Funding Boost: C12 Raises €18M for Quantum Computing

C12, a French spin-off from the Physics Laboratory of the École Normale Supérieure in Paris, is on the forefront of developing a carbon nanotube-based universal quantum computer. The company recently secured €18 million in its second round of financing, a significant milestone that will propel its research and development efforts. This funding will be instrumental in achieving the first high-fidelity quantum operation on two distant spin qubits connected by a communication bus. The successful completion of this operation would represent a significant advancement in quantum computing technology, potentially allowing computations that currently take years to be completed in mere seconds.

C12 has also garnered attention from the French Ministry of the Armed Forces and the French Secretary General for Investment, having been selected for the Proqcima program. Launched in March 2024, this program aims to produce two French-designed prototypes of universal quantum computers by 2032. The program's endorsement underscores C12's strategic importance in the national and global quantum computing landscape.

The new funding round saw participation from prominent investors including Varsity Capital, the EIC Fund, and Verve Ventures, as well as historical investors such as 360 Capital, Bpifrance through its Digital Venture fund, and BNP Paribas Développement. This diverse group of investors brings not only financial support but also a wealth of experience and confidence in C12's mission.

Matthieu Desjardins, CTO and co-founder of C12, highlighted the company's goal of demonstrating long-distance entanglement between two qubits. This entanglement is a crucial step toward realizing the full potential of quantum computing, as it would enable the execution of quantum gates over long distances—a fundamental requirement for scalable quantum networks. Desjardins emphasized that this achievement would mark a significant leap forward, enabling computations far beyond the capabilities of current technology.

Didier Valet, Founding Partner at Varsity, expressed pride in leading the new funding round for C12. Valet reiterated the goal of building a large-scale, fault-tolerant quantum computer and strengthening France’s position as a leader in the quantum space. This strategic objective aligns with national interests and reflects the growing recognition of quantum computing's potential to transform various sectors.

Pierre Desjardins, CEO and co-founder of C12, conveyed his satisfaction with the new investment and the exceptional team driving C12's progress. He reaffirmed the company's original ambition to become a leader in quantum computing, a vision that has remained steadfast since its inception. The fresh capital injection will accelerate C12's development, bringing them closer to achieving their long-term goals.

C12's journey began with a $10 million funding round in 2021, which enabled the company to validate its innovative architecture. The design, which represents the closest realization of a single spin in a vacuum, significantly reduces noise sources that degrade qubit quality. This theoretical and empirical validation has laid a robust foundation for C12's ongoing advancements.

In October 2023, C12 inaugurated the Quantum Fab, the first production line for quantum processors in central Paris. This facility, equipped with several production workshops including a cleanroom for semiconductor chips, represents a critical step in transitioning from research to production. The Quantum Fab will enable C12 to produce its first quantum products, marking a significant milestone in the company's evolution.

Nader Sabbaghian, Partner at 360 Capital, likened the potential of carbon nanotubes in quantum computing to the transformative impact of silicon in the digital computing era of the 1950s. He expressed immense pride in C12's pioneering achievements and reiterated 360 Capital's commitment to supporting the company in turning quantum computing into a tangible reality.

Clémentine Cazenave, Senior Investor at Bpifrance, echoed this sentiment, emphasizing the continuous enhancement of C12's value proposition since Bpifrance's initial investment in 2021. The unveiling of the Quantum Fab and the new round of investment are seen as key enablers for C12 to accelerate its development and achieve its ambitious goals.

In conclusion, C12's advancements in developing a carbon nanotube-based universal quantum computer are set to revolutionize the field of quantum computing. With substantial new funding, strategic endorsements from the French government, and the support of leading investors, C12 is well-positioned to achieve groundbreaking progress. The successful demonstration of long-distance qubit entanglement and the establishment of the Quantum Fab production line mark significant milestones on the path to realizing scalable, fault-tolerant quantum computing. As C12 continues to push the boundaries of quantum technology, it is poised to become a key player in the global quantum computing landscape, driving innovation and setting new standards for the industry.