Jan 2022 – Zurich-based startup Terra Quantum raised a hefty $60 million in Series A financing to build out its “quantum-as-a-service” platform. Announced in January 2022, this was one of Europe’s largest quantum tech funding rounds at the time. Terra Quantum offers a hybrid quantum computing platform – combining classical computing power with quantum algorithms – and is even developing its own quantum hardware. The round was led by Lakestar and included several large European investors. Terra Quantum’s CEO highlighted milestones like launching a quantum cloud data center (called QMware) and quantum-safe cryptography services, positioning the company as a global quantum player.
Why it’s important: The sizable investment underscores Switzerland’s growing role in the quantum startup scene. Terra Quantum’s funding demonstrated that European investors see promise in Swiss quantum innovation, not just in academia but in commercial ventures. It also exemplifies the trend of quantum computing as a service (QCaaS) – offering clients access to quantum resources in the cloud – which lowers barriers for businesses to experiment with quantum solutions. For Switzerland, home to several quantum startups, Terra Quantum’s rise boosts the ecosystem’s credibility. It may attract more venture capital and talent to Swiss quantum companies, helping turn Swiss scientific expertise into marketable technologies.
