{
    "title": "Company brief: Pasqal",
    "notice": "Information only, not investment advice. This view does not rate, score or recommend any company or investor. Figures are as published by the sources named, with their dates; missing evidence is shown as not covered, never as a low value.",
    "generated": "2026-11-04",
    "rows_assembled": "2026-11-04",
    "company": {
        "id": "pasqal",
        "name": "Pasqal",
        "country": "FR",
        "sme_in_cordis": true,
        "brief": "/quantum-europe/investors/companies/pasqal/brief",
        "cordis_organisations": [
            "cordis-org:893652853",
            "cordis-org:907624442"
        ],
        "technology_areas": [
            "computing",
            "communication",
            "enabling"
        ],
        "eu_projects": 10,
        "eu_contribution_received_eur": 10877502.75,
        "eic_projects": {
            "sme_instrument": 1,
            "accelerator_bf": 1
        },
        "patents": {
            "families": 70,
            "lower_bound": false,
            "looked_up": "2026-10-23"
        },
        "publications": {
            "quantum_works": 130,
            "looked_up": "2026-10-20"
        },
        "deployment_records": [
            "sol"
        ],
        "rounds": [
            "pasqal-2026-03-private-round",
            "pasqal-2026-03-convertible",
            "pasqal-2025-04-eic-step-selected",
            "pasqal-2023-01-series-b"
        ],
        "signals": [
            "eu_grants",
            "eic_accelerator",
            "patents",
            "publications",
            "infrastructure",
            "rounds"
        ]
    },
    "projects": [
        {
            "id": "cordis:190146292",
            "acronym": "Qu&Co-Flow",
            "title": "Quantum software platform for multiphysics simulations",
            "url": "https://cordis.europa.eu/project/id/190146292",
            "start": "2022-12-01",
            "project_eu_contribution": 2496599,
            "currency": "EUR",
            "eic_scheme": "EIC Accelerator, blended finance (grant plus an EIC Fund investment component)"
        },
        {
            "id": "cordis:968614",
            "acronym": "FRESNEL",
            "title": "Quantum computing with atom arrays—bringing Europe to the forefront of the quantum race",
            "url": "https://cordis.europa.eu/project/id/968614",
            "start": "2021-04-01",
            "project_eu_contribution": 2495062.5,
            "currency": "EUR",
            "eic_scheme": "SME Instrument or EIC pilot (Horizon 2020)"
        },
        {
            "id": "cordis:101297140",
            "acronym": "QIA-Phase2",
            "title": "Quantum Internet Alliance - Phase2",
            "url": "https://cordis.europa.eu/project/id/101297140",
            "start": "2026-04-01",
            "project_eu_contribution": 47500000,
            "currency": "EUR",
            "eic_scheme": null
        },
        {
            "id": "cordis:101291743",
            "acronym": "Q-PLANET SGA1",
            "title": "Quantum Pilot Line for production of Advanced chips for Neutral atom European Technologies - Specific Agreement 1",
            "url": "https://cordis.europa.eu/project/id/101291743",
            "start": "2026-05-01",
            "project_eu_contribution": 24991274.91,
            "currency": "EUR",
            "eic_scheme": null
        },
        {
            "id": "cordis:101102140",
            "acronym": "QIA-Phase1",
            "title": "Quantum Internet Alliance - Phase1",
            "url": "https://cordis.europa.eu/project/id/101102140",
            "start": "2022-10-01",
            "project_eu_contribution": 24000000,
            "currency": "EUR",
            "eic_scheme": null
        },
        {
            "id": "cordis:101113690",
            "acronym": "PASQuanS2.1",
            "title": "Programmable Atomic Large-scale Quantum Simulation 2 - SGA1",
            "url": "https://cordis.europa.eu/project/id/101113690",
            "start": "2023-04-01",
            "project_eu_contribution": 16594068.75,
            "currency": "EUR",
            "eic_scheme": null
        },
        {
            "id": "cordis:817482",
            "acronym": "PASQuanS",
            "title": "Programmable Atomic Large-Scale Quantum Simulation",
            "url": "https://cordis.europa.eu/project/id/817482",
            "start": "2018-10-01",
            "project_eu_contribution": 9257515,
