Quside has raised more than €10 million to accelerate the growth of its quantum technology system that provides advanced randomness solutions for chipmakers and other cybersecurity and technology companies.
The company, a spin-off of the Castelldefels Institute of Photonic Sciences (ICFO), has given entry to investment funds Trumpf Ventures, BullnetCapital, Demium Capital and TechVision Capital, in addition to the Institut Català de Finances.
Carlos Abellán, CEO and co-founder, explains that the money will be invested in product development. “We want the technology to be more scalable, meaning that it can reach a much larger market at a cheaper price than it currently is,” he says.
The startup was founded in 2017 after five years of research at ICFO. The technology hit the market in 2021 and since then has attracted large chipmakers and other companies such as EY, Telefónica, Juniper and Qrypt as clients. "50% of our sales already come from abroad," says Abellán, who does not reveal the annual turnover.
According to the latest data available in the Mercantile Registry, the company invoiced 304,000 euros in 2021 and recorded losses of 1.3 million euros. “We are investing in growth and that is why we have no benefits. To date, we had also financed ourselves with contributions from other investors," says Abellán, who prefers not to reveal the amount of money raised in a previous round.
The CEO expects revenue to continue to grow as the number of customers doubles each year and technology is increasingly poised to handle growth. To keep up with the expansion, the startup also plans to increase the size of the workforce. Currently, it employs 40 professionals and next year it expects to reach 50. "We are looking for professionals specialized in quantum systems engineering, semiconductor chips, software development and commercial profiles," says the founder.
