1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), aims to support innovative small and medium-sized enterprises (SMEs) and startups in Europe, particularly those operating in the deep tech sector. It provides financial support through blended finance, which combines grants and equity investments, enabling companies to develop and scale their innovations. The program is designed to bridge the funding gap often faced by high-risk, high-potential startups, facilitating their transition from early-stage development to market-ready products.

Funding Details

Under the EIC Accelerator, companies can receive significant funding in two main forms:

Purpose in the European DeepTech Ecosystem

The EIC Accelerator plays a pivotal role in the European deep tech and startup ecosystem by fostering innovation and supporting the commercialization of groundbreaking technologies. By providing financial resources and strategic guidance, the program empowers companies to enhance their competitiveness on a global scale. This support is particularly critical in deep tech fields, where high R&D costs and longer development cycles often deter traditional investors.

Scaling and Funding Support

The EIC Accelerator not only provides financial backing but also enhances the visibility of recipient companies, attracting interest from private investors. By validating the potential of these startups through its rigorous selection process, the EIC helps to build credibility, making it easier for companies to secure additional funding. Furthermore, the EIC offers tailored business coaching, access to networks, and mentorship, which collectively equip companies to navigate the complexities of scaling their innovations.

EIC Accelerator Winner: QuantWare B.V.

Company Overview: QuantWare B.V., based in the Netherlands, focuses on democratizing access to quantum computing technology. The company has developed a unique approach to quantum processor design, which is essential in the rapidly evolving landscape of quantum computing.

Project Acronym: DEMOQC

Project Description: The DEMOQC project aims to create 3D scalable and customizable quantum processors. This innovation seeks to make quantum computing more accessible to a broader range of users, from researchers to industry professionals, by providing a flexible and efficient solution that can be tailored to various applications.

Technology Basics and Background

Quantum computing represents a paradigm shift in computational capabilities, leveraging the principles of quantum mechanics to process information in ways that classical computers cannot. Traditional computing relies on bits that represent either a 0 or a 1, while quantum computers use qubits, which can exist in multiple states simultaneously due to superposition. This property allows quantum machines to perform complex calculations at unprecedented speeds.

QuantWare's approach involves the development of 3D quantum processors, which facilitate a more compact and scalable design compared to traditional flat architectures. The scalability of these processors is crucial for increasing the number of qubits, thereby enhancing computational power. Additionally, the customizable nature of the processors allows users to modify their configurations based on specific needs, making quantum technology more versatile and user-friendly.

The DEMOQC project not only targets advancements in quantum hardware but also aims to foster a more inclusive environment for quantum computing innovation. By lowering the barriers to entry, QuantWare positions itself as a leader in the evolving quantum landscape, driving forward the adoption of this transformative technology.

Conclusion

The EIC Accelerator program, through its robust funding strategies and support mechanisms, plays a crucial role in nurturing the European startup ecosystem, particularly in deep tech sectors like quantum computing. QuantWare B.V.'s DEMOQC project exemplifies the potential of this support, showcasing innovative advancements that aim to democratize access to quantum technology and drive significant progress in the field.

2 The Funding Rounds

QuantWare B.V. – Funding and Financing Overview Since EIC Accelerator Award

QuantWare B.V., based in Delft, Netherlands, is a leading quantum hardware company specializing in scalable superconducting quantum processors. Since submitting its successful EIC Accelerator Step 2 proposal on March 23, 2022, QuantWare has made notable progress in raising capital and expanding its global presence.

Financing Raised & Funding Rounds

Seed Round (€6 million):

In March 2023, QuantWare announced the completion of a €6 million Seed Round. This round was led by Forward.One with significant participation from QDNL Participations and Graduate Entrepreneur. The funding was earmarked to expand the team and ramp up production of their new Tenor processor (a 64-qubit device), positioning QuantWare as a key supplier for scalable quantum computing solutions.

Series A (€20 million):

On March 4, 2025, QuantWare raised €20 million (~$21.5M) in a Series A round co-led by Invest-NL Deep Tech Fund and Innovation Quarter. Additional participants included the European Innovation Council (EIC) Fund—directly linking to their EIC Accelerator win—and existing investors such as FORWARD.one, Graduate Entrepreneur Fund, QDNL Participations, along with angel investor Job van der Voort (CEO of Remote.com). This round is focused on advancing chip scaling technology (VIO), expanding fabrication capabilities, and supporting increased customer demand across over twenty countries.

Incubator/Accelerator Rounds:

According to financial databases covering up to April 30th, 2024—QuantWare participated in six funding rounds totaling $16.8M before its Series A. These include various accelerator/incubator programs such as the Techleap Rise Programme.

