1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a flagship initiative under the European Innovation Council (EIC), aimed at supporting small and medium-sized enterprises (SMEs), particularly those with innovative, high-risk projects in the deep technology sector. It offers a unique blend of financial support, combining grants and equity investments, designed to help companies develop and scale their innovative solutions. The program primarily targets startups and SMEs that are working on breakthrough technologies with the potential for significant market impact.

Funding Structure

The EIC Accelerator provides funding through a blended finance model, which includes both grants and equity investments.

Purpose in the European DeepTech Ecosystem

The EIC Accelerator plays a pivotal role in the European DeepTech and startup ecosystem by addressing the funding gap that often exists for high-risk, high-reward innovations. Many innovative startups struggle to secure financing from traditional venture capitalists due to the perceived risks associated with their technologies. The EIC Accelerator mitigates this risk by providing substantial public funding, thereby instilling confidence among private investors.

By supporting groundbreaking technologies, the EIC Accelerator not only fosters individual company growth but also contributes to the broader objectives of the European Union, including technological sovereignty, economic growth, and job creation. The program encourages collaboration among startups, researchers, and industry stakeholders, creating an integrated ecosystem that promotes innovation and competitiveness.

Scaling Companies and Attracting Private Funding

The EIC Accelerator's dual funding approach is particularly advantageous for startups looking to scale. The initial grant allows companies to develop their technologies to a more advanced stage, making them more attractive to private investors. This stage-gate funding model helps startups demonstrate their viability and market potential, which is crucial for securing further investments.

Moreover, the EIC Accelerator provides access to a network of investors, mentors, and business partners, facilitating connections that can lead to additional funding rounds. This ecosystem of support not only enhances the startup’s credibility but also provides essential resources and expertise, enabling companies to navigate the complexities of scaling their operations.

Qu & Co B.V. and the Qu&Co-Flow Project

Company Overview: Qu & Co B.V., based in the Netherlands, is a pioneering company in the field of quantum computing. The company focuses on developing advanced quantum software solutions that leverage the unique capabilities of quantum mechanics to solve complex problems in various domains.

Project Overview: The EIC Accelerator project titled Qu&Co-Flow is a quantum software platform designed for multiphysics simulations. This innovative platform aims to utilize quantum computing to perform simulations that involve multiple physical phenomena, such as fluid dynamics, thermal transfer, and electromagnetic fields, all within a single framework.

Technology Basics: The core technology behind Qu&Co-Flow involves harnessing the principles of quantum mechanics to perform calculations that classical computers struggle to execute efficiently. Traditional multiphysics simulations often require extensive computational resources and time, particularly for complex systems. By leveraging quantum algorithms, Qu&Co-Flow aims to achieve significantly faster computation times and improved accuracy.

The technology relies on quantum bits (qubits) that can represent multiple states simultaneously, allowing for a parallel processing capability that is unattainable by classical computers. This quantum advantage is particularly beneficial for industries such as aerospace, automotive, and material science, where precise simulations can lead to better product designs, enhanced performance, and reduced costs.

Qu&Co-Flow is positioned to revolutionize the way multiphysics simulations are conducted, making it an invaluable tool for engineers and researchers. The successful development and commercialization of this platform, supported by the EIC Accelerator funding, could lead to significant advancements in various technological fields, thereby reinforcing Qu & Co B.V.’s position as a leader in the quantum software space.

In summary, the EIC Accelerator program not only provides essential funding to innovative startups like Qu & Co B.V. but also fosters a robust ecosystem that supports the growth and scaling of groundbreaking technologies in Europe. By addressing the unique challenges faced by deep tech companies, the program plays a crucial role in driving technological advancement and economic development within the region.

2 The Funding Rounds

# Qu & Co B.V.: Funding Journey and Acquisition

Qu & Co B.V., a Netherlands-based quantum computing company, has followed a notable funding and development trajectory since its inception, culminating in significant investment from the European Innovation Council (EIC) Accelerator program in March 2022.

Funding History

Qu & Co has gone through several funding rounds throughout its development:

• Seed Funding (June 2017): The company secured its initial seed funding of €100,000.
• Unattributed VC Round (August 9, 2021): Qu & Co raised between €5-25 million in a funding round with participation from SPInvest, Quantonation, and Runa Capital.
• EIC Accelerator Funding (March 2022): The company received €2.5 million from the European Innovation Council.

