Capital for Quantum cooling
kiutra closes another financing round
To calculate and solve complex problems faster than currently possible with supercomputers, to exchange information securely against eavesdropping and to determine physical quantities such as pressure, time, position, speed and magnetic fields with unprecedented accuracy: These promises and more combined with an immense economic potential are some of the possibilities of the second generation of quantum technologies.
Jan Spallek (left) and Alexander Regnat (right), CTO and CEO of kiutra, inspecting one of the magnetic refrigerators developed by the company.
kiutra
As extremely low temperatures, close to the absolute zero (-273°C) are often required for their technical use, low-temperature technology is an essential part of the technological backbone in the research and development of quantum technologies. This makes an efficient, simple and scalable solution for generating ultra-low temperatures even more important. That is exactly what kiutra offers using an innovative magnetic cooling process, without needing expensive and rare liquefied gases. With its compact and highly automated coolers, kiutras commercial success is growing and the company is contributing to the global progress of the quantum revolution. In this financing round kiutra is receiving support from its existing shareholders and two new investors.
The financing round is led by the new shareholders TRUMPF Venture and the Swiss deep-tech VC Verve Ventures. Together with the existing investors High-Tech Gründerfonds (HTGF), APEX Ventures and the Initiative for Industrial Innovators, the syndicate is investing a mid-seven-digit amount in the spin-off from the Technical University of Munich, which was founded in 2018. The new capital will be used to expand the team and production capacities, as well as to further develop the company’s products for the rapidly growing quantum technology market.
"We are pleased to be able to accompany an excellent management team on its journey to success together with strong syndicate partners. The approach kiutra has already shows today how the cooling of quantum systems as an enabling technology can be designed to be sustainable and scalable in the future", Dieter Kraft, Managing Director at TRUMPF Venture.
"We invested in kiutra because at Verve Ventures we firmly believe that now is the time to build a complete ecosystem around quantum technology. With their products, the outstanding team has already convinced major industry players, putting them in a good position to become a market leader", Emma Schepers, Investment Associate at Verve Ventures.
"The second quantum revolution is in full swing and kiutra finds itself in an excellent position to become an essential part of the global Quantum Supply Chain. We are delighted to be able to rely on the support of experienced deep-tech investors for our ongoing corporate development. With TRUMPF Venture and Verve Ventures we were able to gain experts for quantum technology Start-Ups and Hardware centered Business models", Alexander Regnat, CEO and Co-Founder of kiutra.
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