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- Pasqal
Pasqal Funding, Investors & Competitors
Pasqal has raised $138M across 2 funding rounds, most recently a $109M Series B in January 2023.
Last Pasqal funding round
$109M
Series B · Jan 2023
Cumulative funding Pasqal raised
$138M
across 2 funding rounds
Key investors in Pasqal
Bpifrance
European Innovation Council
Daphni
Quantonation
Eni Next
Temasek
Runa Capital
Wa’ed Ventures
About Pasqal
Pasqal is a Paris-based quantum computing company that engineers full-stack systems with neutral atom qubits arranged in 2D and 3D configurations. These quantum processing units, scalable to hundreds of qubits, tackle simulations of complex phenomena alongside optimization challenges, drug discovery efforts, and machine learning tasks. The firm provides a dedicated programming environment for hybrid quantum-classical applications, supporting scientific research and industrial use cases. Originating as a 2019 spin-off from French national labs like CNRS, Pasqal deploys its hardware for precise control of atomic arrays in vacuum chambers.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing, Services
Pasqal Funding History
Pasqal has raised a total of $138M across 2 funding rounds.
Pasqal's first fundraising round was a $30M Series A in June 2021. The most recent completed round was a $109M Series B in January 2023.
Pasqal funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2023 | Series B | Temasek (lead); European Innovation Council; Wa’ed Ventures; Quantonation; Green Sands Equity; Bpifrance; Daphni; Eni Next | $109M | Pasqal, a France-based leader in neutral atom quantum computing, raised €100 million (approximately $108.6-110 million) in a Series B funding round on January 24, 2023, led by Temasek Holdings with participation from Bpifrance, Daphni, Eni Next, European Innovation Council Fund, Green Sands Equity, Quantonation, and Wa’ed Ventures. The funds are allocated to accelerate R&D for building a 1,000-qubit quantum computer and fault-tolerant architectures, scale production of existing systems, develop proprietary algorithms for sectors like chemistry, healthcare, and finance, and expand globally with new offices in the Middle East and Asia. At the time, Pasqal employed over 275 people and served more than 25 clients including CMA CGM, OVHcloud, Thales, IBM (as part of IBM Quantum Network), and Sumitomo, with total funding exceeding USD 300 million. The round underscores Pasqal's position in the competitive quantum computing landscape, focusing on neutral atom technology as a scalable platform for real-world applications, with ambitions to deliver commercial advantages by 2024. CEO Georges-Olivier Reymond highlighted the validation of their approach by top-tier investors. Subsequently, Pasqal pursued further growth, entering talks in 2026 for a €200 million raise at over $1 billion pre-money valuation and completing a €170 million private round plus €170 million convertible financing in anticipation of a dual Nasdaq/Euronext listing valuing the company at $2 billion. Existing investors like Temasek, EIC Fund, and Bpifrance continued support alongside new ones such as Parkway, Quanta Computer, LG Electronics, and CMA CGM, emphasizing infrastructure in France for R&D and industrial scaling. |
| Jun 2021 | Series A | Bpifrance (lead); Quantonation (lead); European Innovation Council; Runa Capital; Daphni; Eni Next | $30M | Pasqal is a French quantum computing company specializing in neutral atom quantum processors, offering full-stack hardware and software solutions. It was co-founded by Nobel Prize winner Alain Aspect and has deployed quantum computers to clients including CMA CGM, Thales, Nvidia, and LG Electronics. The company, headquartered in Paris, employs over 275 people and serves more than 25 clients as of recent announcements. In January 2023, Pasqal raised €100 million in a Series B equity round led by Temasek, with participation from new investors European Innovation Council Fund, Wa’ed Ventures, and Bpifrance Large Venture Fund, plus continuing investors Quantonation, Defense Innovation Fund, Daphni, and Eni Next. This funding aimed to advance neutral atom technology toward commercial quantum advantage by 2024 and expand global operations. Bpifrance's involvement is noted since 2021, aligning partially with the queried round's investors including Bpifrance, Daphni, Eni Next, European Innovation Council, Quantonation, and Runa Capital, but the €100M Series B does not match the $29.6M amount or exact August 6, 2021 date specified. No sources provide details on a specific $29.6 million round in August 2021, including post-money valuation, revenue, ARR, or EBITDA. Later developments include a €170 million private equity round in 2026 with Parkway, Quanta Computer, LG Electronics, and CMA CGM, plus €170 million in convertible financing, tied to a SPAC merger with Bleichroeder Acquisition Corp. II valuing Pasqal at $2 billion pre-money (pro forma market cap $2.6 billion). This SPAC deal, expected to close in H2 2026 with dual Nasdaq/Euronext listings, involves Bpifrance in convertible financing but differs from the 2021 round. Pasqal has secured over USD 300 million in total funding from international investors, supported by French government plans like France 2030, EuroHPC, and defense agencies. It plans to use recent proceeds for R&D, doubling production capacity, hiring 50 staff, and demonstrating quantum advantage amid competition from IonQ, Rigetti, and IQM. |
Who has invested in Pasqal?
