quantum computing startups

Quantum Computing Startups — 2024

Quantum Computing Startups – discover the most promising young companies in the QC industry!


Founded in 2017 in Armonk, NY, Qiskit is an open-source platform aimed at making quantum computing more accessible. It offers tools for programming and simulating quantum computers, as well as access to IBM’s cloud-based quantum devices. Qiskit has applications in chemistry, finance, and optimization​​.

Qiskit, being a part of IBM, (not a typical way of quantum computing startups), primarily focuses on developing quantum computing software and tools rather than operating as an independent revenue-generating entity. Therefore, specific revenue details or financial performance data for Qiskit alone are not readily available.

However, insights into IBM’s broader plans for quantum computing, which include Qiskit, offer a glimpse into future developments:

  1. IBM’s Quantum Computing Roadmap: IBM has set ambitious goals for its quantum computing systems. By 2025, the company aims to build a 4,000 qubit quantum computer, a significant leap from its current capabilities. This plan involves advancing quantum parallel processing and error mitigation, key areas in quantum computing​​.
  2. Future Developments and Qiskit’s Role: IBM’s roadmap includes the development of “quantum-centric supercomputers,” which will integrate quantum and classical processors, along with quantum communication networks. Qiskit, being IBM’s primary software for quantum computing, plays a crucial role in this vision. The company plans to enhance Qiskit Runtime, improving its capabilities for handling quantum programs and algorithms​​.
  3. Focus on Machine Learning and Other Domains: Starting from machine learning applications, IBM is exploring various use cases for its quantum computing technology. By 2025, it aims to enable model developers to explore quantum applications in areas like optimization and natural sciences, indicating a broadening scope of quantum computing applications​


One of the most promising Australian quantum computing startups, established in 2017, provides tools for the quantum industry, focusing on solving hardware error, instability, and noise. They foresee applications in aerospace quantum sensing and medical research​​.

Involvement in the Quantum Computing Industry

  1. Software Development: Q-CTRL focuses on developing infrastructure software that enhances quantum computing performance. The company addresses critical challenges in quantum computing, such as hardware error and instability. This is crucial because quantum computers currently struggle with accuracy, and Q-CTRL’s software aims to significantly improve this aspect​​.
  2. Quantum Sensing and Space Technologies: They are also developing space-qualified quantum sensors and exploration technologies, in collaboration with various organizations. Their quantum sensing technology is geared towards applications on Earth, the moon, and Mars, highlighting the company’s expansive vision in the quantum field​​.

Financial Data – Quantum Computing Startups

  1. Total Funding and Revenue: As of 2021, Q-CTRL had received a total funding of $15 million and reported revenue of $5 million. More recently, their Series B-1 fundraising brought the total Series B raise to over $52 million. In 2022, the company achieved over $15 million in bookings across its quantum computing and quantum sensing divisions​​​​.
  2. Growth and Sales: The company’s revenue in fiscal year 2020-2021 increased threefold year-on-year, with over $9 million in sales from their new quantum sensor business, which started in late 2020. Despite challenges that many quantum computing startups faced, posed by the pandemic, Q-CTRL has shown substantial growth​​.

Future Plans and Forecast

  1. Expansion and Team Growth: Q-CTRL plans to use recent funding to enhance its technology, product engineering, and to invest in sales and marketing. The company anticipates growing its team, expanding its global presence with offices in Sydney, Los Angeles, and Berlin​​​​.
  2. Focus on Enterprise Applications: The company is positioned as a leader in quantum infrastructure software, aimed at making quantum computers more practical for enterprise use. They aim to simplify quantum computing for enterprises, allowing them to leverage current IT skills and develop quantum algorithms efficiently​​.
  3. Strategic Partnerships and Applications: Q-CTRL is also focusing on expanding its range of applications, including lunar development and geospatial intelligence. These efforts are aligned with the broader industry trend where quantum technology is seen as a significant driver of future value creation​​.
  4. Industry Forecast: The quantum computing industry is projected to be worth over $850 billion by 2040. The global quantum sensors market is also expected to grow significantly, reaching $299.9 million by 2024. These projections underline the potential impact and growth of the quantum computing sector, where companies like Q-CTRL are positioned to play a crucial role


Based in France and founded in 2019, PASQAL manufactures quantum processors. Originating from a French research university, the company is backed by France’s Defense Innovation Fund and specializes in cold atom physics​​.

