13 Quantum Computing Startups To Watch In 2024

June 11, 202410 min read

The current state of the quantum computing industry is dynamic and promising. According to a study by McKinsey, four sectors — finance, chemical, life sciences, and mobility — are poised to experience the earliest impacts of quantum computing, potentially adding up to $2 trillion by 2035.

In 2023, quantum technology startups raised $1.71 billion through approximately 171 deals, with an average deal size being $40 million. These figures are based on publicly available investment data from Pitchbook, so the actual investment may be even higher. [1]

Public investments account for nearly one-third of all investments in quantum technology. Countries like the United States, Canada, South Korea, Germany, and the United Kingdom, have made substantial investments to advance this field, bringing the global funding total to nearly $42 billion.

The majority of the funding has been raised by US companies, securing twice the amount compared to the next leading country. Following the US, companies in Canada and the UK have attracted significant investments.

Here, we highlight some of the fastest-growing quantum computing startups that are making a significant impact on the industry by focusing on specific aspects of quantum technology, such as quantum cryptography and specialized hardware.

Did you know?

The global quantum computing market size is expected to increase from $1.16 billion in 2024 to $12.62 billion by 2032, exhibiting a remarkable CAGR of 34.8 percent. [2]

13. QC Ware

Founded in 2014
Location: California, United States
Total Funding: $41.4 million
Growth Status: Steady

QC Ware develops quantum algorithms that can be implemented on both current noisy intermediate-scale quantum computers and future fault-tolerant quantum computers. 

Its flagship product, Forge, is a cloud-based quantum computing platform that enables users to run quantum algorithms on multiple hardware backends, including those from IBM, Amazon Braket, D-Wave, and Rigetti.

The company also offers a quantum machine learning library built for data scientists and quantum developers. This library leverages machine learning frameworks like PyTorch and JAX to provide quantum-inspired functionalities.

Plus, they have developed Promethium, a molecular discovery platform aimed at accelerating pharmaceutical, chemical, and materials discovery. Promethium outperforms other quantum chemistry tools, capable of simulating a single-point calculation of a 2,056-atom protein in just 14 hours on a single GPU.

In 2023, QC Ware partnered with POSCO Holdings to develop innovative techniques for simulating battery materials using quantum computers. [3]

To date, the company has raised $41.4 million through six funding rounds, backed by 10 investors, including Pegasus Tech Ventures, Covestro, and Airbus Ventures.

12. QuEra Computing

Founded in 2018
Location: Massachusetts, United States
Total Funding: $17 million
Growth Status: Steady

QuEra Computing develops scalable and fault-tolerant quantum computers based on neutral-atom technology. This technology involves using an array of neutral atoms as qubits, which can be individually controlled and entangled via laser pulses. 

In 2022, QuEra unveiled its 256-qubit machine, Aquila, through Amazon cloud service Braket. It is the first and only publicly accessible neutral-atom computer. 

The company has ambitious plans to roll out larger systems over the next three years. These include a system with 256 physical qubits and 10 logical qubits in 2024, one with 3,000 physical qubits and 30 logical qubits in 2025, and another with 10,000 physical qubits and 100 logical qubits in 2026. [4]

In 2024, QuEra was awarded a $41.5 million contract by Japan’s National Institute of Advanced Industrial Science and Technology. The funding will be used to develop a state-of-the-art quantum computer, which will be installed on-premises alongside the NVIDIA-powered ABCI-Q supercomputer. [5]

11. Quantinuum

Founded in 2021
Location: Colorado, United States
Total Funding: $325 million
Growth Status: Explosive

Formed through the merger of Honeywell Quantum Solutions and Cambridge Quantum Computing, Quantinuum develops end-to-end quantum solutions, integrating cutting-edge hardware with quantum software. 

They have created a quantum software development kit for writing quantum algorithms. This kit is hardware-agnostic and optimizes quantum circuits to run on various quantum hardware platforms.

