OpenOce an–IQM-L akestar State of Quantum 2022: 63% of Business Leaders Believe Commercialised Quantum Computing to Hit the Market in Five Years
Today,OpenOcean, a leading European venture capital firm, IQM Quantum Computers, a European leader in quantum computers, and Lakestar, the leading European technology investor, have released the OpenOcean–IQM-Lakestar State of Quantum 2022 Report, in association with The Quantum Insider (TQI). The report shows that 91% of business leaders are investing or planning to invest in quantum computing, a field in which private investment has grown 500% from a total of $0.4 billion in 2017 to $2.2 billion in 2021.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221116005481/en/
OpenOcean–IQM-Lakestar State of Quantum 2022 Report (Graphic: Business Wire)
This whitepaper is based on a new online, cross industry survey about quantum readiness along with investment data from TQI and other data sources, collating responses from business leaders across the world to understand their preparation and readiness for commercialised quantum computing.
The findings of this report indicate the means through which investors and decision-makers can bridge the gap between the speed and direction of quantum development and what customers are ready and planning for – tapping into the value created by commercial use cases.
- 70% of business leaders are using and developing real-life use cases for quantum computing.
- 61% of business leaders are planning to invest $1 million or more in quantum computing over the next 3 years.
- 63% of business leaders believe that commercialised quantum computing will hit the market in 5 years.
- 76% of business leaders agreed that there is a skills crisis in quantum computing: slowing innovation and needing to be addressed as a priority.
- 61% of business leaders said the hardware costs of running quantum computing are currently not sustainable.
- Only 10% of firms are cautious that quantum computing will ever be functional for everyday usage.
Preparing for the quantum era
Understanding where the industry currently stands is a critical step for those who wish to take advantage of everything quantum computing has to offer. Investor and customer appetite for real-world use cases and generic, error-correcting quantum machines is growing fast.
Despite challenges arising around the shortage of quantum talent and hardware costs, a significant percentage (33%) of firms see at least an application-specific future for the technology. These businesses understand that quantum computing will bring immense challenges and change over the next few years, identifying the three sectors prime for transformation as cybersecurity; finance; and healthcare, including drug discovery and pharmaceutical research.
Ekaterina Almasque, General Partner at OpenOcean, said: “Our research confirms that we are on a one-way journey to enter the quantum era. The findings are a clear sign that the broader market is starting to buy into the potential of quantum computing, recognising its emerging commercial potential and backing it with significant investment. There is a unique opportunity now for first-movers and businesses to carve out an impactful strategy to operate in the new quantum realm. It was encouraging to see software development as a priority for investment - this is where we also see the dire need for advancements.
“Our mission as an early stage investor in frontier technologies, is to support emerging European leaders in the quantum computing space. These technologies are already hitting the market, and will expand and advance in the decades ahead. The industry is searching for sound investment strategies and concrete examples of added value; this is why we need to be looking for practical solutions. For businesses to make their mark in a competitive landscape, they will need full stack quantum solutions – built and designed for the problems which need most solving.”
Dr. Jan Goetz, CEO and Co-founder of IQM Quantum Computers, said: “I am pleased to see from this report that business leaders in Europe, APAC, and North America are already using quantum computing and are planning significant R&D investments in the near future. With quantum technologies, we can expect several use cases like improvements in drug discovery, encryption and data protection, prediction of financial systems and solutions to other problems. We’ll see significant transformation in industries by bringing together hardware and software, developing application-specific capabilities, and addressing most pressing problems.
“At IQM, we have developed an on-premises strategy to partner with HPC centers and businesses, and this report marks the continuation of our commitment to work with businesses and create a fastlane to quantum advantage.”
Stephen Nundy, Partner & CTO at Lakestar, said: “We fundamentally believe that in order for quantum to reach its full potential in both the short and long term, we must encourage investment and experimentation in quantum software to allow early adoption that feels naturally accretive to existing platforms and technology developed already.
