas we developed during two decades of quantum research, bringing to the present solutions for the quantum computing markets with disruptive creativity, ” said Solano. “We look forward to working with a talented, international team to develop products to reach quantum advantage soon. Our vision is to use application-specific quantum computing that builds on today’s and tomorrow’s hardware to start solving real problems since now, rather than in the next decade.”
Andreas Fischer, Founding Partner at First Momentum, said that Kipu’s solutions are aimed at using quantum technology to solve the world’s most pressing challenges.
“Kipu Quantum is a great example of engineers at heart bringing research into the market to enable solutions to some of the most pressing problems of our time,” said Fischer. “Climate technologies, advanced chemistry, pharmaceuticals, and many other fields will see new potentials unlocked by Kipu’s technology. The team has managed to gather some of the brightest minds in quantum computing and we are very happy to enable their journey with our industrial network.”
Dr. Eric Hall, Managing Partner at Entrada Ventures, added, “Entrada Ventures is excited by the sizeable economic impact that quantum computing will have in all industries and believes Kipu’s innovative approach is the path to near-term practical commercial applications. We are proud to partner with a team that has the technical and business experience to capitalise on this promising technology.”
The Quantum Insider • BY MATT SWAYNE