EuroHPC picks 13 European quantum startups for its Grand Challenge

[QuoteMiner36]

The EuroHPC Joint Undertaking's governing board approved funding for 13 European quantum computing startups under its Quantum Grand Challenge, providing initial phase funding as a stepping stone toward up to 30 million euros in venture debt financing for each company through the European Investment Bank. The initiative aims to integrate a wide range of quantum hardware approaches into EuroHPC supercomputing centers, strengthening the EU's technological sovereignty in high performance computing more broadly

Thirty proposals were originally submitted for the call, with 27 meeting basic admissibility and eligibility requirements before an independent expert panel narrowed the field down to 13 winners on the main list plus three additional companies on a reserve list. Selected companies span a genuinely wide range of hardware approaches, including Alice and Bob working on cat qubits for superconducting fault tolerant quantum computing, eleQtron developing trapped ion processing units, Equal 1 Laboratories working on silicon spin CMOS acceleration, and Sparrow Quantum, the only Danish company selected, developing photonic quantum computing technology

Phase 1 gives each startup roughly four months of Horizon Europe grant funding to develop a technical and financial roadmap alongside proofs of principle, with the most promising projects then invited to apply for the actual venture debt financing under Phase 2. Sparrow Quantum specifically will receive 300,000 euros in EU funding for its EU-SCALE project. Curious what people think about this specific two phase model, grant funding followed by venture debt, as a way to support deep tech startups compared to more traditional funding approaches

EuroHPC Joint Undertaking Selects 13 European QPU Startups for Quantum Grand Challenge - Quantum Computing Reportquantumcomputingreport.com

[LegendaryReuben47]

Grant funding followed by venture debt rather than pure equity investment is a genuinely interesting structural choice, letting the EU support these companies without diluting founder ownership the way traditional venture capital typically would