“Customers do not, and should not, need to be quantum-savvy to be able to develop and deploy hybrid quantum applications which solve real-world problems, create business advantages, and harness the best native quantum hardware available. There is certainly much to be excited about in this new computer paradigm - the opportunity for quantum software and hardware companies to work together to build viable platforms for commercial and societal use is already upon us.”
Read the OpenOcean-IQM-Lakestar State of Quantum 2022 Whitepaper here: State of Quantum 2022 Report
OpenOcean is an early-stage venture capital firm investing across Europe with offices in London and Helsinki. With an entrepreneurial background from building several category-defining software businesses, we engage with founders to build and scale global companies delivering data solutions for the new economy. OpenOcean typically leads or co-leads Series A funding rounds.
About IQM Quantum Computers
IQM is the pan-European leader in building quantum computers. IQM provides on-premises quantum computers for supercomputing centres and research labs and offers full access to its hardware. For industrial customers, IQM delivers a quantum advantage through a unique application-specific, co-design approach. IQM is building Finland’s first commercial 54-qubit quantum computer with VTT, and an IQM-led consortium (Q-Exa) is also building a quantum computer in Germany. This computer will be integrated into an HPC supercomputer to create a quantum accelerator for future scientific research. IQM has over 200 employees with offices in Paris, Madrid, Munich, and Espoo.
Lakestar’s mission is to find, fund and grow disruptive businesses - enabled by technology - that are founded by exceptional entrepreneurs in Europe and beyond. Founded by Klaus Hommels, the team’s early investments include Skype, Spotify, Facebook and Airbnb. Since raising its first fund in 2012, Lakestar manages an aggregated volume of over €1.2bn across three early stage funds and a growth fund.
The team actively advises and supports portfolio companies in marketing, recruitment, technology, product development and regulatory insight, accompanying founders from seed to early stage to growth stage or exit. Lakestar currently has the privilege of holding investments in Revolut, Blockchain.com, Opendoor, Oscar, GetYourGuide, sennder, Eigen, Public.com, SoFi, Solarisbank, Uncapped, Yapily, Terra Quantum, accuRx, Rhino, ZEBEDEE and Hometogo to name a few. Lakestar has presence in Berlin, Zurich and London.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
IQM Media Contact
Raghunath Koduvayur, Head of Marketing and Communications
Mobile: +358 50 4876509
OpenOcean Media Contact
Alex Izza, Account Director
Mobile: +44 (0) 759 189 9654
Lakestar Media Contact
Tel.: +44 7760 160 248
Tel: +49 152 543 727 77
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Datopotamab Deruxtecan Showed Encouraging and Durable Efficacy in Patients with Heavily Pretreated HR Positive, HER2 Low or Negative Metastatic Breast Cancer9.12.2022 00:00:00 CET | Press release
Initial results from the TROPION-PanTumor01 phase 1 trial of datopotamab deruxtecan (Dato-DXd) showed encouraging and durable efficacy in patients with heavily pretreated hormone receptor (HR) positive, HER2 low (immunohistochemistry [IHC] 1+ or IHC 2+/in-situ hybridization [ISH]-) or HER2 negative (IHC 0) unresectable or metastatic breast cancer. Safety data were consistent with previous trials of datopotamab deruxtecan. Results were presented today as a Spotlight Poster Discussion (Abstract #PD13-08) at the 2022 San Antonio Breast Cancer Symposium (#SABCS22). Datopotamab deruxtecan is a specifically engineered TROP2 directed DXd antibody drug conjugate (ADC) being jointly developed by Daiichi Sankyo (TSE: 4568) and AstraZeneca (LSE/STO/Nasdaq: AZN). Approximately 70% of breast cancer tumors are considered HR positive and HER2 low or negative.1 For patients with HR positive, HER2 low or negative metastatic breast cancer that progress on or are not suitable candidates for endocrine the
TreviPay Acquires Apruve8.12.2022 23:45:00 CET | Press release