Timing & Amounts Summary Table

Date	Round	Amount Raised	Lead Investors
Mar 9th, 2023	Seed	€6 million	Forward.One
Apr–May '22–'24	Incubator/Accelerator / Other Early Rounds	~$16.8M total	Techleap Rise Programme & others
Mar 4th–6th '25	Series A	€20 million	Invest-NL Deep Tech Fund, Innovation Quarter, EIC Fund & existing backers

Exact breakdown/timing of all early rounds not fully public; totals may overlap across sources but indicate progressive fundraising prior to Series A.

Investor Information

• Major institutional investors: Invest-NL Deep Tech Fund; Innovation Quarter; EIC Fund.
• Venture capital backers: FORWARD.one; QDNL Participations; Graduate Entrepreneur.
• Notable angel/institutional investors: Job van der Voort (Remote.com CEO); participation from accelerator programs including Techleap Rise.

Company Valuation

No explicit public valuation figures post-Series A are available as of April/May 2025 across sources reviewed. Typically with deep tech companies at this stage—involving strong EU grant support plus substantial VC backing—the post-money valuation after a €20m Series A would be expected well above that amount but exact numbers remain undisclosed.

Exit Events: IPO or Acquisition

As of April 30th 2025:

• No evidence exists that QuantWare has undergone an IPO.
• No reported acquisition or buyout events since receiving EIC Accelerator funding.

The company remains privately held with continued equity investment from both private venture funds and strategic EU/institutional sources.

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Sources

• QuantWare raises €6 million seed for quantum processors
• QuantWare raises €20m for quantum chip scaling technology - DCD
• QuantWare raises €20M to scale quantum processors for next-gen ...
• QuantWare raises €20 million to power the world's largest quantum ...
• QuantWare raises €20 million Series A to power the world's largest ...

-About us – QuantWare -QuantWare Stock Price/Funding Data - CB Insights

3 The Press Releases

QuantWare B.V.: Advancements and Developments

QuantWare B.V., a Dutch startup specializing in quantum computing hardware, has made significant strides since its EIC Accelerator funding in 2022. Founded by Matthijs Rijlaarsdam and Alessandro Bruno as a spinoff from TU Delft, QuantWare focuses on developing superconducting quantum hardware to accelerate quantum computing advancements.

Partnerships and Collaborations

• QuantrolOx Partnership: QuantWare partnered with QuantrolOx to streamline quantum error correction using automated tune-up software. This collaboration aims to enhance the efficiency of quantum computers by simplifying error correction processes.
• Zurich Instruments Partnership: QuantWare collaborated with Zurich Instruments to provide out-of-the-box qubit readout solutions, further enhancing the ease of use of their quantum hardware.
• Formfactor Inc. and Tabor Electronics: Demonstrated a high-performing 5-qubit quantum system powered by QuantWare, highlighting their ability to deliver scalable quantum solutions.

Technology Advancements

• VIO Technology: QuantWare's core technology, VIO (Vertical Integration and Optimisation), solves scaling bottlenecks in quantum computers. VIO integrates components onto a single chip, allowing for higher qubit densities and faster processing.
• Contralto-A and Other Processors: Released the Contralto-A processor, which is almost twice as large as competing solutions, and offers easy upgradability to larger VIO-powered QPUs. Other notable products include Contralto-D, Soprano-D, Tenor-D, Crescendo-S, Crescendo-E, and Concerto.

Funding and Team Updates

• €20 Million Series A Funding: Raised €20 million in a Series A funding round to advance VIO technology and scale quantum processors.
• Scott White Joins as Chair of the Board: Pragmatic Semiconductor's founding CEO, Scott White, joined QuantWare as Chair of the Board, bringing significant industry expertise.

Press Releases and Updates

QuantWare regularly updates their website with press releases, industry news, and product announcements. Their news section covers developments in quantum computing hardware and partnerships.

Sources:

• QuantWare News
• QuantWare: Accelerating the Advent of the Quantum Computer
• World's First Commercial Superconducting Quantum Processor
• QuantWare and QuantrolOx Partner to Streamline Quantum Error Correction
• Big Tech's Quantum Race is Golden Opportunity for QuantWare
• QuantWare Raises €20m for Quantum Chip Scaling Technology
• Introducing Our Products | Quantum Hardware by QuantWare
• QuantWare B.V. - OpenSuperQPlus
• Quantum - Tuesday, March 11, 2025

4 The Technology Advancements

QuantWare B.V.’s Post-EIC Accelerator Progress: Scaling Quantum Hardware and Market Expansion

Since receiving €7.5 million in EIC Accelerator funding in June 2022, QuantWare has significantly advanced its quantum processor technology, expanded its product line, and solidified its position as a global supplier of superconducting quantum hardware. Below is a detailed overview of their progress across technical, commercial, and collaborative domains:

