1 The EIC Accelerator Project

EIC Accelerator Program: An Overview

The EIC Accelerator program is a pivotal initiative under the European Innovation Council (EIC) designed to support small and medium-sized enterprises (SMEs), particularly those operating in the deep tech sector. This program aims to foster innovation and enhance the competitiveness of European startups by providing them with financial resources, strategic guidance, and access to a broad network of partners and investors. The program primarily targets high-impact innovations that have the potential to disrupt markets and contribute to the European economy.

Funding Structure

The EIC Accelerator offers a blended finance model, which combines grants and equity investment. The grant component can reach up to €2.5 million, aimed at covering the costs associated with the development and scaling of innovative projects. This funding is typically utilized for research and development, prototyping, and testing, thereby enabling companies to advance their technologies to market readiness.

In addition to grants, the program provides equity funding, which can amount to €15 million until 2024 and is set to decrease to €10 million starting in 2025. This equity investment is crucial for companies seeking to secure additional funding and validate their business models, allowing them to attract private sector investment.

Purpose and Role in the Ecosystem

The EIC Accelerator plays a vital role in the European startup ecosystem, especially in the deep tech domain. By offering financial support and business acceleration services, the program helps companies scale their operations, develop innovative solutions, and establish a foothold in competitive markets. The EIC Accelerator not only provides funding but also connects startups with experienced mentors, potential customers, and investors, facilitating a comprehensive support network.

Through its structured approach, the EIC Accelerator encourages companies to leverage private sector funding, ensuring they can sustain their growth trajectories beyond the initial support. This dual funding strategy is designed to de-risk investments for private investors, thereby enhancing the overall investment climate in Europe.

QUSIDE TECHNOLOGIES SL and the RPU Project

Company Overview

QUSIDE TECHNOLOGIES SL is a Spanish startup that has emerged as a notable player in the field of quantum technology. The company specializes in developing advanced solutions for high-performance computation and data security, leveraging the principles of quantum mechanics to create innovative products.

Project Overview: RPU

The project titled "RPU," which stands for Quantum-based Randomness Processing Units, is a significant undertaking aimed at addressing critical challenges in computation and security. The RPU project focuses on developing quantum-based units that can generate true randomness, essential for various applications in cryptography, secure communications, and high-performance computing.

Technology Basics and Background

The foundation of the RPU project lies in harnessing the unique properties of quantum mechanics. Traditional random number generators rely on deterministic algorithms, which can be predictable and susceptible to attacks. In contrast, quantum randomness is inherently unpredictable, stemming from the fundamental nature of quantum particles.

QUSIDE's RPU technology utilizes quantum phenomena such as superposition and entanglement to produce random numbers that are not only truly random but also faster and more secure than their classical counterparts. This capability is critical for a range of applications, including secure encryption protocols, randomized algorithms in data analysis, and simulations in scientific research.

The RPU units are designed to integrate seamlessly into existing computational frameworks, providing high-performance solutions that can operate in real-time. The potential impact of this technology extends across various sectors, including finance, cybersecurity, and telecommunications, where the demand for secure and efficient data processing is ever-growing.

By securing funding through the EIC Accelerator program, QUSIDE aims to advance the RPU project, ensuring that it meets the rigorous demands of commercial viability and scalability. The support from the EIC Accelerator will enable QUSIDE to refine its technology, conduct further research, and bring its innovative solutions to market, ultimately contributing to the advancement of quantum technologies in Europe.

For more information on QUSIDE TECHNOLOGIES SL and its innovative solutions, visit quside.com.

2 The Funding Rounds

# Quside Technologies: Funding Journey and Growth

Quside Technologies SL, a Spanish quantum technology company, has successfully navigated multiple funding rounds since its inception as a spin-off from the Institute of Photonic Sciences (ICFO) in Barcelona. The company specializes in quantum random number generators (QRNG) and randomness processing units (RPU) for cybersecurity and high-performance computing applications.

EIC Accelerator Funding

In June 2023, Quside received a significant grant of €2.5 million from the European Innovation Council (EIC) Accelerator program. The funding was allocated through the HORIZON-EIC-ACC-BF - HORIZON EIC Accelerator Blended Finance scheme. This grant supports Quside's Randomness Processing Unit (RPU) project, which aims to enhance performance and efficiency in stochastic high-performance computing and post-quantum cryptography.

