QphoX, a developer of quantum hardware and transduction systems, has been selected by the European Innovation Council (EIC) to receive a €10 million ($11.5 million USD) equity investment from its STEP Scale-Up investment scheme. The funding is intended to advance QphoX’s mission to deliver scalable, high-performance quantum computing solutions in Europe.
The selection was highly competitive: QphoX was one of only eight companies chosen from 51 initial proposals to receive the funding. The EIC STEP Scale-up scheme aims to bridge the market gap by providing investments between €10 million and €30 million to help companies leverage private co-investment toward financing rounds of €50 million to €150 million or more.
QphoX specializes in quantum transduction systems (microwave-to-optical conversion), a critical component for connecting superconducting quantum processors into quantum networks and quantum data centers. Other quantum and photonic companies selected in this group include Quandela (photonic quantum computers) and Smart Photonics (next-generation chips). This strategic funding is intended to help scale breakthrough critical technologies in Europe and strengthen the quantum supply chain.
Read the full announcement from QphoX here and the EIC announcement detailing the STEP Scale-up investments here.
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