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Technology Advancements

• VIO Scaling Platform: Developed to overcome qubit-count limitations in monolithic quantum processors (QPUs), enabling architectures with over 1 million qubits. This addresses scalability bottlenecks faced by competitors relying on networked smaller systems.
• Contralto-A QPU: Launched in early 2025 for pre-orders, this error-correction-ready processor features 17 tunable transmon qubits—nearly double the size of competing commercial solutions. It supports distance-3 surface code implementations and is designed for seamless upgrades to larger VIO-powered systems.
• Ferrotransmon Qubits: Partnered with academic institutions (e.g., University of Napoli) and industry players under an EIC Pathfinder grant to develop ferromagnetic Josephson junction-based qubits, reducing control-line requirements per qubit and enhancing scalability.

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Market Demonstrations & Commercial Traction

• Global Customer Base: Powers quantum computers for clients across 20 countries as of March 2025, including third-party users leveraging its Foundry Services to scale custom qubit designs.
• Quantum EDGE Collaboration: Partnered with QuantrolOx to integrate automated tuneup software with Contralto-A QPUs, achieving fully automated CZ gate characterization in under 25 minutes—a benchmark for error-correction readiness.
• Funding Milestone: Raised €20 million Series A (March 2025) co-led by Invest-NL Deep Tech Fund and Innovation Quarter to expand fabrication facilities and accelerate VIO development.

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Intellectual Property & Research Outputs

While no explicit patents or whitepapers are cited post-EIC funding:

• The company’s proprietary VIO architecture is positioned as a foundational scaling standard for future million-qubit processors.
• Participation in EU-funded consortia (e.g., ferrotransmon project) suggests ongoing R&D collaborations likely generating publishable advancements.

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Strategic Positioning

QuantWare targets hyperscalers seeking monolithic QPUs over networked alternatives, emphasizing upgradability (e.g., Contralto-A’s roadmap) and cost efficiency via open-access foundry services. Their focus on error correction aligns with industry shifts following Google’s Willow processor announcement, driving increased demand from customers prioritizing near-term scalability [²⁰²⁵pressreleases][²⁰²⁵news].

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Sources

5 The Partnerships and Customers

QuantWare B.V.: Recent Developments and Partnerships

QuantWare B.V., a leading provider of superconducting quantum processors based in the Netherlands, has experienced significant growth and developments since receiving funding from the European Innovation Council in March 2022. Here are key partnerships, customers, and new relationships that have positioned the company for further success:

Partnerships and Collaborations

• QuantrolOx Partnership: QuantWare partnered with QuantrolOx to speed up the development of open-architecture quantum computers. This collaboration combines QuantrolOx's automated machine learning-based control software with QuantWare's scalable and affordable quantum processors, easing the integration of different parts of the quantum computer stack.
• SEEQC Partnership: QuantWare and SEEQC are co-developing quantum processors with integrated signal generating electronics, further enhancing their capabilities in quantum computing.
• Quantum Machines Partnership: QuantWare partners with Quantum Machines to offer pre-integrated control and QPU solutions, providing comprehensive quantum computing systems.

Customers and Global Presence

QuantWare powers quantum computers for customers in 20 countries worldwide. Notable examples include:

• Qilimanjaro (Spain): QuantWare’s Soprano QPU powered Spain's first working quantum computer built by Qilimanjaro.
• Israel: Selected to deliver quantum processing units for Israel's first fully functional quantum computer.

New Relationships and Positioning in the Market

QuantWare's recent partnerships and customer engagements have positioned it as a key player in the quantum computing industry. The company aims to become the "Intel of quantum computing" by providing affordable and scalable quantum processors, making it an attractive choice for organizations looking to adopt quantum technology.

Technology Advancements and Scaling

QuantWare's patented 3D technology, known as VIO, solves scaling bottlenecks by routing connections vertically. This innovation enables the creation of larger, more powerful quantum processors, potentially leading to the development of million-qubit quantum computers. Recent funding rounds, including a €6 million seed round and a €20 million Series A round, are being used to further develop VIO and expand chip fabrication facilities.

Conclusion

QuantWare's strategic partnerships and customer base have significantly enhanced its position in the quantum computing market. The company's focus on scalability and affordability is poised to drive advancements in quantum technology, positioning it for continued growth and innovation in the industry.