Series A Funding Journey

Quside has completed multiple Series A funding rounds, significantly boosting its financial resources:

• Initial Series A (November 2022): The company raised approximately €1 million in its first Series A round, with backing from TRUMPF Venture, Bullnet Capital, Demium Capital, and TechVision Capital.
• Series A Extension (2023): Quside extended its Series A round, adding new investors including the Catalan Institute of Finance (ICF) and several business angels. By June 2023, Quside had exceeded €10 million in total funding through these combined rounds.

The Series A funding progression followed this timeline: - Series A: November 30, 2022

• Series A-II: January 20, 2023
• Series A-III: July 4, 2023, which included the Institut Catala de Finances and undisclosed angel investors

Investor Portfolio

Quside has attracted diverse investors across its funding rounds:

• Lead Investors: TRUMPF Ventures and Bullnet Capital
• Additional Investors: Demium Capital, TechVision Capital, Catalan Institute of Finance (ICF), and various business angels

TRUMPF Venture's investment was particularly significant, contributing "millions of euros" to support Quside's development of high-performance random number generators embedded in photonic chips.

Company Valuation and Financial Projections

While exact valuation figures aren't publicly disclosed, Quside has projected substantial growth in the coming years. According to their financial forecasts submitted for the EIC funding, the company expects to generate over €170 million in turnover and €40 million in net profit during the period 2024-2028, primarily from sales of their RPUs to public and private sector customers.

Market Position and Growth Strategy

The capital secured through these funding rounds is enabling Quside to: - Accelerate internationalization efforts

• Expand its team with new talent
• Enhance sales and marketing activities
• Scale its technology and production capacity

Quside has already established partnerships with prominent clients including EY, Telefónica, Juniper, and Qrypt. The company operates in a rapidly growing quantum technology market estimated to exceed $4.3 billion by 2028.

No Public Exit Events

As of May 2025, there are no reports of Quside pursuing an IPO, acquisition, or other exit events. The company appears focused on growth and market expansion following its successful funding rounds.

Sources: - https://quside.com/quside-extends-its-series-a-round-and-exceeds-10-million-euro-in-funding/

• https://insights.munich-startup.de/companies/quside
• https://www.seedtable.com/funding-rounds/quside-series-a-2023
• https://cordis.europa.eu/project/id/101145131
• https://quantumzeitgeist.com/trumpf-ventures-invests-in-quside-a-spanish-quantum-technology-startup/
• https://www.cbinsights.com/company/quside/financials
• https://dealflow.es/issue/378/indexa-to-go-public-at-150m-valuation-quside-raised-10m-clibrain-s-llm

3 The Press Releases

Quside Technologies: Recent Developments and Achievements

Quside Technologies, a leading quantum technology company from Spain, has made significant strides since receiving the EIC Accelerator funding on June 21, 2023. This support has catalyzed advancements in quantum-safe cryptography, partnerships, and product development.

Partnerships and Collaborations

Quside has announced several strategic partnerships to enhance its presence in the quantum technology sector. Notably, it has collaborated with Telefonica, IDEMIA, and other companies to introduce pioneering quantum-safe connectivity solutions for IoT devices. Additionally, Quside has partnered with Altech to expand its footprint in Japan. These collaborations highlight the company's focus on integrating quantum-safe technologies into various industries.

Technology Advancements

Quside has developed cutting-edge Randomness Processing Units (RPUs), which are designed to accelerate stochastic workloads in high-performance computing and post-quantum cryptography. These RPUs utilize quantum random number generators to enhance performance and efficiency in data centers, finance, and scientific simulations. The company has also made its RPU available on Amazon Web Services (AWS), facilitating broader adoption in the corporate sector.

Funding and Expansion

In 2023, Quside extended its Series A funding round, raising more than €10 million. This financial boost has enabled the company to scale its product offerings and enhance its market presence. Quside has expanded its customer base, increased its footprint in the space and defense sectors, and established new channels for growth.

Recognition and Growth

Quside was selected to join the EIC Scaling Club network, recognizing it as one of Europe's highest-potential deep tech scale-ups. This acknowledgment underscores the company's innovative approach and potential for future growth.