Involvement in Quantum Computing

  • Origin and Merger: Founded in 2019 as a spin-off from Institut d’Optique, PASQAL merged with Dutch firm Qu & Co in 2022, enhancing its full-stack neutral-atom quantum computer development. The merger expanded its operations across seven countries with a diverse team​​.
  • Core Technology: PASQAL’s technology is centered on neutral atom devices. These devices offer advantages in terms of a larger number of qubits and better connectivity, crucial for overcoming limitations of classical High-Performance Computers (HPCs). The company’s approach also provides better isolation from external noise, essential for maintaining the stability of qubits​​.
  • Products and Services: They offer programmable quantum simulators and computers using 2D and 3D atomic arrays. Their technology portfolio includes lasers, vacuum technology, electronic controls, and a unique software stack, making their quantum processing units (QPUs) accessible globally through Pulser, an open-source framework​​.
  • PASQAL Cloud Services: Launched in 2022, this service allows global access to their neutral atom quantum computers, supporting various business development and complex projects​​.

Financial Data

  • Funding Rounds: PASQAL’s financial journey began with seed funding from TPY Capital and Quantonation, followed by a significant $30 million Series A round in 2021. Qu & Co, prior to merging with PASQAL, also secured substantial funding, indicating strong investor confidence in their combined capabilities​​.

Plans for the Future

  • Roadmap to 2024: PASQAL aims to deliver a quantum processor providing an industrial quantum advantage by 2024. This involves developing a device capable of operating 324-atom quantum processors, with the goal of offering 1000-qubit quantum processors​​.
  • Algorithm Development: The company is progressing in algorithm development, tackling hard optimization problems and differential equations, which have applications in various industries such as energy, finance, and automotive​​.
  • Clientele and Partnerships: Their client list includes notable names like Airbus, Johnson & Johnson, LG, Thales, and others. These partnerships, especially in private beta for PASQAL Cloud Services, underscore their growing influence in the quantum computing sector

Multiverse Computing

Founded in 2019 in Spain, Multiverse Computing targets the finance sector with its product, Singularity. This product offers quantum-inspired algorithms in a SaaS format, integrating easily with common applications like Excel​​.

Multiverse Computing, a trailblazer in the realm of quantum computing, particularly in the financial sector, is making significant strides. As one of super interesting quantum computing startups, let’s look into their insights, operations, financials and forward-looking plans:

Overview and Involvement in Quantum Computing

  • Foundation and Specialization: Founded in 2019, Multiverse Computing has carved out a niche in applying quantum and quantum-inspired solutions to complex financial problems, offering a quantum economic advantage. Headquartered in San Sebastian, Spain, the company also has offices in Toronto, Canada, and Paris​​.
  • Product Development: Their flagship product, Singularity, is a quantum computer tailored for high-level financial algorithms. It showcases an impressive capacity for handling tasks ranging from spreadsheet construction to investment strategy optimization and fraud detection​​.

Financial Data – Quantum Computing Startups

  • Revenue Growth: Multiverse Computing’s revenue growth is noteworthy. From achieving €2.9 million in 2022, the company’s CEO anticipates surpassing €10 million in 2023. This puts them on par with some of the largest hardware companies in the sector​​.
  • Seed Funding and Future Investments: In its seed funding round, Multiverse Computing raised over $11.5 million. This capital is earmarked for expanding business partnerships, hiring new talent, and enhancing the practical financial applications of their quantum computer​​.

