Computing complex problems much faster than is possible today with the best supercomputers, exchanging information securely, and determining physical quantities such as pressure, time, position, velocity, and magnetic fields with unprecedented accuracy. Second-generation quantum technologies promise this and more—while simultaneously offering enormous economic potential.
Because their technical application almost always requires very low temperatures close to absolute zero (-273°C), cryogenic technology is an essential part of the technological backbone in the research and development of quantum technologies. Efficient, simple, and scalable solutions for generating ultra-low temperatures are all the more important. This is precisely what Kiutra based on an innovative magnetic cooling process without the need for expensive and rare liquefied gases. The Munich-based startup is now receiving support from its existing and two new investors.
Team and production capacities to grow
After a successful Financing round in June 2019 The current round is led by new shareholders Trumpf Venture and the Swiss deep-tech VC Verve Ventures. Together with existing investors High-Tech Gründerfonds (HTGF), APEX Ventures, and the Initiative for Industrial Innovators, the syndicate is investing a mid-seven-figure sum in the spin-off from the Technical University of Munich, founded in 2018. The new capital will be used to further expand the team and production capacities, as well as to further develop the company's products for the rapidly growing quantum technology market.
Dieter Kraft, Managing Director at Trumpf Venture, says:
"We are delighted to be able to accompany an excellent management team on its journey to success together with strong syndicate partners. Kiutra's approach already demonstrates how the cooling of quantum systems can be designed as an enabling technology in a sustainable and scalable way in the future."
“Convincing technology and outstanding team”
Emma Schepers, Investment Associate at Verve Ventures, on the motivation behind the investment:
"We invested in Kiutra because we at Verve Ventures firmly believe that now is the time to build a complete ecosystem around quantum technologies. With its compelling technology and outstanding team, Kiutra is well positioned to become a market leader in its field."
And Alexander Regnat, CEO and co-founder of Kiutra, concludes:
"The second quantum revolution is in full swing, and Kiutra is in an excellent position to become an essential part of the global quantum supply chain. We are pleased to continue to rely on the support of experienced deep-tech investors in our company's development and to have been able to bring on board experts in quantum technology startups and hardware-centric business models like Verve Ventures and Trumpf Venture."