9 investors have backed Pasqal across its funding rounds, including Bpifrance, European Innovation Council, Daphni, Quantonation, Eni Next and Temasek.
Lead investors include Temasek, Bpifrance and Quantonation.
Pasqal Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jun 2021 | ||
| 2 | Lead | Jun 2021 | ||
| 2 | Lead | Jun 2021 | ||
| 2 | Participant | Jun 2021 | ||
| 2 | Participant | Jun 2021 | ||
| 1 | Lead | Jan 2023 | ||
| 1 | Participant | Jan 2023 | ||
This data is available for Pro users. Sign up to see all 9 Pasqal investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Pasqal
Pasqal has acquired 1 company to date.
Last acquisition by Pasqal was on June 3rd 2025. Pasqal acquired AEPONYX for undisclosed valuation.
Latest Acquisitions by Pasqal
| Description | AEPONYX is a Montreal-headquartered fabless semiconductor firm designing micro optical switches using MEMS and silicon photonics integration. The company produces chips for data center disaggregation, enabling optical circuit switching with sub-microsecond speeds. AEPONYX targets pluggable transceivers for tunable lasers and wavelength management, reducing power by 50% compared to traditional systems. Its patented planar technology supports 400G+ Ethernet deployments in cloud infrastructure. |
| HQ Country | |
| HQ City | Montreal |
| Deal Date | 3 Jun 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Pasqal acquisitions and their M&A valuation multiples. Start Free Trial | |
Pasqal Competitors
Pasqal competitors include listed companies like UBtech Robotics, IonQ and Infleqtion, and private ones like Skild AI, Automation Anywhere and Quantum Systems.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $30M | - | $14B | - | ||
| Private | $243M | - | $6.8B | - | ||
| Publicly listed | $298M | ($108M) | $5.1B | 9.5x | ||
| Publicly listed | $130M | ($531M) | $16B | 40.3x | ||
| Private | $330M | - | $8B | 24.2x | ||
| Publicly listed | $29M | ($52M) | $3.1B | 64.5x |
Pasqal Public Comps
Pasqal is still privately-owned, but its public comps include Tesla, Palantir, Snowflake, Stryker, Z.ai, Unitree Robotics, Zebra, IonQ, Aurora Innovation and MiniMax Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $95B | $10B | 15.0x | 13.8x | 140.8x | 97.4x | |||
| $4.5B | $1.5B | 92.6x | 58.1x | 285.0x | 97.4x | |||
| $4.7B | ($1.3B) | 25.6x | 21.0x | (94.1x) | 121.7x | |||
| $25B | $6.3B | 4.7x | 4.5x | 18.8x | 15.6x | |||
| $108M | ($658M) | 422.9x | 65.9x | (69.4x) | (73.0x) | |||
| $253M | $55M | 118.8x | - | 548.5x | - | |||
| $5.4B | $853M | 3.6x | 3.2x | 22.6x | 13.8x | |||
| $130M | ($531M) | 109.9x | 40.3x | (26.9x) | (39.1x) | |||
This data is available for Pro users. Sign up to see all Pasqal competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Pasqal
| When was Pasqal founded? | Pasqal was founded in 2019. |
| Where is Pasqal headquartered? | Pasqal is headquartered in Paris, France. |
| Is Pasqal publicly listed? | No, Pasqal is a private, VC-backed company. |
| How much funding has Pasqal raised? | Pasqal has raised $138M across 2 funding rounds. |
| What was Pasqal's last funding round? | Pasqal's last funding round was a $109M Series B in January 2023, led by Temasek. |
| Who are Pasqal's investors? | Pasqal's investors include European Innovation Council, Quantonation, Bpifrance, Daphni, Eni Next, Temasek, Wa’ed Ventures, Runa Capital and Green Sands Equity. |
| Which companies are comparable to Pasqal? | Companies comparable to Pasqal include Skild AI, Automation Anywhere, UBtech Robotics, IonQ, Quantum Systems and Infleqtion. |
| How many companies has Pasqal acquired? | Pasqal has acquired 1 company, including AEPONYX. |
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