Terra Quantum AG based in St.GallenBodenseeArea was founded last year by Markus Pflitsch, a scientist at CERN, the European Organization for Nuclear Research. The company is developing a hybrid quantum algorithm for use in areas such as quantum computers or quantum cryptography. According to a press release by Startupticker.ch, Terra Quantum was able to take on investments amounting to 10 million euros.
One of the investors is Lakestar, a European venture capitalist in the technology sector that also has a branch in Zurich. Stephen Nundy, Lakestar CTO, is quoted in the press release saying: “We are seeing a revolution taking place with quantum computing, which is why we are excited to work alongside Markus and the Terra Quantum team.” Another investor, Anders Indset, adds that Terra Quantum does not want to wait for developments, rather it aims to lead the way as a pioneer. He is excited to support Pflitsch and his “excellent team” in becoming a global player.
Terra Quantum plans to use the money to invest in its own infrastructure, develop additional software solutions, and drive commercialization.