Future Plans and Forecast

  • Product Expansion: Recently, Multiverse launched a new financial services product, “Fair Price,” which aims to deliver more accurate fair price calculations for financial institutions. This product can be leased for 100,000 euros a year, and at least one bank is evaluating it for production use​​.
  • Strategic Approach: Multiverse Computing is focusing on matching quantum computing solutions to specific problems, using the most appropriate underlying quantum technology. They leverage various quantum hardware platforms like IonQ’s trapped ion quantum computer and D-Wave’s quantum annealing computer for different applications​​.
  • Growth Trajectory: By 2027, Multiverse Computing projects to scale up its operations to generate around €100 million in annual revenue and expand its team to over 100 employees​​.
  • Quantum Computing for the Masses: The company aims to democratize access to quantum computing, providing intuitive and simple interfaces for financial professionals to utilize quantum computing without requiring extensive prior knowledge​​.

10-Year Forecast

Looking ahead, Multiverse Computing is poised to play a pivotal role in the quantum computing landscape, especially within the financial sector. Their focus on developing user-friendly quantum computing solutions, coupled with their strategic business partnerships and expanding product suite, suggests a robust growth trajectory.

By 2027, with an anticipated revenue of €100 million and a growing team, Multiverse Computing is expected to be at the forefront of bringing quantum computing solutions to a broader market, significantly impacting the financial industry and beyond.

Quantum Machines

Established in 2018 in Israel, Quantum Machines developed the Quantum Orchestration Platform, focusing on the interplay between hardware and software for optimal performance. They have developed the Operator-X device for powering large quantum processors​​.

QM — an emerging player in the quantum computing startups industry, is a company made up of a team of quantum physicists, software and systems engineers, and chip designers. Their mission is to advance the field of quantum computing with their Quantum Orchestration platform, which aims to power quantum breakthroughs and accelerate the journey towards a new era of quantum computing.

In terms of financial data, Quantum Machines has shown impressive growth. The company doubled its revenue last year and is expected to do so again in 2023, reaching at least $10 million in the previous year. Quantum Machines has also raised significant funding, totaling $93 million over six rounds, with the latest funding round being a grant received in November 2023, bringing the total funding to $100 million.

Plans and achievements — quantum computing startups

As for their plans and achievements, Quantum Machines has a growing customer base, reaching over 280 quantum computing facilities worldwide. Their advanced quantum control technology, which can control a wide range of qubit types, has seen customers experience a more than 100x speedup of quantum workloads. In 2022, Quantum Machines made several significant moves, including leading the establishment of the Israel Quantum Computing Center, acquiring the Danish quantum computing firm QDevil, partnering with Toyota Tsusho for the Japanese market, and engaging in a major European project for Neutral Atom quantum computing. They also released a new Pulse Processing Unit (PPU) Hadamard, enhancing their OPX hardware’s capabilities in quantum algorithm orchestration and quantum error correction.

quantum computing startups 2024
quantum computing startups 2024

QC Ware

Located in Palo Alto, California, and founded in 2014, QC Ware combines quantum computing with machine learning. Their software, Forge, is designed to be turnkey for data scientists​​.

QC Ware is a notable player in the quantum computing startups industry, offering a range of solutions designed to harness the potential of quantum computing. Their focus spans workshops to identify potential use cases, proof of concept explorations, and R&D projects aimed at pushing the boundaries of current capabilities. The company specializes in unique and performant algorithms in areas like optimization, chemistry simulation, machine learning, and Monte Carlo methods, among others​.

QC Ware has established a significant customer base, working with major corporations across various industries. Their clientele includes BMW, Goldman Sachs, JPMorgan Chase, Itaú Unibanco, Aisin Group, Covestro, Airbus, and Roche. These collaborations highlight QC Ware’s expertise in quantum computing and its applicability across different sectors​​.

