1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator is a prestigious funding initiative under the European Innovation Council (EIC) designed to support high-potential, high-risk innovative startups and small and medium-sized enterprises (SMEs) in Europe. It focuses on breakthrough technologies and deep tech innovations with the potential to disrupt existing markets or create entirely new ones.

Funding Components

• Amount: Offers up to €2.5 million in non-dilutive funding.
• Purpose: To cover the costs related to innovation activities such as prototyping, user testing, and other development expenses.
• Eligibility: Aimed at projects in the early stages of development that require significant technical advancements.

• Current Funding: Up to €15 million available until 2024.
• Future Funding: Up to €10 million starting 2025.
• Purpose: To support scale-up activities, including market entry and commercialization efforts.
• Structure: Provided as equity investments to ensure companies are sufficiently capitalized to reach market deployment.

Purpose in the European DeepTech and Startup Ecosystem

The EIC Accelerator is instrumental in bolstering the European deep tech and startup ecosystem by: - Bridging the Funding Gap: Providing essential funding at critical stages, where private investments may be scarce due to perceived risks.

• Encouraging Innovation: Supporting radical innovations that have the potential to lead to significant technological advancements and economic growth.
• Boosting Competitiveness: Helping European startups and SMEs achieve global competitiveness through strategic funding and support.

Role in Scaling and Private Sector Funding

The EIC Accelerator plays a crucial role in: - De-risking Investments: By offering initial funding, it reduces the risk for private investors, making it more attractive for them to follow up with additional investments.

• Providing Credibility: Winning EIC Accelerator funding acts as a mark of quality and potential, enhancing the credibility of companies in the eyes of private investors.
• Facilitating Growth: Through its funding and support structure, companies are better positioned to scale operations, refine their business models, and expand into new markets.

C12 Quantum Electronics and HiFiQC Project

Company Overview:

• Name: C12 Quantum Electronics
• Country: France
• Website: c12qe.com

HiFiQC Project:

• Acronym: HiFiQC
• Description: The project focuses on developing High-Fidelity Quantum Computing with Carbon Nanotubes.
• Funding: Received funding under the “Grant first” option of the EIC Accelerator.

Technology Basics and Background

Quantum Computing: Quantum computing harnesses the principles of quantum mechanics to process information in fundamentally different ways than classical computers. It uses quantum bits, or qubits, which can exist in multiple states simultaneously, enabling complex computations at unprecedented speeds.

Carbon Nanotubes: Carbon nanotubes are cylindrical molecules with extraordinary electrical, thermal, and mechanical properties. They are ideal for creating qubits due to their:

• High Conductivity: Enhancing qubit performance by reducing energy loss.
• Stability: Offering long coherence times, which are crucial for maintaining quantum states.

High-Fidelity Quantum Computing: The HiFiQC project aims to achieve high-fidelity quantum computing by utilizing the unique properties of carbon nanotubes. The goal is to improve the precision and reliability of quantum computations, which is essential for practical applications in fields like cryptography, materials science, and complex system modeling.

Conclusion

The EIC Accelerator’s support of C12 Quantum Electronics’ HiFiQC project exemplifies its commitment to fostering groundbreaking innovations in Europe. By leveraging advanced technologies such as carbon nanotubes, C12 aims to push the boundaries of what is possible in quantum computing, contributing significantly to the advancement of the deep tech ecosystem.

2 The Funding Rounds

Since receiving EIC Accelerator funding on June 15, 2022, C12 Quantum Electronics has secured additional financing to advance its quantum computing technology.

Funding Rounds:

Pre-Series A Funding (June 2024): C12 raised €18 million (approximately $19.4 million) in a pre-Series A funding round. (direct.datacenterdynamics.com)

Timing and Amount:

June 2024: €18 million ($19.4 million)

Investors:

• Lead Investors:
• Varsity Capital
• EIC Fund
• Verve Ventures
• Participating Investors:
• 360 Capital
• Bpifrance
• BNP Paribas Développement

Additional Information:

The funds from this round are intended to accelerate C12's research and development efforts, particularly focusing on achieving high-fidelity quantum operations between distant spin qubits connected by a communication bus. (fundingblogger.com)

In October 2023, C12 inaugurated its Quantum Fab, a pilot production line for quantum processors located in Paris. This facility includes a cleanroom for semiconductor chips and is a significant step toward mass-producing quantum processors. (quantumherald.com)

Company Valuations:

Specific valuation figures for C12 Quantum Electronics during this funding round have not been publicly disclosed.

In summary, since June 15, 2022, C12 Quantum Electronics has raised €18 million in a pre-Series A funding round in June 2024, with contributions from several prominent investors. The company continues to make significant strides in developing its carbon nanotube-based quantum computing technology.