Press Releases and Media Presence

Quside maintains an active media presence, regularly issuing press releases on its website and through email contacts. The company provides updates on partnerships, product launches, and technological advancements, keeping stakeholders informed about its progress. Social media is also utilized to share news and updates, though specific social media press releases are not highlighted on the company's website.

Sources: - Quside: Leading QRNG Company for Advanced Solutions

• News - Quside
• Media – Quside
• 2023 in review at Quside
• Quside Extends Series A to Raise More Than €10 Million in Funding
• Quantum-based Randomness Processing Units (RPUs) for High ...

4 The Technology Advancements

Quside Technologies' Post-EIC Accelerator Progress Since securing European Innovation Council (EIC) Accelerator funding in June 2023, Quside Technologies SL has focused on advancing its quantum-based Randomness Processing Units (RPUs) and expanding real-world applications. While specific patent filings or scientific publications post-funding are not publicly detailed in available sources, the company has demonstrated tangible progress in commercialization and technological integration.

---

Core Capabilities & Recent Advancements

• Quantum-Based RPUs: The EIC-funded project aims to enhance high-performance computation and data security through quantum-driven stochastic optimization. Quside’s RPUs leverage high-speed quantum random number generators (QRNGs) to offload randomness generation from CPUs, achieving 10X performance gains and 20X energy efficiency improvements for randomized workloads like Monte Carlo simulations.
• Market-Ready Solutions: Quside’s technology is actively deployed with customers such as CESGA (Galicia’s supercomputing center) and the Barcelona Supercomputing Center (BSC), where QRNGs improve randomized algorithms for research and industrial projects.

---

Post-Funding Developments

• Technology Deployment: In collaboration with telecommunications providers, Quside has refined its RPU applications for 5G MIMO decoding, optimizing signal processing in radio access networks. The financial sector also utilizes RPUs to accelerate high-frequency trading simulations.
• Strategic Collaborations: As part of EIC-funded activities, Quside continues engaging with EU initiatives like the Quantum Flagship program while expanding partnerships in academia and industry.

---

Demonstrated Use Cases

• Supercomputing Integration: CESGA uses Quside’s QRNG infrastructure for R&D projects requiring verifiable randomness, enhancing trustworthiness in cryptographic protocols.
• Algorithm Optimization: BSC pilots QRNG-powered Monte Carlo methods to reduce computational overhead in climate modeling and materials science.

Sources:
quside.com | EIC Funding Announcement | RPU Technical Details | Customer Case Studies

5 The Partnerships and Customers

Quside Technologies SL: Partnerships and Advancements

Quside Technologies SL, a Spanish company specializing in quantum random number generation (QRNG), has been actively expanding its partnerships and customer base since receiving the EIC Accelerator funding in June 2023.

Partnerships and Customers

Quside has partnered with several notable entities, including Thales, with whom they collaborate on providing quantum-derived solutions for cybersecurity and compute acceleration workloads. Another significant partnership is with Juniper Networks, where they explore the use of QRNGs in innovative cryptography approaches. Additionally, Quside has worked with EY in deploying the Quantum Resistant Network initiative, integrating quantum random number generation for enhanced security.

New Partners and Customers

In 2023, Quside established new relationships with partners like Qrypt and Luxquanta. They also expanded their customer base, doubling it and growing their presence in the space and defense sectors. New customers include entities such as Altech in Japan, Quantropi, MO Space, and QTI.

Nature of New Relationships and Purpose

These partnerships and customer relationships focus on leveraging Quside's QRNG technology to enhance security and computational efficiency. The collaborations with Juniper Networks and EY are particularly aimed at transitioning to quantum-resistant cryptography, addressing the future threats posed by quantum computing.

Market Positioning

Quside's new relationships will position the company as a leader in providing quantum-safe solutions, capitalizing on the market's accelerating adoption of quantum technologies. This strategic positioning is crucial as companies prepare for the quantum era, where traditional encryption methods will be vulnerable to quantum attacks.