In total, Qu & Co has raised approximately €2.6 million in disclosed funding, not including the undisclosed amount from the August 2021 round.

Investors

Several key investors have backed Qu & Co throughout its journey:

• Runa Capital: A Luxembourg-based venture capital firm that participated in the August 2021 funding round.
• Quantonation: A France-based venture capital firm specializing in quantum technologies.
• SPInvest: A Belgium-based asset/investment management company.
• European Innovation Council: Provided €2.5 million in funding in March 2022.

Acquisition

The most significant event in Qu & Co's corporate history was its merger with Pasqal:

Merger with Pasqal (January 11, 2022): Qu & Co merged with Pasqal, a French quantum computing company. This strategic move combined the strengths of both companies, with Pasqal being listed as an investor in the merger documentation.

This merger represented a significant consolidation in the quantum computing sector, occurring shortly before Qu & Co received the EIC Accelerator funding.

Company Focus and Development

Qu & Co specialized in quantum application platforms, focusing on developing quantum computing solutions. In August 2021, the company announced that it would use its new investment round to "advance and enhance its quantum application platforms".

The merger with Pasqal in January 2022 likely represented a strategic move to combine Qu & Co's expertise in quantum applications with Pasqal's capabilities, creating a stronger entity in the competitive quantum computing market.

Following this merger and the subsequent EIC Accelerator funding in March 2022, the company has continued its development in the quantum computing space, though specific valuation figures for the company have not been publicly disclosed in the available information.

Sources: - https://thequantuminsider.com/2021/08/09/quco-announces-new-investment-round-aimed-at-accelerating-and-expanding-quantum-application-platforms/

• https://hubazuldealroom.forumoceano.pt/companies/qu_co
• https://www.cbinsights.com/company/qu-co/financials
• https://www.dealmaker.nl/company/civilence/deals
• https://ukraine.dealroom.co/companies/qu_co

3 The Press Releases

Qu & Co B.V. Overview

Qu & Co B.V., based in the Netherlands, is a quantum computational software developer that gained prominence after winning the EIC Accelerator funding in March 2022. Since then, the company has been involved in significant partnerships and technological advancements.

Partnerships and Mergers

One of the most notable developments for Qu & Co was its merger with Pasqal, a company known for its advanced quantum hardware based on neutral atoms. This joint venture combines Qu & Co's robust portfolio of quantum algorithms with Pasqal's cutting-edge quantum hardware, enhancing their offerings in various sectors such as chemistry, life sciences, automotive, electronics, utilities, aerospace, defense, finance, and more.

Qu & Co also collaborated with LG Electronics on a multi-year research project to develop and test quantum algorithms for multiphysics simulations. This partnership aimed to tackle complex research challenges faced by LG.

Technology Advancements

Qu & Co's algorithm portfolio includes solutions for computational finance, fluid dynamics, and chemistry. They have developed novel quantum computational methods for solving differential equations, which are crucial in multiphysics problems. These advancements are compatible with near-term quantum processors and provide a novel approach to handling nonlinearities directly and derivatives analytically.

Press Releases and Updates

Since winning the EIC Accelerator funding, there are no specific press releases or updates directly available on Qu & Co's website. However, their merger with Pasqal and partnerships like the one with LG Electronics have been widely reported in the quantum computing news sphere.

Team Updates

There is no recent information available on specific team updates or changes following the EIC Accelerator funding. However, the CEO of Qu & Co, Broer, has been involved in discussions highlighting the benefits of integrating software and hardware under one company for more effective quantum computing solutions.

Patents and Intellectual Property

No specific information is available on new patents or intellectual property developments by Qu & Co B.V. following their funding award. Their focus has been on integrating their algorithm portfolio with Pasqal's hardware to enhance commercial quantum applications.

Conclusion

Qu & Co B.V. has made significant strides in the quantum computing sector, particularly through its merger with Pasqal and strategic partnerships like the one with LG Electronics. These collaborations have positioned the company for further growth and innovation in quantum applications across multiple industries.