3 The Press Releases

Since receiving EIC Accelerator funding on June 15, 2022, C12 Quantum Electronics has published several press releases detailing significant developments:

1. Launch of Quantum Emulator in Partnership with OVHcloud (June 13, 2023): C12 announced the launch of their quantum emulator, developed in collaboration with OVHcloud. This emulator is designed to be accessible to the French and European quantum ecosystem, facilitating research and development in quantum computing. (c12qe.com)

2. Inauguration of Quantum Processor Production Line (October 30, 2023): C12 inaugurated its first production line for quantum processors, termed the "Quantum Fab," located in Paris. This facility is equipped with multiple production workshops, including a cleanroom for semiconductor chips, enabling C12 to produce its initial quantum products. (c12qe.com)

3. €18 Million Funding Round to Accelerate Quantum Computing Development (June 20, 2024): C12 secured €18 million in a second financing round to expedite the design of quantum processors. The funding round included investors such as Varsity Capital, EIC Fund, and Verve Ventures, along with existing investors like 360 Capital, Bpifrance's Digital Venture fund, and BNP Paribas Développement. The funds are intended to support R&D efforts, particularly focusing on achieving high-fidelity quantum operations between distant spin qubits connected by a communication bus. (c12qe.com)

4. Participation in Proqcima Program (March 2024): C12 was selected for the Proqcima program, initiated by the French Ministry of the Armed Forces and the French Secretary General for Investment. The program aims to develop two French-designed prototypes of universal quantum computers by 2032. (c12qe.com)

These press releases highlight C12's advancements in technology development, strategic partnerships, and funding achievements since mid-2022.

4 The Technology Advancements

Since receiving EIC Accelerator funding on June 15, 2022, C12 Quantum Electronics has made significant strides in advancing their quantum computing technology.

Technology Advancements:

• Funding and Development: In June 2024, C12 secured €18 million in a Series A funding round led by Varsity Capital, EIC Fund, and Verve Ventures. This investment aims to accelerate their research and development efforts, particularly focusing on creating the first high-fidelity quantum operation on two distant spin qubits connected by a communication bus—an essential step toward integrating thousands of qubits required for future quantum computers. (siliconangle.com)
• Manufacturing Capabilities: In October 2023, C12 inaugurated a pilot production line at their Quantum Fab in Paris, enabling the company to start producing its own quantum servers. This facility includes a cleanroom for semiconductor processing, marking a significant step toward scaling their technology. (direct.datacenterdynamics.com)
• Collaborations: C12 has partnered with the French Alternative Energies and Atomic Energy Commission (CEA) to develop multi-qubit chips at wafer scale. This collaboration combines C12's carbon nanotube-based qubit technology with traditional CMOS processes, aiming to produce higher-quality qubit chips in larger volumes. A full prototype is expected in 2024. (electronics-usa.com)

Technology Scaling and Market Demonstration:

While C12 has made notable progress in developing and scaling their technology, including establishing manufacturing capabilities and forming strategic partnerships, there is no publicly available information indicating that they have demonstrated their technology in the market with customers or through demonstrators as of April 2025.

Patents and Publications:

Specific details regarding new patents, scientific studies, clinical trials, or whitepapers published by C12 since June 15, 2022, are not readily available in the provided sources. For the most current information, it is advisable to consult official patent databases or C12's official publications.

In summary, C12 Quantum Electronics has achieved significant milestones in advancing their quantum computing technology since mid-2022, focusing on scaling their technology and enhancing manufacturing capabilities. However, as of April 2025, public demonstrations or detailed disclosures of market applications and new publications remain limited.

5 The Partnerships and Customers

Since receiving EIC Accelerator funding on June 15, 2022, C12 Quantum Electronics has established several significant partnerships and collaborations:

New Partners:

Nature and Purpose of New Relationships:

• Air Liquide: The collaboration focuses on leveraging quantum computing to simulate complex chemical reactions, potentially leading to advancements in chemical processes and materials science.
• OVHcloud: The partnership aims to provide the quantum research community with tools to develop and test quantum algorithms, accelerating the readiness for practical quantum computing applications.
• Proqcima Program: Participation in this program positions C12 at the forefront of national efforts to develop indigenous quantum computing capabilities, emphasizing the strategic importance of quantum technologies.

Market Positioning:

These partnerships enhance C12's credibility and visibility in the quantum computing sector. Collaborations with established industry leaders like Air Liquide and OVHcloud demonstrate the practical applicability of C12's technology, potentially attracting further industrial and governmental interest. Participation in the Proqcima program underscores C12's role as a key player in France's quantum computing initiatives, aligning the company with national strategic objectives.

Impact on Technology Advancements and Scaling:

The partnership with Air Liquide provides C12 with real-world challenges to refine and validate their quantum processors, particularly in simulating complex chemical systems. The collaboration with OVHcloud facilitates the development of a robust quantum computing ecosystem, enabling researchers to test and optimize algorithms, which is crucial for scaling quantum technologies. Involvement in the Proqcima program offers access to additional resources and expertise, accelerating the development of scalable, fault-tolerant quantum computers.

These strategic relationships collectively position C12 Quantum Electronics to advance its technology and scale operations effectively in the evolving quantum computing landscape.

6 The Hiring and Company Growth

Since receiving EIC Accelerator funding on June 15, 2022, C12 Quantum Electronics has experienced significant team growth and development.