Financial data – quantum computing startups

In terms of financial data, QC Ware has raised substantial funding over multiple rounds. One source reports a total funding amount of $33.51 million over 9 rounds, with the latest being a $1.5 million grant in April 2022​​. Another one indicates a slightly higher total funding amount of $41.4 million over 6 rounds, with the most recent funding round in September 2021​​. As of 2022, QC Ware’s peak revenue was reported to be around $5.0 million, with a revenue per employee ratio of approximately $166,666​​.

Looking towards the future, QC Ware is actively involved in research and development to further the capabilities of quantum computing. A notable project is their collaboration with JPMorgan Chase on quantum “deep hedging.” This research explores the use of quantum computing to enhance risk mitigation in financial services.

The study, conducted on Quantinuum’s H1-1 quantum computer, demonstrated the potential for future computational speed-ups and improved efficiency in training models, leveraging quantum machine learning methods. This advancement could be significant for financial services as quantum computing becomes more commercially accessible. The results of this collaboration indicate QC Ware’s commitment to evolving quantum computing applications in practical and impactful ways

Universal Quantum

A UK-based company founded in 2018, Universal Quantum aims to build a million-qubit quantum computer, focusing on microwave technology instead of lasers​​.

Universal Quantum, a company in the quantum computing industry, is known for its focus on developing a million-qubit quantum computer. The company’s approach is distinct in several key areas:

  1. UQ Connect Technology: Universal Quantum has pioneered the UQ Connect technology, which is a method of connecting quantum computing modules using electric field links. This technology is considered simpler than the more common photonic interconnects and has achieved a world record in connection rate and fidelity between two trapped ion quantum computer modules​​.
  2. Trapped Ion Quantum Computer Modules: The company utilizes a fully connected trapped ion qubit system with integrated qubit control technology. These modules can be manufactured using established silicon fabrication techniques, making them fully integrated and self-contained electronic quantum computing modules​​.
  3. Electronic Quantum Gates: Instead of using laser beams for quantum gates, which requires high precision and stability, Universal Quantum employs electronic gate technology. This approach simplifies the alignment and scaling process, allowing for effective operation with a large number of qubits​​.
  4. Cooling Technology: Universal Quantum’s technology requires cooling to only 70K, as opposed to the milli-Kelvin temperatures required by many other quantum computing platforms. This makes scaling to millions of qubits more feasible​​.
  5. Trapped Ion Qubits: The company uses individual charged atoms (ions) as qubits, which are naturally identical, well isolated, and easily controllable. This has made trapped ion quantum computing one of the most mature technologies in the field​​.
  6. Blueprint for a Million-Qubit Quantum Computer: In 2017, Universal Quantum drafted a practical blueprint for building a quantum computer with millions of qubits. This blueprint has undergone extensive scrutiny and is backed by leading experts worldwide​​.
  7. Mission Statement: The company is focused on building quantum computers to address real-world problems that are currently beyond the capabilities of conventional supercomputers. Their work aims to have transformative impacts across various fields such as medicine and finance​​.

Regarding financial data, there are conflicting reports about Universal Quantum’s total funding. One source indicates that the company has raised a total of £11.6M over three funding rounds​​, while another source reports a total of $14.99M raised over four rounds​​. A third source mentions a total funding of $4.5M, but it’s unclear if this figure is current or complete​​. It’s important to note that financial data for private companies like Universal Quantum can be challenging to verify and may not be publicly available in detail.

Zapata Computing

Founded in 2017 in Boston, Massachusetts, Zapata Computing is a leader in developing quantum software for various industries including pharma, engineering, and finance​​.


This UK company, established in 2017, focuses on developing an OS for quantum computing, aiming at enhancing performance in quantum operations​​.

1QBit – quantum computing startups

Based in Vancouver, Canada, and founded in 2012, 1QBit builds quantum software to solve complex problems in partnership with hardware manufacturers​​.