Their first-generation system, Quantinuum H1-1, was the first quantum computer to pass the Quantum Volume 1,048,576 benchmark, a metric that measures the overall performance and capability of a system regardless of technology. [6]

In 2024, they revealed Quantinuum H1-1,  the industry’s first quantum computer featuring 56 trapped-ion qubits. This new system achieved a 100-fold improvement over previous industry results from Google, setting a new benchmark for the cross-entropy metric. [7]

The company has raised a total of $325 million from major investors like JP Morgan Chase, IBM Ventures, Honeywell, Amgen, and Mitsui & Co. 

10. Oxford Quantum Circuits


Founded in 2017
Location: Reading, United Kingdom
Total Funding: $146.5 million
Growth Status: Rapid expansion

Oxford Quantum Circuits (OQC) develops quantum processors based on superconducting qubit technology. It has pioneered a unique 3D architecture called the Coaxmon, which enhances the scalability and coherence of qubits by isolating them from environmental noise and improving their connectivity. 

The company provides quantum computing access through cloud services, catering primarily to academic and research institutions for fundamental quantum research and educational purposes. Tech companies also use these services to develop new quantum algorithms and applications.

OQC has raised nearly $146.5 million across four funding rounds. In the latest Series B round led by Japanese VC fund SBI Investment, they raised $100 million. It was the UK’s largest-ever Series B round in quantum computing. [8]

9. Terra Quantum

Founded in 2019
Location: Sankt Gallen, Switzerland
Total Funding: $90 million
Growth Status: Accelerated

Terra Quantum is a full-stack quantum technology company that bridges the gap between classical and quantum computing by creating hybrid systems that leverage the strengths of both. It offers a range of services, including quantum algorithms and a quantum cloud platform. 

In 2023, Terra Quantum collaborated with NVIDIA to advance the development of quantum-accelerated applications. That same year, they acquired Divis Intelligent Solutions, a German-based startup specializing in machine learning and consulting services.

In 2024, Terra Quantum reported the first-ever observation of room-temperature superconductivity at ambient pressure, a major breakthrough in superconductivity. [9]

The company is currently backed by three investors: Anders Indset, Investcorp, and Lakestar. 

8. Atom Computing

Average fluorescence of neutral ytterbium-171 atoms trapped in a 1,225-site optical array | Credit: Atom Computing

Founded in 2018
Location: California, United States
Total Funding: $81 million
Growth Status: Accelerated

Atom Computing develops scalable quantum computers using optically trapped neutral atoms as qubits. These stable, high-fidelity qubits can be manipulated and entangled with precision. 

In 2023, they announced their second-generation neutral atom quantum computer featuring 1,225 qubits. This was a significant milestone for the company, which had previously developed only a 100-qubit system. The achievement is particularly impressive given that the 1,000-qubit system operates with nearly the same power requirements as the 100-qubit system. [10]

In terms of funding, Atom Computing has raised approximately $81 million across eight rounds. The latest funding round, a grant in 2023, was funded by DARPA.

7. Origin Quantum

Founded in 2017
Location: Anhui, China
Total Funding: $138 million
Growth Status: Explosive

Origin Quantum develops practical quantum computers and offers quantum cloud services to accelerate the adoption and application of quantum technology across various industries. 

In 2023, they sold their first 24-qubit Wuyuan quantum computer to an unnamed customer. The Wuyuan, based on a superconducting chip architecture, is considered China’s first quantum computer developed for commercial purposes. [11]

In 2024, the company introduced a third-generation 72-qubit superconducting quantum computer powered by the Wukong chip. The Wukong chip consists of 198 qubits, including 72 working qubits and 126 coupler qubits, The coupler qubit facilitates interactions between other qubits. [12]

As of May 2024, this 72-qubit quantum machine had completed over 225,000 computing tasks for users in 124 countries. It attracted more than 9.38 million remote access attempts worldwide, with most users coming from the USA.

6. Classiq

Founded in 2020
Location: Tel Aviv, Israel
Total Funding: $61.8 million
Growth Status: Steady

Classiq’s proprietary platform automates and streamlines the creation of quantum algorithms and circuits. It allows you to design, visualize, and execute complex quantum circuits without needing deep quantum computing expertise. 

