eleQtron Receives New Venture Capital Funding

eleQtron, based in Siegen, Germany, is developing an ion trap quantum processor based upon a concept they call MAGIC (Magnetic Gradient Induced Coupling). They received some additional funding from venture organizations Earlybird and Siegerlandfonds. As we reported last week, they are also participating in a program sponsored by the German Aerospace Center (DLR) to research how to network individual chips to create a universal quantum computing architecture. It is reported that the total amount of new funds the company will receive will total €50 Million ($50M USD). However, it is not fully clear whether all of this amount will come from the venture capital investments or whether this number also includes funding from the DLR project. Additional information is available in an article posted at Tech.eu that can be accessed here.

November 2, 2022