TreviPay, a leader in global B2B payments and invoicing solutions, today announced the signing of a definitive agreement to acquire payment platform Apruve. Apruve offers a robust suite of payment solutions for global enterprises that will complement and expand on TreviPay’s existing order-to-cash technology offerings, merchant invoicing solutions, and the geographical reach of TreviPay’s existing B2B networks. TreviPay has experienced unprecedented demand from global enterprise buyers and sellers resulting in 30% organic growth in 2022, and this acquisition furthers TreviPay's plans to expand its order-to-cash technology offerings and B2B payment network. This acquisition builds on TreviPay’s recent purchase of Baton Financial Services. “TreviPay provides payment and invoicing solutions for a number of leading manufacturers and OEMs; the acquisition of Apruve will accelerate our advancement in the technology manufacturing vertical and expand our geographic reach into key Asian markets
Ipsen Provides Update On Phase III CONTACT-01 Trial Evaluating Cabozantinib in Combination With Atezolizumab in Patients With Metastatic Non-small Cell Lung Cancer Previously Treated With Immunotherapy and Chemotherapy8.12.2022 22:05:00 CET | Press release
Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) announced today that the CONTACT-01 study did not meet its primary endpoint of overall survival (OS) at the final analysis. CONTACT-01 is a phase III clinical trial evaluating Cabometyx® (cabozantinib) in combination with atezolizumab (Tecentriq®) versus docetaxel in patients with unmutated metastatic non-small cell lung cancer (NSCLC) who experienced disease progression on or after treatment with an immune checkpoint inhibitor and platinum-containing chemotherapy. Howard Mayer, M.D., Executive Vice President, Head of Research and Development at Ipsen, said: “The results from the CONTACT-01 clinical trial have shown the challenge of treating NSCLC patients after prior lines of treatment have failed. While the findings of the study have not met the primary endpoint in this setting, we remain confident in the clinical efficacy of cabozantinib alone and in combination with another treatment in existing indications in difficult-to-treat tu
Verisign Reports Internet Has 349.9 Million Domain Name Registrations at the End of the Third Quarter of 20228.12.2022 21:57:00 CET | Press release
VeriSign, Inc. (NASDAQ: VRSN), a global provider of domain name registry services and internet infrastructure, today announced that the third quarter of 2022 closed with 349.9 million domain name registrations across all top-level domains, a decrease of 1.6 million domain name registrations, or 0.4%, compared to the second quarter of 2022.1,2 Domain name registrations have increased by 11.5 million, or 3.4%, year over year.1,2 The .com and .net TLDs had a combined total of 174.2 million domain name registrations in the domain name base3 at the end of the third quarter of 2022, a decrease of 0.2 million domain name registrations, or 0.1%, compared to the second quarter of 2022. The .com and .net TLDs had a combined increase of 2.1 million domain name registrations, or 1.2%, year over year. As of Sept. 30, 2022, the .com domain name base totaled 160.9 million domain name registrations, and the .net domain name base totaled 13.2 million domain name registrations. New .com and .net domain
Citi Global Wealth Investments Releases Outlook 2023: Roadmap to Recovery: Portfolios to Anticipate Opportunities8.12.2022 20:07:00 CET | Press release
Citi Global Wealth Investments (CGWI) today released its Wealth Outlook 2023 (Outlook) report, titled Roadmap to Recovery: Portfolios to Anticipate Opportunities. Published twice yearly, Outlook provides in-depth insights into the global economy and financial markets for the year ahead and beyond. The latest edition’s title reflects the investing journey that CGWI envisions and the steps that investors should consider diversifying their portfolios. In 2023, CGWI predicts the weakest annual global economic growth in forty years outside of the Global Financial Crisis and the COVID shutdowns. The year ahead is likely to see: A shallow US recession and worse in some other places such as the Eurozone A recovery in Chinese growth, by contrast, as pandemic restrictions are relaxed US inflation continuing to ease, ending 2023 at around 3.5% The US Federal Reserve to start cutting interest rates by the second half of the year A 10% drop in global earnings per share Just as 2022’s global market