At the forefront of quantum technology : Why did we invest (WDWI) in PASQAL
By Julien Bacaer and Benjamin Hugonnet
In January, PASQAL, a leader in neutral atoms quantum computing, raised a €100 million equity Series B, a new record in the sector in Europe. During this financing round, Bpifrance Large Venture Fund became one of the startup’s key investors, thereby strengthening the support provided by Bpifrance — notably through the Defense Innovation Fund — to PASQAL since its inception. We are proud to take part in the quantic revolution by backing one of the most promising companies of the industry. Let’s see why PASQAL is so special.
Quantum computing is considered to be the next big thing in the field of computing, with the potential to revolutionize many industries, by providing faster and more efficient solutions to complex problems.
Since 2019, the sector of quantum computing has been experiencing a global acceleration, attracting major investments from large industrial groups, VC funds and governments. The field hence represents a potential transformation estimated at several hundred billion dollars when the universal quantum computer reaches maturity. To go deeper into this promising market and see the industries it is going to disrupt, you can read the article we published in March 2021 on the topic.
Today, French startup PASQAL appears as one of the most mature quantum companies to seize these opportunities, leveraging its breakthrough technology and embracing the dual analog/digital capabilities of quantum computing to provide early quantum advantage. PASQAL will use the funding to further develop its full-stack quantum computing platform, with the ambition to be able to deliver major commercial advantages over classical computers by 2024.
A technological bet on neutral atoms
To achieve its goal, PASQAL is betting on neutral atoms technology. In short, the company is building quantum processors based on configurable 2D and 3D arrays of neutral Rubidium (Rb) atoms, where each atom plays the role of a qubit. PASQAL is then able to use laser light to control and manipulate the quantum states of these atoms, and thus perform calculations.
The advantages of the neutral atoms technology are multiple, starting with its unique potential for scaling up the number of Qubits. To date, PASQAL appears as one of the most advanced players since it has managed to control more than 350 atoms and is in line with its roadmap to offer 1,000 qubits quantum processors by 2024. This would allow PASQAL to demonstrate quantum advantages in specific classes of algorithms, such as solving differential equations and processing Machine Learning graph problems.
Good fidelity and long coherence times are also characteristic of the neutral atoms technology. Good fidelity allows to perform precise operations with low error rates, which is crucial for building large-scale, error-corrected quantum computers in the long term. Neutral atoms additionally have long coherence times, meaning that the qubits maintain their quantum state for extended periods without decohering or losing their properties. This is key for computing longer and/or more complex operations.
Finally, contrary to other quantum technologies (such as superconducting qubits or trapped ions), quantum computers based on neutral atoms operate at room temperature, without the use of heavy cryogenic devices, thus using less energy than a classical supercomputer to solve an equivalent problem.
A full-stack strategy
PASQAL is also one of the few players to propose a full-stack quantum computing offer, from the hardware to the application layer.
In addition to hardware engineering, PASQAL is developing software suites to enable users to easily access the capacities of its system. At the beginning of the year, PASQAL unveiled Pulser Studio, the first no-code development platform for neutral atoms quantum computers. This “middleware” SDK allows to graphically build quantum registers and design laser pulses sequences without coding knowledge, hence bridging the gap between the end-user code interface and the internal functioning of the computer.
On top of that, PASQAL also offers proprietary “high-level” algorithms to solve certain value-added business problems for customers across key verticals including energy, chemistry, automotive, mobility, healthcare, enterprise technology and finance.
By positioning itself on this application layer, PASQAL prepares its customers to move seamlessly into production when the quantum hardware is scaled up. Already, the startup is engaged with many Global Fortune 500 companies on different concrete use cases, such as BASF (weather pattern prediction), BMW (deformation of materials), EDF (charging of a fleet of electric vehicles), LG Electronics (differential equations) or Johnson & Johnson (drug discovery and design molecules).
Very recently, PASQAL released a research paper with Crédit Agricole CIB, the world’s largest cooperative financial institution, that showed how its technology could solve complex financial optimization problems as accurately as classical computers. With only 50 Qubits, PASQAL was able to match the performance of the state-of-the art machine learning model currently used by CA-CIB to predict the fall in the credit rating of the bank’s customers. Such an equal performance is a first, and PASQAL expect to be able to consistently beat the classical benchmark by 2024, making the approach production ready.
A pragmatic and progressive approach to serve a long-term vision
It is just an example of how PASQAL could generate value in the short term and unlock commercial advantage for customers, without having to wait for the arrival of universal fault-tolerant quantum computing.
This is made possible by the dual analog/digital approach adopted by PASQAL (here is a detailed explanation of the difference for those who want to dig deeper). While most of the other quantum players are currently only considering the digital (or gate-based) approach to create error-corrected machines, PASQAL’s vision is a bit different.
If the final objective of the company is obviously to develop fault-tolerant architectures in the long term, it also intends to take advantage of the development of the first intermediate noisy prototype (NISQ) to address a market that is already important in the near-term.
In this regard, the analog mode might ultimately be little less versatile and universal than the digital mode, but also less sensitive to errors and noise, and hence could have an early advantage in specific but critical applications.
Don’t get me wrong though, PASQAL also has a clear (and very dense) technological roadmap to develop a universal error-resistant quantum computer, and the fundraising aims to intensify its research on the matter too.
A first-class team led by Nobel Prize winner and top scientists
But above all, PASQAL’s major asset lies in its team. CEO and co-founder Georges-Olivier Reymond has surrounded himself with experienced business development profiles and a scientific team at the forefront of research on quantum physics and neutral atoms technology.
His co-founders include Dr. Alain Aspect, recently awarded the Nobel Prize in Physics for his work on quantum entanglement, as well as Dr. Antoine Browaeys and Dr. Thierry Lahaye from the Institut d’Optique and CNRS, who are key contributors to scientific progress in the field of neutral atoms in the recent years. Thanks to them, the company benefits from close links with the research and academic world
The company has shown its ability to attract talent from all across the world, with to date 130 employees of 20 different nationalities, the majority of whom have an excellent academic background, whether it is in Engineering, Software development or in Quantum Physics. And it’s only the beginning, as PASQAL plans to double its current team this year.
The company will also use the funding to expand its global footprint, by opening new offices in the Middle East and Asia in addition to growing its existing operations in Europe and North America as well as strengthening its research collaboration with different universities, like the one that was announced with the University of Chicago few months ago.
What’s next?
The year 2022 marked the real beginning of PASQAL’s transition from scientific research to commercialization. With the sales of its first two Generation 1 machine for on-premises installation at HPC centers in France and Germany, PASQAL’s engineers proved that they are able to transform world-class fundamental research into a system for end-users.
On the software side, the merger with the quantum algorithm startup Qu&Co also allowed PASQAL to accelerate the development of its applicative layers and to address new corporate customers.
In this regard, PASQAL truly illustrates the excellence of French research and the competitiveness of the French quantum ecosystem. But we are convinced it’s only the start of a bigger success story and we just scratched the surface of the company’s potential. Stay tuned, major innovations are still to come in the following months!