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Sources: - Quantum Startups Pasqal and Qu&Co Announce Merger

• Qu&Co and LG Electronics Announce Multi-Year Research Collaboration
• Pasqal and Qu&Co Scale the Global Market for Quantum Applications

4 The Technology Advancements

Current Capabilities of Qu&Co B.V.

Qu&Co B.V., a Dutch quantum software company, has been known for developing quantum algorithms and software primarily focused on solving complex problems in areas like chemistry, materials science, fluid dynamics, and computational finance. Their client base includes notable companies such as Airbus, BMW, Covestro, Johnson & Johnson, and LG.

Advancements Post EIC Accelerator Funding

After receiving the EIC Accelerator funding on March 23, 2022, Qu&Co B.V. made significant strides by merging with Pasqal, a French company specializing in neutral-atom-based quantum hardware. This strategic move was aimed at integrating Qu&Co's rich quantum algorithm portfolio with Pasqal's advanced hardware to provide near-term commercial benefits across various sectors such as chemistry, life sciences, automotive, and aerospace.

The merger created a robust full-stack quantum solution, enhancing Pasqal's capabilities in offering a broad range of quantum solutions globally. Qu&Co's CEO, Benno Broer, became the Chief Operating Officer of Pasqal post-merger, leveraging his expertise to further accelerate the integration of software and hardware solutions.

Technology Improvements and Demonstrations

The combined entity has been working towards delivering a 1000-qubit quantum solution, showcasing the potential for real-world commercial applications in quantum computing. This integration has allowed for more efficient execution of Qu&Co's algorithms on Pasqal's neutral atom technology, which has impressed clients and partners alike.

However, specific details on new features, customer demonstrations, or pilots conducted solely by Qu&Co B.V. after the funding are not readily available. The focus has shifted towards the combined capabilities of Pasqal and Qu&Co.

Patents and Scientific Studies

There is no available information on new patents filed or scientific studies published by Qu&Co B.V. specifically since the EIC Accelerator funding. The company's advancements have primarily been highlighted through its strategic merger with Pasqal.

Conclusion

Qu&Co B.V.'s merger with Pasqal marked a significant advancement in their strategic positioning within the quantum technology sector. The integration of their software capabilities with Pasqal's hardware expertise has positioned them for delivering impactful quantum solutions across multiple industries.

Sources: - Quantum Startups Pasqal and Qu&Co Announce Merger

• Quantum computing companies Pasqal and Qu&Co to merge
• European startups Pasqal and Qu&Co join forces to create quantum advantage faster
• Dutch quantum software startup Qu&Co absorbed by France's Pasqal

5 The Partnerships and Customers

Quantum Collaborations and Market Positioning of Qu & Co B.V. Qu & Co B.V., a Netherlands-based quantum software developer, has established itself as a key player in quantum computing through strategic partnerships and client engagements. Following its EIC Accelerator win in March 2022, the company merged with French quantum hardware firm Pasqal in early 2022 to form an integrated entity combining algorithmic expertise with neutral-atom quantum processors[^1^][^5^].

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Key Partnerships and Clients

• Corporate Clients: Johnson & Johnson, LG Electronics, BMW Group, Airbus, and Covestro rely on Qu & Co’s quantum algorithms for materials science, chemistry, and computational finance[^1^][^3^][^4^].
• Strategic Collaborations:
• Schrödinger: Joint development of hybrid classical-quantum workflows for molecular simulations (2019)[^2^].
• Amazon Web Services (AWS): Cloud-based deployment of quantum algorithms (pre-merger)[^4^].
• Siemens: Industry-specific applications in manufacturing and utilities[^4^].

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Post-Merger Developments with Pasqal

The merger created a full-stack quantum provider offering:

• Hardware-Software Integration: Qu & Co’s algorithms for chemistry, fluid dynamics, and finance were optimized for Pasqal’s neutral-atom systems[6^][9^], enabling near-term commercial solutions.
• Scalability Roadmap: A joint goal to deliver a 1,000-qubit system by 2023[5^][6^], positioning the merged entity against competitors like IBM and Google.

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Market Impact and Technological Advancements

The combined entity leverages:

• Neutral-Atom Flexibility: Pasqal’s hardware allows reconfigurable qubit geometries for efficient algorithm execution[5^][9^].
• Cross-Sector Solutions: Applications span aerospace (Airbus), automotive (BMW), life sciences (J&J), electronics (LG), and finance[3^][6^].