            "currency": "EUR",
            "eic_scheme": null
        },
        {
            "id": "cordis:101080142",
            "acronym": "EQUALITY",
            "title": "Efficient QUantum ALgorithms for IndusTrY",
            "url": "https://cordis.europa.eu/project/id/101080142",
            "start": "2022-11-01",
            "project_eu_contribution": 6043935,
            "currency": "EUR",
            "eic_scheme": null
        },
        {
            "id": "cordis:101070144",
            "acronym": "EuRyQa",
            "title": "European infrastructure for Rydberg Quantum Computing",
            "url": "https://cordis.europa.eu/project/id/101070144",
            "start": "2022-10-01",
            "project_eu_contribution": 4970860,
            "currency": "EUR",
            "eic_scheme": null
        },
        {
            "id": "cordis:101312335",
            "acronym": "QuBriC",
            "title": "Bridging Quantum and Classical Error Correction for Scalable Fault-tolerant Quantum Computing",
            "url": "https://cordis.europa.eu/project/id/101312335",
            "start": "2026-10-01",
            "project_eu_contribution": 4656952.08,
            "currency": "EUR",
            "eic_scheme": null
        }
    ],
    "cordis_retrieved": "2026-10-16",
    "rounds": [
        {
            "id": "pasqal-2026-03-private-round",
            "company": "Pasqal",
            "company_id": "pasqal",
            "date": "2026-03-04",
            "type": "Equity round (no series named)",
            "status": "Closed",
            "amount": 170000000,
            "currency": "EUR",
            "amount_as_announced": "EUR 170 million private funding round",
            "qualifier": "exact",
            "lead_investors": [],
            "investors": [
                "Parkway",
                "Quanta Computer",
                "LG Electronics",
                "CMA CGM",
                "European Innovation Council (EIC) and EIC Fund",
                "Temasek",
                "Saudi Aramco Entrepreneurship Ventures",
                "ISAI"
            ],
            "sources": [
                {
                    "url": "https://www.pasqal.com/newsroom/pasqal-is-entering-a-new-phase-of-development-with-new-financing-expected-of-at-least-e340-million-in-anticipation-of-its-public-listing/",
                    "publisher": "Pasqal",
                    "kind": "company",
                    "retrieved": "2026-10-23",
                    "locator": "Opening paragraph; paragraph beginning \"The funding round brings together\""
                }
            ],
            "included_in_later_figure_of": [],
            "public_investment_registry": [],
            "note": "No lead investor is stated. A separate instrument from the committed convertible financing of about EUR 170 million announced in the same release (next entry): together they make the \"at least EUR 340 million\" of its headline, so this is not a duplicate (checked against the release on 27 October 2026). The release calls it a private funding round; \"equity\" is the portal's classification. Announced ahead of a planned listing."
        },
        {
            "id": "pasqal-2026-03-convertible",
            "company": "Pasqal",
            "company_id": "pasqal",
            "date": "2026-03-04",
            "type": "Convertible financing",
            "status": "Committed, not yet drawn",
            "amount": 170000000,
            "currency": "EUR",
            "amount_as_announced": "committed convertible financing of approximatively EUR 170 million (USD200 million)",
            "qualifier": "approximately",
            "lead_investors": [],
            "investors": [],
            "sources": [
                {
                    "url": "https://www.pasqal.com/newsroom/pasqal-is-entering-a-new-phase-of-development-with-new-financing-expected-of-at-least-e340-million-in-anticipation-of-its-public-listing/",
                    "publisher": "Pasqal",
                    "kind": "company",
                    "retrieved": "2026-10-23",
                    "locator": "Opening paragraph"
                }
            ],
            "included_in_later_figure_of": [],
            "public_investment_registry": [],
            "note": "Committed, not drawn; the provider is not named in the release. A separate instrument from the EUR 170 million private funding round of the same release (previous entry), not the same money."
