Tampere-based Quanscient secures €5.2 million to bring engineering simulation into the quantum era | EU-Startups

Finnish technology firm Quanscient has announced a new funding round of €5.2 million to advance its work in integrating quantum computing with engineering simulations. The investment, led by Crowberry Capital with additional backing from Speen Holding, Maki.vc, and First Fellow, will support Quanscient’s efforts to enhance the capability of its multiphysics simulation platform, specifically designed to support industries with complex engineering requirements.

Quanscient’s platform integrates cloud-native multiphysics solvers, advanced cloud computing, and planned quantum features to deliver increased simulation capacity. This setup enables engineers to test scenarios digitally, exploring multiple design alternatives more efficiently than through traditional physical testing methods. Quanscient’s approach can be applied across sectors like semiconductors, biomedical devices, automotive, and aerospace.

Juha Riippi, Quanscient’s co-founder and CEO, stated: “To stay competitive, companies developing transformative technologies need better tools to rapidly test scenarios, optimize designs, and speed up time-to-market. Our solution boosts simulation capacity by 100 times, enabling engineers to iterate faster and tackle more complex challenges. This leads to superior products and a quicker, lower-risk path to market.”

Quantum algorithms in simulation

Quanscient has achieved significant advancements in quantum algorithm development, recently becoming the first company to run a multiphysics simulation on quantum hardware. The company plans to release a pilot of its first quantum-integrated product in early 2025. By tapping into the unique potential of quantum computing, Quanscient aims to expand the scope of simulations to solve complex engineering problems with greater speed and accuracy.

With industry partnerships including AWS, Intel, IBM, NVidia, and IQM, Quanscient is developing a collaborative ecosystem around its quantum simulation capabilities, preparing for wider adoption as demand grows for digital R&D tools.

Growth in simulation software

The simulation software market, valued at USD 20.96 billion in 2023, is expected to see strong growth, influenced by advancements in cloud and quantum computing. With this funding, Quanscient is set to continue developing solutions that aim to support evolving demands in R&D.

Jenny Ruth Hrafnsdottir, Founding Partner at Crowberry Capital, said: “With Quanscient’s multiphysics simulations, global companies solve their most complex engineering challenges faster and more efficiently than ever before. By offering superior multiphysics capabilities, Quanscient speeds up innovation and creates significant value across rapidly growing global industries.” Then she added: “The next-generation quantum algorithms mark a game-changing advancement in simulation technology, with Quanscient at the forefront. We’re excited to join them on their path to becoming the leader in quantum simulations.”