ParityQC: a blueprint for Europe’s quantum future

And that is exciting. Because the impact of quantum computers is almost limitless, as it could reach nearly every industry and aspect of daily life.

“We are uniquely positioned as a company,” explains Wolfgang Lechner, also co-CEO. “We are the only quantum architecture company in the world that focuses on bridging the gap between hardware and algorithm development.”

ParityQC develops blueprints for quantum computers designed to solve industry-relevant problems, e.g. in the field of optimization, material science or cybersecurity. “We want to be a cog in the wheel of the quantum computing ecosystem,” Wolfgang explains. With our architectural blueprint, quantum computers will be able to solve real-world applications – from optimising flight route planning and delivery logistics to financial risk management for large-scale operations. ”

Both Magdalena and Wolfgang are from Innsbruck – a city with a proud history in quantum computation, located in a country with an exceptionally high concentration of quantum scientists.

ParityQC is a rising player in Europe’s ambition to become a global quantum powerhouse. The European Commission aims to make Europe a global leader in quantum technologies by 2030. “Germany alone invested nearly €2 billion from its COVID stimulus package into quantum computing,” explains Magdalena.

Like in many discussions around technological sovereignty, financing remains one of the biggest hurdles. According to a European Investment Bank report, Europe is home to around 25% of the world’s quantum computing companies – but receives only 5% of global funding. 

He compares the sector to the evolution of artificial intelligence: “In AI, the players with the deepest pockets became the dominant ones.” Quantum computing, he argues, has not yet reached that stage. “Right now, what matters more is brainpower and outstanding talent. But this will change. At some point, it will become clear which approaches and algorithms perform best – and once that happens, there is a real risk that only the companies with the biggest wallets will be able to compete.” 

“Our funding strategy reflects this reality,” he adds. “Even though companies in the sector can survive on relatively little funding today, that will not be the case forever.” In its early stages, ParityQC was supported by angel investor Herbert Gartner, who in turn was supported by EIF-backed initiative called EAF Austria.  

“We hope that Europe accelerates its investment in quantum computing,” Magdalena says. “Because we truly believe Europe can become a crucial part of this growth story.”

“We want to be part of this new world – not compete against it,” Wolfgang concludes. “If you look at the history of quantum computing, it is built on collaboration. No university, lab, or company can do this alone. We want to be part of this exciting new wave – a cog in the wheel.”