        },
        {
            "id": "pasqal-2025-04-eic-step-selected",
            "company": "Pasqal",
            "company_id": "pasqal",
            "date": "2025-04-03",
            "type": "Public equity investment (EIC STEP Scale Up)",
            "status": "Selected, subject to due diligence",
            "amount": null,
            "currency": null,
            "amount_as_announced": "undisclosed",
            "qualifier": null,
            "lead_investors": [],
            "investors": [
                "European Innovation Council (EIC) and EIC Fund"
            ],
            "sources": [
                {
                    "url": "https://eic.ec.europa.eu/news/first-companies-put-forward-major-investments-under-eic-step-scale-scheme-2025-04-03_en",
                    "publisher": "European Innovation Council",
                    "kind": "official",
                    "retrieved": "2026-10-23",
                    "locator": "List of the seven companies put forward; scheme range of EUR 10 to 30 million per company"
                }
            ],
            "included_in_later_figure_of": [],
            "public_investment_registry": [
                "eic-step-pasqal-2025"
            ],
            "note": "Put forward for an EIC Fund investment decision under EIC STEP Scale Up, subject to due diligence."
        },
        {
            "id": "pasqal-2023-01-series-b",
            "company": "Pasqal",
            "company_id": "pasqal",
            "date": "2023-01-24",
            "type": "Series B",
            "status": "Closed",
            "amount": 100000000,
            "currency": "EUR",
            "amount_as_announced": "€100 million equity Series B raise",
            "qualifier": "exact",
            "lead_investors": [
                "Temasek"
            ],
            "investors": [
                "Temasek",
                "European Innovation Council (EIC) and EIC Fund",
                "Wa'ed Ventures",
                "Bpifrance",
                "Quantonation",
                "Defense Innovation Fund",
                "Daphni",
                "Eni Next"
            ],
            "sources": [
                {
                    "url": "https://www.quantonation.com/2023/01/24/pasqal-raises-e100m-the-largest-equity-round-in-europe/",
                    "publisher": "Quantonation",
                    "kind": "investor",
                    "retrieved": "2026-10-23",
                    "locator": "Opening paragraph under Summary, Paris, 24 January 2023"
                }
            ],
            "included_in_later_figure_of": [],
            "public_investment_registry": [
                "eic-fund-pasqal-2023"
            ],
            "note": ""
        }
    ],
    "lab_to_market": {
        "id": "pasqal",
        "name": "Pasqal",
        "country": "FR",
        "method": "reviewed_link",
        "pics": [
            "893652853",
            "907624442"
        ],
        "nid": 120,
        "families": [
            "computing",
            "communication",
            "enabling"
        ],
        "grants": 10,
        "first_grant": {
            "id": "cordis:817482",
            "acronym": "PASQuanS",
            "title": "Programmable Atomic Large-Scale Quantum Simulation",
            "start": "2018-10-01",
            "programme": "Horizon 2020",
            "scheme": "RIA",
            "kind": "collaborative",
            "amount": 9257515,
            "currency": "EUR",
            "measure": "EU contribution (maximum grant agreed)",
            "url": "https://cordis.europa.eu/project/id/817482",
            "nid": 836
        },
        "first_eic_early": null,
        "first_eic_accelerator": {
            "id": "cordis:190146292",
            "acronym": "Qu&Co-Flow",
            "title": "Quantum software platform for multiphysics simulations",
            "start": "2022-12-01",
            "programme": "Horizon Europe",
            "scheme": "HORIZON-EIC-ACC-BF",
            "kind": "eic_accelerator_bf",
            "amount": 2496599,
            "currency": "EUR",
            "measure": "EU contribution (maximum grant agreed)",
            "url": "https://cordis.europa.eu/project/id/190146292",
            "nid": 1693
        },
        "first_eic_fund": {
            "id": "pasqal-2023-01-series-b",
            "date": "2023-01-24",
            "type": "series_b",
            "status": "closed",
            "amount": 100000000,
            "currency": "EUR",
            "amount_text": "€100 million equity Series B raise",
