1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is designed to support innovative startups and small to medium-sized enterprises (SMEs) in Europe, particularly those operating in the DeepTech sector. It forms part of the European Innovation Council (EIC) and aims to drive the development and scaling of groundbreaking technologies and business models. The program provides a unique funding framework that combines grants and equity investments, facilitating access to capital for high-risk, high-reward projects.

Funding Structure

Under the EIC Accelerator, companies can receive funding through two primary components: grants and equity investments.

Purpose and Impact

The EIC Accelerator serves a critical role in the European DeepTech and startup ecosystem. It aims to bridge the funding gap that often exists for early-stage deep technology ventures, which typically face challenges in securing investment due to the high levels of uncertainty and risk associated with their innovations. By providing financial support and mentorship, the EIC Accelerator helps these companies navigate the complexities of bringing disruptive technologies to market.

The program not only provides essential funding but also enhances the visibility of recipient companies, making them more attractive to private investors. This, in turn, fosters a more vibrant innovation landscape across Europe, driving economic growth and technological advancement.

Case Study: ALICE & BOB and the CatQubit Project

Company Overview: ALICE & BOB is a French startup focused on the development of quantum computing technologies. Their aim is to revolutionize the computing landscape by creating universal quantum computers that leverage advanced self-correcting mechanisms.

Project Overview: The project, named CatQubit, focuses on the implementation of cat-qubit technology, which allows for the creation of more stable and error-resistant qubits. This technology is fundamental to building scalable quantum computers capable of outperforming traditional systems in complex computations.

Technology Basics and Background

Quantum computing represents a paradigm shift in computational capabilities, utilizing the principles of quantum mechanics to process information in fundamentally different ways than classical computers. Traditional bits are binary, representing either a 0 or a 1, whereas qubits can exist in multiple states simultaneously due to superposition. This feature allows quantum computers to perform multiple calculations at once, exponentially increasing their computational power for specific tasks.

However, qubits are notoriously fragile and susceptible to errors due to decoherence and noise from their environment. ALICE & BOB's CatQubit technology addresses this issue by employing a self-correcting mechanism that enhances qubit stability. This is achieved through a unique architecture that harnesses cat states—superpositions of multiple quantum states that can exhibit greater resilience against external disturbances.

By leveraging cat-qubit technology, ALICE & BOB aims to build a new class of universal quantum computers that can operate reliably over extended periods, making them practical for real-world applications. The CatQubit project not only showcases a significant advancement in quantum computing but also highlights the potential of blended finance through the EIC Accelerator in supporting groundbreaking innovations.

Conclusion

The EIC Accelerator program plays a vital role in nurturing the European DeepTech ecosystem by providing essential funding and support to innovative companies like ALICE & BOB. Through its blended finance model, the program enables startups to overcome financial barriers and scale their technologies, ultimately contributing to the advancement of fields such as quantum computing. The success of the CatQubit project underscores the importance of this initiative in fostering technological breakthroughs that have the potential to reshape industries and drive economic growth in Europe.

2 The Funding Rounds

Alice & Bob, a Paris-based startup specializing in quantum computing, has secured significant funding to advance its mission of developing a universal, fault-tolerant quantum computer.

Funding Rounds and Amounts:

• Seed Round (May 2020): The company raised approximately €3 million (around $3.3 million) in its seed funding round. (seedtable.com)
• Series A Round (March 2022): Alice & Bob secured €27 million (approximately $29.7 million) in a Series A funding round. (nordic9.com)
• Series B Round (January 2025): The company closed a €100 million (about $104.9 million) Series B funding round. (quantumcomputingreport.com)

Investors:

• Seed Round: Investors included Elaia Partners, Bpifrance, and Acequia Capital. (seedtable.com)
• Series A Round: The funding was co-led by Elaia Partners, Bpifrance (through its Digital Venture fund), and Supernova Invest, with participation from existing investor Breega. (nordic9.com)
• Series B Round: The round was led by Future French Champions (a partnership between QIA and Bpifrance), AVP (AXA Venture Partners), and Bpifrance. Existing investors Elaia Partners, Breega, Supernova Invest, and the European Innovation Council (EIC) also participated. (eu-startups.com)

Company Valuations:

Specific valuation figures for Alice & Bob during these funding rounds are not publicly disclosed. However, the substantial investments indicate strong confidence in the company's technology and growth potential.

