(Pitchbook) Lakestar has led a €10 million investment in Terra Quantum, valuing the startup at around €50 million. Terra Quantum is developing a hybrid quantum algorithm for solving a linear system of equations in quantum computing. It will use the funds to build infrastructure and software solutions.
Terra Quantum AG, which is a Swiss based Quantum Tech startup, has realized hybrid quantum algorithm for solving a linear system of equations with exponential speedup that utilizes quantum phase estimation, one of the exemplary core protocols for quantum computing.
Their experiment carried out on superconducting IBMQ devices reveals the main shortcomings of the present quantum processors, which must be surpassed in order to boost quantum data processing via phase estimation. The developed algorithm demonstrates quantum supremacy and holds high promise to meet practically relevant challenges.
Founded in 2012, Lakestar is a venture capital firm headquartered in Zurich, Switzerland. The firm prefers to invest in technology companies led by entrepreneurs, the firm’s early investments include internet technology companies.