You can quickly develop circuits with up to 10,000 qubits and execute them on any gate-based system and cloud provider. Quantum circuits designed on this platform are efficient and capable of running on today’s noisy intermediate-scale quantum devices as well as future quantum hardware. [13]

The platform already supports all well-known hardware backends, including those from Rigetti, IBM, and Microsoft Azure Quantum. 

Classiq has partnered with several tech companies, including Hewlett Packard Enterprise and Mphasis, to accelerate the adoption of quantum solutions. So far, they have raised $61.8 million through six funding rounds. [14]

5. IQM Quantum Computers

Founded in 2018
Location: Espoo, Finland
Total Funding: $251.4 million
Growth Status: Explosive

IQM develops superconducting quantum computers and delivers on-premises quantum computing solutions for research labs, supercomputing centers, and industrial clients. It employs advanced cryogenic technology to maintain the superconducting state of qubits, ensuring stable and reliable operation of their quantum processors. 

The company has published more than 700 scientific papers. Its most advanced platform, IQM Radiance, features 20 high-fidelity qubits and can be upgraded to a 54-qubit system, which includes 54 computational transmon qubits and 90 tunable couplers. [15]

In 2024, they launched IQM Resonance, a cloud service designed to advance quantum research. This service offers various exploration options, including standard or novel Quantum Processing Unit topologies with tunable couplers. [16]

IQM has raised nearly $251.4 million across eight funding rounds, with the latest round, a grant led by EIC Accelerator, raised in February 2024.

4. Multiverse Computing

Founded in 2019
Location: Pais Vasco, Spain
Total Funding: $54.7 million
Growth Status: Explosive

Multiverse Computing aims to harness the power of quantum computing to solve complex problems, especially finance-related problems, such as fraud detection, risk analysis, market simulation, and portfolio optimization. 

It leverages both quantum and quantum-inspired algorithms to deliver practical solutions that can be integrated into existing systems. Its software platform, Singularity, is designed to run on various quantum processors based on superconducting, ion traps, photonic, and neutral atoms. 

The company is backed by 21 investors, including the European Innovation Council, QAI Ventures, and Redstone. In its latest funding round, led by Columbus Venture Partners, it raised about $27 million at a valuation of $108 million. [17]

3. Pasqal

Founded in 2019
Location: Ile-de-France, France
Total Funding: $137 million
Growth Status: Explosive

Pasqal builds highly scalable and high-fidelity quantum processors using arrays of neutral atoms manipulated by lasers. It also develops quantum algorithms and software tailored for specific applications, enhancing the practical utility of its quantum hardware.

In 2024, the company partnered with IBM (one of the leaders in supercomputing circuits) to build a common approach to quantum-centric supercomputing and promote research in materials science and chemistry. 

They also signed an agreement with Aramco, the Saudi Arabian Oil Group, to install the first quantum computer in the Kingdom of Saudi Arabia. As per the agreement, Pasqal will install, maintain, and operate a 200-qubit quantum computer by 2025. [18]

2. Xanadu

Founded in 2016
Location: Ontario, Canada
Total Funding: $275 million
Growth Status: Rapid expansion

Xanadu builds quantum computers using photons as qubits. Photonic qubits can operate at room temperature and can be easily integrated with existing optical technologies. 

They also develop software platforms to design, simulate, and optimize photonic quantum circuits. These platforms allow developers to create and test quantum algorithms on simulated photonic hardware. 

For example, Xanadu’s PennyLane is an open-source Python library for quantum machine learning, quantum computing, and quantum chemistry. It integrates with all well-known machine learning libraries like PyTorch and TensorFlow, making it easier for developers and researchers to create and implement hybrid quantum-classical algorithms. [19]

In 2023, Xanadu announced a collaboration with NVIDIA to execute quantum computing simulations on supercomputers. NVIDIA researchers use PennyLane to simulate quantum machines on a supercomputer called Perlmutter. [20]

To date, Xanadu has raised $275 million through 11 funding. In their latest Debt Financing round, led by FedDev in 2024, they raised $2.76 million. The company is currently backed by 24 investors, with major investors including Georgian, Bessemer Venture Partners, the Strategic Innovation Fund, and OMERS Ventures.