Use of Funds:

The capital raised is allocated towards:

• Product Development: Advancing the performance of their quantum computing systems and developing the first error-corrected logical qubit.
• Infrastructure: Building a state-of-the-art laboratory and production facility.
• Team Expansion: Hiring additional employees, particularly in advanced physics, development, and engineering roles, to support commercialization efforts. (siliconcanals.com)

These strategic investments aim to position Alice & Bob at the forefront of quantum computing innovation, with the goal of delivering practical, large-scale quantum computers capable of solving complex real-world problems.

3 The Press Releases

Alice & Bob, a French quantum computing startup, has made significant strides since its inception in 2020, particularly following its selection for the EIC Accelerator funding in June 2021. The company specializes in developing fault-tolerant quantum computers using "cat qubits," a technology that reduces hardware requirements by up to 60 times compared to competing approaches. (eetimes.eu)

Partnerships and Collaborations

In November 2023, Alice & Bob partnered with Equinix to provide secure access to their quantum technology through Equinix Metal and Equinix Fabric. This collaboration aims to help businesses in the UK and the UAE enter the quantum computing era by offering on-demand access to Alice & Bob's quantum computers housed in their own data centers. (equinix.mediaroom.com, equinix.mediaroom.com)

In September 2024, Alice & Bob collaborated with Thales to develop quantum algorithms for next-generation aerospace equipment. This €2.6 million project focuses on improving electromagnetic simulations for aerospace applications, such as radar and telecommunications antennas, using fault-tolerant quantum computers. (fox40.com)

Technological Advancements

In July 2023, Alice & Bob announced major design advances for their superconducting "cat qubit." Collaborating with academic partners, they introduced new features that significantly improve performance and scalability, including a new method for quantum control and a simplified stabilization mechanism. (einnews.com)

In December 2024, the company published a white paper outlining a five-year roadmap to achieve 100 logical qubits by 2030. The roadmap details key milestones, including mastering the cat qubit, building a logical qubit, achieving fault-tolerant quantum computing, developing universal quantum computing, and delivering useful quantum computing. (news10.com)

Team Updates

In January 2025, Alice & Bob closed a €100 million Series B funding round led by Future French Champions (FFC), AVP (AXA Venture Partners), and Bpifrance. This funding will accelerate the company's efforts to build a useful quantum computer by 2030. (woodtv.com)

Patents and Intellectual Property

Alice & Bob's cat qubit technology is a proprietary innovation that has been adopted by major technology companies, including Amazon. The company continues to develop and refine this technology to address the challenges of quantum error correction and scalability. (eetimes.eu)

Press Releases and Blog Posts

Alice & Bob regularly publishes updates on their website and social media channels. For instance, in March 2024, they announced a €16.5 million innovation grant from the French public investment bank Bpifrance, part of the France 2030 initiative. This grant supports the "Cat Factory" project, aiming to make quantum computers 10 times cheaper and available three years earlier. (hpcwire.com)

In April 2025, Alice & Bob was selected by DARPA for the Quantum Benchmarking Initiative, a program to verify and validate whether fault-tolerant quantum computers can achieve utility-scale operation by 2033. This selection underscores the company's position at the forefront of global quantum innovation. (einpresswire.com)

For the latest updates, press releases, and blog posts, you can visit Alice & Bob's official website at alice-bob.com or follow them on their social media channels.

4 The Technology Advancements

Alice & Bob, a French startup founded in 2020, specializes in developing fault-tolerant quantum computers using their proprietary "cat qubits" technology. Since receiving the EIC Accelerator funding on June 16, 2021, the company has made significant advancements in various areas:

Technological Advancements and New Features

• Enhanced Qubit Performance: In 2023, Alice & Bob demonstrated that their cat qubits achieved a bit-flip lifetime of 10 seconds, marking a substantial improvement over previous generations. This advancement is crucial for building reliable quantum computers. (eetimes.eu)
• Logical Qubit Development: The company is actively working on creating its first error-corrected logical qubit, named Helium. This initiative aims to demonstrate the viability of their quantum computing approach with a significantly reduced number of physical qubits compared to traditional methods. (eetimes.eu)

Market Demonstrations and Collaborations

• Partnerships for Aerospace Applications: In September 2024, Alice & Bob partnered with Thales to develop quantum algorithms designed to accelerate simulations of aerospace equipment, such as radars and antennas. This collaboration focuses on utilizing fault-tolerant quantum computers to enhance the design and optimization of aerospace technologies. (thequantuminsider.com)
• Energy Efficiency Optimization: In July 2024, Alice & Bob, along with EDF, Quandela, and the French National Centre for Scientific Research (CNRS), initiated the "Energetic Optimisation of Quantum Circuits" (OECQ) project. This endeavor aims to analyze and improve the energy consumption of quantum computing systems, addressing a critical aspect of their scalability and sustainability. (quandela.com)