Founded in 2007 in Boulder, Colorado, ColdQuanta utilizes cold atom technology for applications ranging from telemetry to atomic clocks​​.


Established in 2018 in Austin, Texas, Strangeworks offers a user-friendly platform for quantum computing, supporting numerous developers and projects worldwide​​.

Atom Computing

This Berkeley-based startup, founded in 2018, aims to develop scalable, room-temperature quantum computers using neutral atoms as qubits​​.

Quandela – quantum computing startups

A French company founded in 2013, Quandela specializes in single-photon technology for quantum solutions in telecommunications, sensing, and computing​​.


Located in Palo Alto, California, and founded in 2016, PsiQuantum aims to build a quantum computer with one million qubits for applications in cryptography, chemistry, and material science

​Growth of the quantum computing startups industry​

Regarding the projected growth of the quantum computing industry, it is set to reach a valuation of USD 6.5 billion by 2033, growing from an estimated USD 784 million in 2023. This represents a CAGR of 23.5% over the next decade​​. Another source projects the market size to grow from USD 928.8 million in 2023 to USD 6,528.8 million by 2030, with a CAGR of 32.1%​​.

The growth is driven by the rising demand for enhanced computing capabilities across sectors like finance, healthcare, and logistics, and advancements in quantum hardware and algorithms. Increased investments from governments and private entities in quantum research also contribute to this growth.

Dangers & Complex landscape

Investors considering an entree into the quantum computing market must navigate a complex landscape, where the convergence of technological novelty, market unpredictability, and nascent regulatory frameworks conspires to present a unique set of risks.

  1. Technological Uncertainty: The field of quantum computing is still in its infancy, characterized by rapid and unpredictable technological evolution. Current quantum computers, often in experimental stages, are far from the powerful, error-free machines envisioned by theorists. The technology is grappling with fundamental issues like error correction, coherence times, and qubit scalability. This state of flux implies that current investments might become obsolete quickly as newer, more advanced technologies emerge.
  2. High Capital Intensity and Long Development Cycles: Quantum computing requires significant upfront capital investment in research and development, with no guaranteed short-term returns. The long development cycles typical of deep-tech industries mean that investors might need to wait for extended periods before seeing any financial returns, during which the technology might evolve or face unforeseen challenges.
  3. Market Predictability: The practical applications of quantum computing are still being explored, with clear use cases primarily in sectors like pharmaceuticals, materials science, and cryptography. However, the breadth and timing of market adoption are uncertain. This uncertainty makes it difficult to predict where and when investments will yield returns, complicating investment strategies.
  4. Regulatory and Ethical Considerations: As a disruptive technology, quantum computing could face future regulatory challenges, particularly in areas related to data security, privacy, and dual-use technology with military applications. Additionally, ethical considerations around the use of quantum computing in surveillance or other sensitive areas could lead to regulatory interventions, impacting investment landscapes.
  5. Talent Scarcity: The quantum computing field requires highly specialized knowledge, and there is a limited pool of talent with the necessary expertise. The scarcity of skilled professionals could slow down research and development progress, affecting the timelines and success of quantum computing ventures.
  6. Intellectual Property (IP) and Security Risks: Given the cutting-edge nature of quantum computing, IP protection is crucial. There’s a risk of IP theft or espionage, especially as the technology has significant strategic importance globally. Furthermore, quantum computing poses a threat to current encryption standards, potentially disrupting existing security infrastructures.
  7. Hype and Speculation: The excitement around quantum computing has led to a certain degree of hype, which can inflate expectations and valuations. This hype can create a bubble, where investments are driven more by speculation than by solid understanding of the technology’s capabilities and limitations.
  8. Competition and Market Fragmentation: The quantum computing space is seeing increasing entry of new players, including startups and established tech giants. This competition can lead to market fragmentation, making it challenging for investors to pick winners in a landscape where the technology and business models are still evolving.

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quantum computing startups – top 5

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