Sources:

• QuantWare: Accelerating the Advent of the Quantum Computer
• QuantWare Raises €6 Million Seed
• About QuantWare
• QuantWare Raises €20 Million Series A
• Quantrolox Partnership for Open-Architecture Quantum Devices
• QuantWare Raises €20m for Quantum Chip Scaling Technology

6 The Hiring and Company Growth

QuantWare B.V. Team Growth and Development

QuantWare B.V., a leading Dutch quantum computing company, has been experiencing significant growth since receiving the EIC Accelerator funding in March 2022. This growth is fueled by innovative technologies and strategic investments.

Current Headcount and Team Size

The exact current headcount of QuantWare is not publicly disclosed. However, the company has been expanding its team, particularly after securing funding rounds. For instance, in 2023, QuantWare announced a €6 million Seed Round, which was used to scale its team for the production and development of its quantum processors.

Hiring and Team Growth

QuantWare is actively involved in team growth and hiring. The company's recent funding rounds, including a €20 million Series A round in March 2025, are aimed at further scaling its team and facilities to meet the increasing demand for its quantum hardware technologies.

Recent Hirings and Key Positions

While specific recent hirings are not detailed in the available information, QuantWare continues to build a strong team of experts in quantum computing. The company's leadership includes co-founders Matthijs Rijlaarsdam and Dr. Alessandro Bruno, and it collaborates with various industry experts to advance its technologies.

Impact of New Team Members

New team members at QuantWare play a crucial role in scaling and growing the company. They contribute to the development of cutting-edge quantum hardware, such as the VIO technology, which is designed to overcome scaling limitations in quantum processors. This technology enables the creation of larger, more powerful quantum computers, positioning QuantWare as a leader in the quantum computing sector.

Management and Founding Team Changes

There are no reported significant changes in the management or founding team of QuantWare. The company's leadership remains committed to its mission of making quantum computing more accessible and powerful.

Growth Overview

QuantWare's growth is marked by significant funding rounds and technological advancements. The company has raised substantial capital to develop its VIO technology and expand its fabrication capabilities, which are crucial for creating larger quantum processors. This growth strategy aims to make QuantWare a key player in the global quantum computing industry.

Future Prospects

With its innovative VIO technology and expanding team, QuantWare is poised for further growth. The company's goal is to power the first million-qubit quantum computers, which would significantly advance the field of quantum computing. This ambition aligns with its mission to democratize quantum hardware and accelerate useful quantum computation.

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Sources: - QuantWare

• QuantWare raises €20 million Series A
• QuantWare raises €20M to scale quantum processors
• About Us - QuantWare
• QuantWare raises €20 million to power the world's largest quantum computers
• QuantWare raises €6 million seed
• Quantum continues to heat up as the Netherlands' QuantWare lands €6 million

7 The Media Features and Publications

QuantWare B.V.: A Leader in Quantum Computing

Overview

QuantWare B.V., a Netherlands-based company, has been making significant strides in the quantum computing landscape, particularly since receiving the EIC Accelerator funding in March 2022. QuantWare specializes in designing, developing, and fabricating state-of-the-art superconducting quantum hardware, with a focus on scalability and affordability.

Media Features and Publications

QuantWare has been featured in various media outlets and publications for its innovative approaches to quantum computing: - The Next Web highlighted QuantWare's role in the quantum race, positioning itself as a crucial partner for tech giants by providing scalable quantum solutions.

QuantWare News regularly updates on the company's advancements, partnerships, and product releases, such as the introduction of Contralto-A and Tenor processors.

Content

Publications often focus on QuantWare's technological advancements and strategic partnerships:

• QuantWare's Contralto Series: Known for its high-performance quantum processors, these are designed for large-scale applications and offer features like tunable couplers and magnetic shielding.
• Partnerships: Collaborations with companies like QuantrolOx aim to enhance the development of open-architecture quantum computers by integrating machine learning-based control software.

Podcasts and Interviews

While specific podcasts featuring QuantWare team members are not listed, the company's participation in conferences and partnerships suggests active engagement with the quantum community.

Conference and Fair Visits

QuantWare actively participates in industry events: - TNW Conference: Though not specifically mentioned as a participant, the conference theme aligns with QuantWare's interests in emerging tech.

Partnerships and Collaborations: QuantWare is part of the OpenSuperQPlus consortium, focusing on scalable quantum processing units.

Event Involvement

QuantWare is involved in several projects and initiatives, including:

• OpenSuperQPlus Consortium: Contributing expertise in superconducting processor design and fabrication.
• Delft Demonstrator Project: Aims to develop a 100-qubit system, featuring a QuantWare processor.

Sources

• QuantWare
• Articles - QuantWare
• Updates and Industry News - QuantWare
• QuantWare B.V. - OpenSuperQPlus
• Big Tech's quantum race is golden opportunity for QuantWare - TNW
• News - QuantWare Partnership | QuantrolOx