Expansion and Strategic Initiatives

• North American Expansion: In October 2023, Alice & Bob opened a new office in Boston to lead their North American business development efforts. This strategic move is intended to tap into the rich quantum ecosystem and venture capital community in the U.S., facilitating collaborations and partnerships in the region. (hpcwire.com)
• Partnership with Equinix: In November 2023, Alice & Bob collaborated with Equinix to provide secure access to their quantum computing technology through Equinix's digital infrastructure. This partnership aims to make quantum computing resources more accessible to businesses, particularly in the UK, by integrating Alice & Bob's quantum processors into Equinix's data centers. (equinix.mediaroom.com)

Leadership and Advisory Additions

Appointment of Executive Chairman: In July 2023, Elie Girard, former CEO of Atos, joined Alice & Bob as Executive Chairman. His extensive experience in business strategy is expected to guide the company's growth and strategic direction in the quantum computing sector. (hpcwire.com)

Funding and Financial Milestones

Series B Funding Round: In January 2025, Alice & Bob raised €100 million in a Series B funding round. Half of this investment is allocated to establishing a new 4,000-square-meter industrial site near Paris, dedicated to producing larger quantum computing prototypes. The remaining funds are intended to double the company's workforce to 200 employees within the next 18 months, emphasizing a strong commitment to research and development. (sifted.eu)

These developments underscore Alice & Bob's dedication to advancing quantum computing technology, expanding their market presence, and fostering strategic partnerships to drive innovation in the field.

5 The Partnerships and Customers

Alice & Bob, a French startup specializing in quantum computing, has established several strategic partnerships to advance its mission of developing fault-tolerant quantum computers.

Partnerships and Collaborations:

• Equinix: In November 2023, Alice & Bob partnered with Equinix, a global digital infrastructure company, to provide secure access to Alice & Bob's quantum technology through Equinix Metal and Equinix Fabric. This collaboration aims to help businesses in the UK and the United States integrate quantum computing into their operations. (equinix.mediaroom.com)
• Eviden (formerly Atos): In July 2023, Alice & Bob collaborated with Eviden to integrate their patented cat qubit technology into Eviden's quantum application development platform, Qaptiva. This partnership focuses on advancing fault-tolerant quantum computing by enabling users to implement quantum error correction using cat qubits. (thequantuminsider.com)
• Quantum Machines: In March 2023, Alice & Bob selected Quantum Machines' OPX+ platform to power their advanced quantum computer. This collaboration aims to enhance quantum control and accelerate the realization of practical quantum computers. (prnewswire.com)
• Thales: In September 2024, Alice & Bob and Thales announced a partnership to develop quantum algorithms for simulating aerospace equipment, such as radars and antennas. Supported by the French government's i-Démo Régions project, this collaboration seeks to position France at the forefront of quantum technology development. (thequantuminsider.com)
• Riverlane: In May 2024, Alice & Bob and Riverlane joined forces to integrate Riverlane's quantum error correction stack within Alice & Bob's quantum computing system based on cat qubit technology. This partnership aims to accelerate the path to fault-tolerant quantum computing by combining their expertise in quantum error correction and qubit technology. (thequantuminsider.com)

Nature and Purpose of New Relationships:

These partnerships are designed to:

• Enhance Quantum Computing Capabilities: By integrating advanced quantum control platforms and error correction technologies, Alice & Bob aims to improve the reliability and scalability of their quantum computers.
• Expand Market Reach: Collaborations with global companies like Equinix and Thales enable Alice & Bob to access new markets and industries, facilitating the adoption of quantum computing solutions.
• Advance Research and Development: Joint efforts with organizations such as Eviden and Riverlane focus on developing quantum algorithms and error correction methods, contributing to the overall progress of quantum computing technology.

Impact on Market Position and Technological Advancements:

These strategic alliances position Alice & Bob as a key player in the quantum computing industry by:

• Accelerating Product Development: Collaborations with technology leaders expedite the development of fault-tolerant quantum computers, bringing them closer to commercialization.
• Strengthening Industry Presence: Partnerships with established companies enhance Alice & Bob's credibility and visibility in the global market.
• Facilitating Innovation: Joint research initiatives drive innovation in quantum algorithms and error correction techniques, addressing critical challenges in the field.

Through these partnerships, Alice & Bob is poised to make significant strides in quantum computing, contributing to the advancement of the technology and its applications across various industries.