By unifying algorithmic innovation with scalable hardware under the Pasqal brand after January 2022[6^], Qu & Co expanded its global footprint across seven countries while retaining its client base through localized operations in Germany, Spain, the UK,and the Netherlands.

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Sources Used:

Qu&Co Announces Latest Investment Round · Schrödinger Collaboration · LG Partnership · Pasqal Merger Announcement · Joint Quantum Advantage Strategy · Merger Details · Algorithm-Hardware Synergy

Note: Post-merger references to "Pasqal" include contributions from former Qu & Co teams.

6 The Hiring and Company Growth

Qu & Co B.V.: Team Growth and Strategic Developments Post-EIC Accelerator Funding

Qu & Co B.V., a Netherlands-based quantum computational software developer, merged with PASQAL in January 2022 to strengthen its position in quantum computing. While specific headcount figures for Qu & Co are not publicly disclosed post-merger, the company had established itself as a key European player with partnerships across leading quantum hardware providers prior to the acquisition. The merger likely facilitated team integration across technical and R&D roles, though no granular data on hiring surges or current team sizes is available.

Key developments impacting growth:

• Strategic merger: The PASQAL-Qu &Co merger combined PASQAL’s neutral-atom quantum hardware expertise with Qu&Co’s software capabilities, positioning the entity to scale solutions for industrial and research applications.
• R&D focus: Pre-merger, Qu&Co specialized in algorithm development for chemistry, finance, and logistics—domains requiring interdisciplinary teams of physicists, engineers, and software developers. Post-funding expansion likely prioritized these areas.
• Leadership continuity: No major management changes are documented post-merger; however, the combined entity operates under PASQAL’s leadership framework while retaining technical talent from both organizations.

The EIC Accelerator funding (awarded March 2022) likely accelerated product development cycles and client acquisition efforts. Quantum startups typically prioritize senior researchers and domain-specific engineers during growth phases—roles critical for maintaining technological edge in a competitive market.

While direct hiring metrics remain undisclosed, mergers of this nature often streamline teams around core competencies while expanding market reach through synergies. For Qu&Co-PASQAL integrations would have emphasized cross-disciplinary collaboration to advance full-stack quantum solutions.

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Sources

Positron Ventures - Bold Bets on Science

7 The Media Features and Publications

Overview of Qu & Co B.V.

Qu & Co B.V., based in the Netherlands, is a quantum computational software company that has gained significant recognition for its innovative quantum algorithms and software solutions. The company was a winner of the EIC Accelerator funding in March 2023.

Media Features

Since receiving the EIC Accelerator funding, Qu & Co B.V. has been featured in media outlets for its groundbreaking work in quantum computing. Notably, the company's merger with Pasqal in January 2022 was widely reported, highlighting their combined efforts to accelerate progress in quantum computing by leveraging complementary solutions.

Publications

Publications have highlighted Qu & Co B.V.'s expertise in developing quantum algorithms for multiphysics simulations. For instance, a collaboration with LG Electronics aimed at developing and testing quantum algorithms for complex corporate research challenges was noted in the media. Additionally, their novel approaches for treating nonlinearities in differential equations have been published in conjunction with research partners like the University of Exeter.

Podcasts and Interviews

There is no specific information available on podcasts or interviews directly featuring the team of Qu & Co B.V. However, the company's involvement in the broader quantum community is evident through its partnerships and collaborations with various organizations and universities.

Conference and Fair Visits

While specific conference participations by Qu & Co B.V. are not detailed in available sources, the company's merger with Pasqal suggests active engagement in the quantum computing ecosystem. Pasqal's operations across multiple countries likely involve participation in relevant quantum technology events.

Involvement in Events

Qu & Co B.V.'s involvement in events is inferred from its partnerships with leading universities and companies, indicating an active role in the quantum computing community. Their software solutions empower corporate researchers to run complex simulations on future quantum processors, positioning them as key players in advancing quantum technology.

Sources

• Qu&Co and LG Electronics Announce Multi-Year Research Collaboration
• Quantum Startups Pasqal and Qu&Co Announce Merger