LuxQuanta secures EIC Accelerator Funding
7 March 2024
ICFO spin-off, a leading European QKD manufacturer, is one of the 42 selected companies to received highly competitive funding. This achievement highlights LuxQuanta’s innovative work while infusing the company with a substantial €2.5 million grant. Funding is further augmented by matching financing from the European Investment Bank (EIB). This grant marks a significant step forward for LuxQuanta in advancing its Quantum Key Distribution (QKD) technology.
LuxQuanta, ICFO’s 10th spin-off company launched in May 2021, is one of 42 companies to be selected to receive the European Investment Council’s (EIC) Accelerator Funding in the most recent call, combining grants and equity. The companies were selected in a highly competitive process, in which 242 companies were interviewed by juries of experienced investors and entrepreneurs out of a total of 1083 full proposals submitted. This was the EIC Accelerator’s most competitive funding round to date, distributing €285 million in funding in deep-tech start-ups.
The EIC Accelerator stands as a renowned program of support for high-risk, high-impact innovations and startups across Europe. In addition to financial support, all projects benefit from a range of Business Acceleration Services that provide access to leading expertise, corporates, investors and ecosystem actors. Known for its strict and rigorous selection process, LuxQuanta’s success in this call underscores the company’s exceptional team, ground-breaking technology, and the potential societal and market impact of its quantum cryptography technology.
“The European Commission’s support comes at a crucial time for LuxQuanta as we embark on our second financing round that will enable us to scale operations, penetrate new markets, and attract top talent,” says LuxQuanta’s CEO, Vanesa Díaz.
The Accelerator funding is a mark of excellence for its recipients. LuxQuanta, with a dedicated team of 25 within just two and a half years of its inception, is on an ambitious trajectory to become the leading European QKD manufacturer. Following the remarkable achievement of winning the EIC Accelerator, LuxQuanta is set to forge strategic partnerships and raise awareness about the vulnerabilities in current communications systems.
Congratulations to the entire LuxQuanta team. Onward and upward!