6 The Hiring and Company Growth

Alice & Bob, a French quantum computing startup founded in 2020, has experienced significant growth and strategic developments since its inception.

Team Growth and Current Headcount

As of November 2024, Alice & Bob employed approximately 117 individuals across four continents, including Europe, North America, Asia, and South America. This expansion reflects the company's commitment to scaling its operations and technological capabilities. (leadiq.com)

Recent Hiring and Key Positions

In July 2023, Alice & Bob appointed Elie Girard, the former CEO of Atos, as its Executive Chairman. Girard's extensive experience in leading technology companies is expected to guide Alice & Bob through its next growth phase. (insidehpc.com)

Expansion and Strategic Partnerships

In October 2023, the company expanded its presence to North America by opening a new office in Boston. This move, led by Chief Product Officer Blaise Vignon, aims to capitalize on the growing demand for quantum services in the U.S. market. (quantumzeitgeist.com)

Funding and Financial Milestones

In January 2025, Alice & Bob secured €100 million in a Series B funding round, led by Future French Champions (FFC), AVP (AXA Venture Partners), and Bpifrance. This funding is intended to accelerate the development of their 'cat qubits' technology and advance towards building a practical quantum computer. (fox59.com)

Management Changes

The appointment of Elie Girard as Executive Chairman in July 2023 signifies a strategic move to leverage his leadership experience in scaling technology companies. Girard's role is expected to enhance Alice & Bob's growth trajectory and strengthen its position in the quantum computing industry. (insidehpc.com)

These developments underscore Alice & Bob's rapid growth and strategic initiatives aimed at establishing a leading position in the quantum computing sector.

7 The Media Features and Publications

Alice & Bob, a French quantum computing startup founded in 2020, has garnered significant attention in the media and academic circles for its innovative approach to fault-tolerant quantum computing. The company specializes in "cat qubits," a technology designed to reduce hardware requirements by up to 200 times compared to traditional methods, thereby facilitating the development of practical, large-scale quantum computers.

Media Features and Publications

Alice & Bob's advancements have been highlighted in various reputable publications:

• Photonics Industry Monthly reported on the company's successful closure of a €100 million Series B funding round, emphasizing the potential of their cat qubit technology to simplify quantum computing hardware and enable scalable, fault-tolerant processors. (photonicsindustrymonthly.com)
• EIN Presswire featured an article detailing Alice & Bob's collaboration with the French Ministry for Armed Forces in the PROQCIMA initiative, aiming to deliver a universal fault-tolerant quantum computer demonstrator with 128 logical qubits by 2030. (8newsnow.com)
• EIN Presswire also covered the publication of Alice & Bob's research in Nature, showcasing their achievement in quantum control of a cat qubit with bit-flip times exceeding ten seconds, marking a significant milestone toward practical quantum computing. (wate.com)

Podcasts and Interviews

The leadership team at Alice & Bob has shared insights into their work through various podcasts:

• Quantum Tech Pod Episode 66 features an interview with Elie Girard, Executive Chairman of Alice & Bob, discussing the implications of quantum technology across sectors such as optimization, AI, and finance. (insidequantumtechnology.com)
• Quantum Tech Pod Episode 59 includes a conversation with CEO and Co-Founder Théau Peronnin, where he elaborates on the company's mission and the technical aspects of their cat qubit technology. (insidequantumtechnology.com)

Conferences and Events

Alice & Bob has actively participated in industry events:

• Q2B Conference 2024 hosted a panel presented by La French Tech, featuring Juliette Peyronnet, US General Manager of Alice & Bob, discussing advancements in quantum computing. (q2b.qcware.com)
• Les Houches Workshop 2025 Alice & Bob, in partnership with the CEA, is set to host an exclusive Fault-Tolerant Quantum Computing Workshop at Les Houches School of Physics from April 20 to 25, 2025, bringing together leading experts in the field. (einnews.com)

Company Involvement in Events

The company has been actively involved in various events:

• MIT iQuHACK Alice & Bob sponsored the Massachusetts Institute of Technology's iQuHACK, the largest quantum computing student hackathon in the U.S., engaging with over 400 participants on-site and 1,200 online. (linkedin.com)
• NVIDIA GTC 2025 CEO and Co-founder Théau Peronnin participated in a panel titled "Quantum Computing: Where We Are and Where We’re Headed" at NVIDIA's GTC 2025 conference in San Jose, California. (linkedin.com)

Through these initiatives, Alice & Bob continues to establish itself as a key player in the quantum computing landscape, contributing to the advancement of fault-tolerant quantum technologies.