Current Headcount and Team Size: As of January 2024, C12 Quantum Electronics has expanded to a multiteam organization with over 30 employees. (lem.onera.cnrs.fr)

Current Hiring Status: C12 Quantum Electronics is actively hiring. For instance, they have a current opening for a Quantum Measurement Software Engineer. (jobs.lever.co)

Growth Since EIC Accelerator Funding: Prior to the EIC Accelerator funding in June 2022, the company had already secured a $10 million seed round in 2021, which facilitated initial team expansion. (cioinfluence.com) Since then, the team has grown to over 30 employees by January 2024, indicating a substantial increase in staff. (lem.onera.cnrs.fr)

Key Recent Hires: Specific details about recent hires are not publicly disclosed. However, the company is seeking professionals such as Quantum Measurement Software Engineers, suggesting a focus on strengthening their technical and R&D capabilities. (jobs.lever.co)

Impact of New Team Members: The addition of new team members, particularly in technical roles, is crucial for advancing C12's quantum computing technology. These hires contribute to the development and enhancement of their quantum processors, facilitating scalability and growth in the quantum computing sector.

Changes in Management or Founding Team: There is no publicly available information indicating any major changes in the management or founding team since the EIC Accelerator funding.

In summary, C12 Quantum Electronics has significantly expanded its team since June 2022, continues to actively recruit, and is leveraging new talent to advance its quantum computing initiatives.

7 The Media Features and Publications

Since receiving EIC Accelerator funding on June 15, 2022, C12 Quantum Electronics has garnered significant media attention and actively participated in various industry events. Below is a comprehensive overview of their engagements:

Media Features:

• December 30, 2024: La Tribune published an article titled "Inside C12's Quantum Fab: Redefining the Future of Quantum Computing," offering an in-depth look into C12's quantum fabrication processes. (c12qe.com)
• November 26, 2024: Forbes France featured "Underground with C12: a deep dive into quantum computing," exploring the company's advancements in the field. (c12qe.com)
• July 3, 2024: Le Monde released "Dans une fabrique de nanotubes de carbone pour le calcul quantique," highlighting C12's work with carbon nanotubes in quantum computing. (c12qe.com)
• June 20, 2024: Les Echos reported on C12's €18 million funding round in "La deeptech C12 lève 18 millions d’euros pour fortifier sa technologie de qubits et son écosystème." (c12qe.com)
• June 20, 2024: L'Usine Digitale covered the same funding event in "C12 lève 18 millions d’euros pour accélérer le développement de son ordinateur quantique." (c12qe.com)
• June 19, 2024: Le Journal du Net featured "C12 lève 18 millions d'euros pour le développement de son ordinateur quantique," discussing the company's development plans. (c12qe.com)
• June 19, 2024: Sifted published "Micro-robots, carbon nanotubes and an underground factory: Quantum startup C12 raises €18m," detailing the company's innovative approach. (c12qe.com)
• June 19, 2024: TechCrunch reported on the funding in "C12, a French quantum computing startup founded by twin brothers, raises $19.4M." (c12qe.com)
• June 19, 2024: Le Figaro featured "Le français C12 lève 18 millions d’euros pour son futur ordinateur quantique," focusing on the company's future plans. (c12qe.com)
• June 18, 2024: Le Monde Informatique covered the funding in "En levant 18 M€, C12 accélère sur l'informatique quantique." (c12qe.com)
• October 30, 2023: Usine Nouvelle reported on the inauguration of C12's production line in "La deeptech C12 inaugure sa première ligne de production de puces quantiques à Paris." (c12qe.com)
• February 2, 2023: Forbes France featured an interview with CEO Pierre Desjardins titled "Pierre Desjardins : « Comme avec l’IA, le quantique provoquera une rupture technologique majeure »." (c12qe.com)

Podcasts and Interviews:

• December 7, 2023: Pierre Desjardins presented "Leading the Next Materials Leap in Quantum Computing" at Q2B 2023 Silicon Valley. (c12qe.com)
• November 2, 2022: He discussed "Carbon Nanotubes for Quantum Computers" on The Superposition Guy's Podcast. (c12qe.com)
• October 6, 2022: Pierre shared insights on scaling deeptech startups globally in "Booster sa startup deeptech en recrutant des talents à l’échelle mondiale" on La Deeptech Voit Big. (c12qe.com)

Conferences and Fair Participations:

• December 7, 2023: Pierre Desjardins presented at Q2B 2023 Silicon Valley. (c12qe.com)
• October 30, 2023: C12 inaugurated its first quantum chip production line in Paris, marking a significant milestone in their development. (c12qe.com)
• June 13, 2023: C12 launched its emulator in partnership with OVHcloud, making it accessible to the French and European quantum ecosystem. (c12qe.com)

Event Involvement:

June 13, 2023: C12's partnership with OVHcloud for the emulator launch signifies their active involvement in expanding quantum computing accessibility. (c12qe.com)

C12 Quantum Electronics has demonstrated a robust presence in the quantum computing landscape through strategic media engagements, insightful discussions, and active participation in key industry events since mid-2022.