Technology Advancements and Scaling

Quside's partnerships and customer base expansion are driving technology advancements. For instance, the launch of the One Series, powered by the QN 100 quantum entropy chipset, marks a significant step in scalability and performance enhancement. Additionally, making the Randomness Processing Unit (RPU) available on the AWS Marketplace further accelerates the execution of intensive randomized workloads, reducing energy consumption and execution times. These advancements will help Quside scale its offerings, providing more robust and efficient solutions to its growing customer base.

Sources

• Partners & Clients - Quside
• Quside: Leading QRNG Company for Advanced Solutions
• About - Quside
• Quside Technologies, S.L. | Thales
• Quside products deployed in EY's Quantum Resistant Network
• Quside and Juniper Networks sign technology alliance partnership agreement
• Quside Press Kit
• 2023 in review at Quside

6 The Hiring and Company Growth

Quside Technologies SL: Growth and Development Since EIC Accelerator Funding

Quside Technologies SL, a leading Spanish company specializing in quantum technologies for secure connectivity and efficient computation, received significant EIC Accelerator funding in June 2023. This funding marked a pivotal moment in the company's growth trajectory, allowing them to further develop their innovative solutions and expand their market presence.

Hiring and Team Growth

While specific details about Quside's current headcount or team size are not readily available, the company has been actively involved in research and development since its inception. The addition of new team members, particularly in roles related to quantum technology and engineering, is crucial for scaling and innovating their products.

Quside is known for its collaborative environment and engagement within the European quantum community, suggesting a focus on strategic hiring to bolster its expertise. However, there is no specific information available about whether they are currently hiring or details on recent key hires.

Growth and Impact

Quside's growth is underscored by its successful fundraising efforts, including exceeding €10 million in Series A funding. This financial support has enabled the company to expand its portfolio and delve deeper into sectors like post-quantum cryptography and high-performance computing.

The company's Randomness Processing Unit (RPU) project, backed by the European Commission, aims to accelerate stochastic workloads significantly. This innovation is expected to generate substantial revenue, with forecasts indicating over €170 million in turnover by the end of the decade.

Management and Founding Team

Quside's founding team includes Carlos Abellan as CEO, Domenico Tulli as CTO, and Waldimar Amaya as SVP of Engineering. There are no reported major changes in the management or founding team since receiving the EIC funding.

Future Prospects

New team members will play a crucial role in helping Quside scale and grow by contributing expertise in quantum technology and engineering. Their involvement will be pivotal in driving innovation and enhancing the company's offerings, particularly in the development of quantum-derived solutions for cybersecurity and compute acceleration.

As Quside continues to innovate and expand its presence in the quantum technology sector, the integration of new talent will be essential for achieving its ambitious growth goals and maintaining its position as a leader in quantum random number generation.

---

Sources: - Quside: Leading QRNG Company for Advanced Solutions

• About - Quside
• Quside Technologies, S.L. | Thales
• Barcelona-based Quside extends its Series A exceeding €10 million
• Quantum-based Randomness Processing Units (RPUs) for High

7 The Media Features and Publications

Media Coverage and Activities of Quside Technologies SL Post-EIC Accelerator Funding Quside Technologies SL, a Barcelona-based quantum technology company, has maintained active visibility in specialized media and industry events following its EIC Accelerator funding. While direct mentions of the 2023 EIC award are not publicly detailed in available sources, the company’s profile aligns with high-impact quantum innovation initiatives supported by European programs.

Media Features and Publications

Quside’s work in quantum random number generation (QRNG) and photonic chipset development has been highlighted in technical discussions, including a podcast interview with Chief Revenue Officer Steve Takhar on FinTech Futures' "Demystify Podcast" (April 2025). The episode focused on integrating QRNG into existing infrastructure for enhanced cybersecurity and compliance with NIST/BSI standards.

Events and Conferences

As an active participant in the European quantum ecosystem, Quside contributes to projects under the Quantum Flagship program (e.g., Qrange and Civiq) and national initiatives like QuSpin. The company’s leadership regularly engages in knowledge-sharing forums, though specific conferences post-2023 are not explicitly listed.

Project Involvement

Quside collaborates with entities such as CESGA to deploy quantum infrastructure for research communities. Their technology is positioned for applications requiring high-performance randomness, including secure communications and Monte Carlo simulations.

---

Sources

• Demystifying quantum technology with Quside's Steve Takhar
• About Quside
• QUSIDE PRESS KIT - ICFO