            "qualifier": "exact",
            "eic": true,
            "sources": [
                {
                    "url": "https://www.quantonation.com/2023/01/24/pasqal-raises-e100m-the-largest-equity-round-in-europe/",
                    "publisher": "Quantonation",
                    "kind": "investor",
                    "retrieved": "2026-10-23",
                    "locator": "Opening paragraph under Summary, Paris, 24 January 2023"
                }
            ],
            "registry": [
                "eic-fund-pasqal-2023"
            ]
        },
        "first_equity": {
            "id": "pasqal-2023-01-series-b",
            "date": "2023-01-24",
            "type": "series_b",
            "status": "closed",
            "amount": 100000000,
            "currency": "EUR",
            "amount_text": "€100 million equity Series B raise",
            "qualifier": "exact",
            "eic": true,
            "sources": [
                {
                    "url": "https://www.quantonation.com/2023/01/24/pasqal-raises-e100m-the-largest-equity-round-in-europe/",
                    "publisher": "Quantonation",
                    "kind": "investor",
                    "retrieved": "2026-10-23",
                    "locator": "Opening paragraph under Summary, Paris, 24 January 2023"
                }
            ],
            "registry": [
                "eic-fund-pasqal-2023"
            ]
        },
        "first_private": {
            "id": "pasqal-2023-01-series-b",
            "date": "2023-01-24",
            "type": "series_b",
            "status": "closed",
            "amount": 100000000,
            "currency": "EUR",
            "amount_text": "€100 million equity Series B raise",
            "qualifier": "exact",
            "eic": true,
            "sources": [
                {
                    "url": "https://www.quantonation.com/2023/01/24/pasqal-raises-e100m-the-largest-equity-round-in-europe/",
                    "publisher": "Quantonation",
                    "kind": "investor",
                    "retrieved": "2026-10-23",
                    "locator": "Opening paragraph under Summary, Paris, 24 January 2023"
                }
            ],
            "registry": [
                "eic-fund-pasqal-2023"
            ]
        },
        "registry": [
            {
                "id": "eic-fund-pasqal-2023",
                "name": "EIC Fund investment agreement with PASQAL",
                "stage": "agreement-signed",
                "date": "2023-03-09",
                "instrument": "Investment by the EIC Fund in an equity funding round",
                "url": "https://eic.ec.europa.eu/news/eic-fund-investment-signature-ceremony-pasqal-2023-03-09_en",
                "source_title": "EIC: EIC Fund investment signature ceremony with PASQAL (9 March 2023)",
                "source_url": "https://eic.ec.europa.eu/news/eic-fund-investment-signature-ceremony-pasqal-2023-03-09_en"
            },
            {
                "id": "eic-step-pasqal-2025",
                "name": "PASQAL selected for EIC STEP Scale Up investment",
                "stage": "selected",
                "date": "2025-04-03",
                "instrument": "Equity investment by the EIC Fund under the EIC STEP Scale Up scheme",
                "url": "https://eic.ec.europa.eu/news/first-companies-put-forward-major-investments-under-eic-step-scale-scheme-2025-04-03_en",
                "source_title": "EIC: first companies put forward for major investments under EIC STEP Scale Up (3 April 2025)",
                "source_url": "https://eic.ec.europa.eu/news/first-companies-put-forward-major-investments-under-eic-step-scale-scheme-2025-04-03_en"
            }
        ],
        "rounds": 4,
        "stages": {
            "grant": true,
            "eic_early": false,
            "eic_accelerator": true,
            "private_round": true
        },
        "months": 51,
        "order": "grant_first",
        "median_eligible": false
    },
    "gaps": [
        "Valuations, revenues, ownership stakes, cap tables and individual investors are not collected.",
        "National grants, regional aid, loans and payments are not covered; EU figures are amounts awarded, not paid.",
        "Use of infrastructure as a customer is not recorded; only a named supplier role in the deployment tracker is shown.",
        "Nothing here is a rating, a recommendation or investment advice; figures are as published by their sources."
    ]
}