Sparrow Quantum, a quantum technology company based in Denmark, has secured initial funding of €4.1 million, the largest investment to date for a Danish quantum technology company. The funding round was led by 2xn and LIFTT and includes an equity investment from the European Innovation Council (EIC), an additional funding component to the grant funding Sparrow received in 2022 under the EIC Accelerator call.
“LIFTT is excited to invest in Sparrow Quantum and support its innovative technology in the field of quantum photonics,” said Giovanni Tesoriere, CEO of LIFTT. “Their dedication to the development of the highest quality deterministic single-photon sources and light-matter interfaces has the potential to transform diverse domains, from quantum computation to secure communication. We look forward to seeing the impact of their work on the future of technology,” he concluded.
Read more about Sparrow Quantum and find the latest business news of the day with our companion app Born2Invest.
What Sparrow Quantum does
Sparrow Quantum specializes in the design, development, and production of deterministic single-photon sources for quantum photonic applications and technologies. These solid-state deterministic single-photon sources are essential in various quantum technologies such as quantum computing, quantum sensors, quantum Internet, and secure communication through Quantum Key Distribution (QKD) technologies.
The single-photon source developed by Sparrow Quantum will enable researchers in quantum photon technology laboratories to conduct their research more cost-effectively as well as expand into new areas. In addition, Sparrow Quantum intends to work with quantum technology system suppliers to integrate the single-photon source they have developed into commercial quantum systems, creating a mutually beneficial relationship within the quantum industry.
With this initial investment, Sparrow Quantum will accelerate the development of its products and services, expand its team, and strengthen its position not only as a market leader for single-photon sources in quantum technologies but, more broadly, develop quantum interfaces between light and matter.
A quantum interface between light and matter is a fundamental element of quantum technology and, in essence, the tool that will enable quantum computers to be empowered through the quantum network. Sparrow Quantum’s technology is the result of more than two decades of pioneering research at the prestigious Niels Bohr Institute (NBI) in Copenhagen, Denmark, and the company has an exclusive license to the institute’s major patents.
NBI department head Professor Jan Thomsen commented, “We are excited to see the commercial potential of our research in the NBI realized through Sparrow Quantum’s innovative technology. The development of deterministic single-photon sources represents a significant step forward in the advancement of quantum technologies, and we are proud to support their efforts to bring this technology to market.”
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in StartupItalia, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [++ A2 Hosting Affiliates Review]
Something's brewing in the Right to Repair space. Lawmakers are increasingly law-making. DIY fixer upperers are increasingly fixer uppering. And,...
Why the Carbon Credit Market Is Not Working
The Carbon Brief analysis focused on 34 companies that alone used 38 million tons of carbon dioxide over the period...
Recrowd, Real Estate Lending Platform, Finally Gets European Authorization
Recrowd adopts a distinct approach for less sophisticated investors, limiting their investments to under €1,000 or 5% of their net...
Why the Amounts Invested in Belgian Fintech Companies Decreased
In 2023, the Belgian fintech sector has not witnessed any major fundraising events similar to those in previous years, such...
Bitcoin Soars 130% This Year: Will It Reach New All-Time Highs in 2024?
Bitcoin is currently trading within an ascending channel, maintaining support at $35,000, with an upward trajectory towards the psychological resistance...
Business1 week ago
This Quant Beat the S&P 500 By 475% — Get Access @ 30% Off This Black Friday
Crypto4 days ago
Greed Dominates Bitcoin Market Again After Two Years
Biotech1 week ago
Vive Biotech Contacts Santander to Find a Buyer
Impact Investing2 days ago
Hi-Tech Buoy to Clean Up the Seas Created by Jelter