1. PsiQuantum

Founded in 2016
Location: California, United States
Total Funding: $1.3 billion
Growth Status: Explosive

PsiQuantum develops large-scale, fault-tolerant quantum computers using photonic qubits. It is also working on sophisticated quantum error correction techniques to ensure the reliability of quantum chips. 

They have an expanding library of over 50 proven quantum algorithms and subroutines, which can be easily called by any application. This significantly reduces development time and enhances the quality of domain-specific applications.

In 2024, PsiQuantum introduced the Quantum Resource Estimation Format (QREF) and a beta version of Bartiq, a Quantum Resource Estimator for fault-tolerant quantum computing. QREF provides an open data format to represent quantum algorithms, while Bartiq guides developers through the complexities of resource estimation for different algorithms. [21]

The company has raised a staggering $1.3 billion across eight funding rounds. It is backed by 23 investors, including the Queensland Government, M12 – Microsoft’s Venture Fund, BlackRock, TEL Venture Capital, Temasek Holdings, and Baillie Gifford.

In April 2024, PsiQuantum announced that it would receive a $613 million investment from the Australian government via share purchases, grants, and loans. In return, they will develop and operate successive generations of their quantum computers in Brisbane, Australia. [22]

Read More

11 Quantum Processors That Feature New Computing Paradigm 
21 Most Interesting Facts About Quantum Computers  
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Sources Cited and Additional References

  1. Our Insights, Steady progress in approaching the quantum advantage, McKinsey Digital 
  2. Hardware and IT Serives, Quantum computing market size, share, and industry analysis, Fortune Business Insights 
  3. QC Ware, QC Ware partners with Posco holdings to advance battery material simulation with quantum computing, HPCwire
  4. Our Quantum Roadmap, Building on a series of scientific breakthroughs, QuEra
  5. John Russell, QuEra debuts 3-year roadmap to 10,000 physical and 100 logical qubits, HPCwire
  6. Hardware H1, System Model H1: Accelerating your path to fault-tolerant quantum computing, Quantinuum
  7. Matthew DeCross, The computational power of random quantum circuits in arbitrary geometries, arXiv
  8. Cate Lawrence, Oxford Quantum Circuits raises $100M for quantum compute-as-a-service, Tech.eu
  9. Yakov Kopelevich, Global room-temperature superconductivity in graphite, Advanced Quantum Technologies 
  10. John Timmer, Atom Computing is the first to announce a 1,000+ qubit quantum computer, Ars Technica
  11. Zhang Tong, Chinese scientists make quantum leap with first practical use computer, SCMP
  12. Matt Swayne, Origin Quantum Computing unveils 72-qubit quantum computer, The Quantum Insider
  13. Homepage, The new way to create quantum algorithms, Classiq
  14. Company Overview, Classiq Technologies financials and fundings, Crunchbase
  15. IQM Radiance, IQM Radianc upgradable from 20 to 54, and even to 150 qubits, IQM
  16. IQM Resonance, Direct access to unique QPU topologies, and high-performance superconducting quantum computers, IQM
  17. Ingrid Lunden, Multiverse raises $27M for quantum software targeting LLM leviathans, TechCrunch
  18. News Release, Aramco signs agreement with Pasqal to deploy first quantum computer in the Kingdom of Saudi Arabia, Aramco
  19. Homepage, Everything is trainable, even when using quantum hardware, Pennylane
  20. Mike Wheatley, Nvidia and Xanadu power quantum computing simulations with GPUs, Silicon Angle
  21. PsiQuantum, PsiQuantum announces open-source software for better tools, libraries and datasets, HPCwire
  22. Nick Bonyhady, Labor’s bold $1b bet on Aussie quantum start-up, Financial Review
Written by
Varun Kumar

I am a professional technology and business research analyst with more than a decade of experience in the field. My main areas of expertise include software technologies, business strategies, competitive analysis, and staying up-to-date with market trends.

I hold a Master's degree in computer science from GGSIPU University. If you'd like to learn more about my latest projects and insights, please don't hesitate to reach out to me via email at [email protected].

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