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LuxQuanta Wins the EIC Accelerator Program and Secures €2.5M

05 / 03 / 2024
The leading European QKD manufacturer, LuxQuanta, emerges as one of the winners among the 42 selected companies of the highly competitive European Innovation Council (EIC) Accelerator program.

This achievement not only highlights LuxQuanta's innovative work but also infuses the company with a substantial €2.5 million grant. This funding is further augmented by matching financing from the European Investment Bank (EIB), marking a significant step forward for LuxQuanta in advancing its Quantum Key Distribution (QKD) technology.

The EIC Accelerator's Most Competitive Call Yet

The EIC Accelerator stands as a renowned program of support for high-risk, high-impact innovations and startups across Europe. Known for its strict and rigorous selection process, LuxQuanta's success underscores the company's exceptional team, groundbreaking technology, and the potential societal and market impact of its quantum cryptography technology.

In this year's call, out of 1,083 full proposals submitted, only 242 companies made it to the interview stage, with LuxQuanta being one of the mere 42 recipients. This selection process highlights the rigorous vetting involved, emphasizing the program's prestige. Remarkably, LuxQuanta is one of five Spanish companies—and the sole representative from Catalonia—to be recognized, positioning the company as a reference in the national and Catalan innovation landscape.

Strategic Funding for a Quantum Leap

LuxQuanta's accolade includes a well-structured blend of grants and equity investments. This financial strategy is tailored to propel cutting-edge startups from the development phase to market readiness, effectively bridging the gap between innovation and commercialization.

In addition to securing €2.5 million in the form of a grant, the equity component of the funding will be managed through the EIC Fund, dedicated to supporting EIC Accelerator companies with up to €15 million to attract further investment.

"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. 

Innovating within Quantum Key Distribution

A significant portion of the EIC Accelerator grant will fuel R&D activities, including the optimization of the currently commercially available system, NOVA LQ®. Resources will be allocated to boost production, industrialization, and to strengthen every vertical of the company. In addition, the funds will help to continue the efforts of the R&D team in integrating LuxQuanta's optical circuit QKD technology.

As part of LuxQuanta’s main value proposition, the company works with Continuous Variable Quantum Key Distribution (CV-QKD) technology, a QKD variant that provides a series of interesting features:

  • The technology is easier to install in already deployed optical links.
  • Is capable to co-exist with classical communication within the same optical band in the fibre.
  • It uses fully mature, reliable and stable, telecom components only, eliminating the need for specialized elements like Single Photon Detectors (SPD).

With a functional Photonic Integrated Circuit (PIC) integrated into the systems, LuxQuanta will be able to scale industrialization and production with the associated cost reductions, opening new markets, and allowing the needed mass deployment globally to position LuxQuanta's systems as a leading choice for metropolitan networks.

“Our next-generation CV-QKD systems, powered by this chip, will facilitate better industrialization and cost reduction. This, combined with our systems' integration ease and stability, positions our technology as the go-to solution for metropolitan networks, enabling widespread QKD technology deployment," explains Díaz.

EIC Accelerator represents a Badge of Excellence

With a dedicated team of 25 within just two and a half years of its inception, LuxQuanta 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.

LuxQuanta is committed to leveraging its expertise, passion, and team to secure a quantum-safe future, pioneering proprietary Quantum Key Distribution technology.

The future is quantum, and the time to prepare is now.

For more information contact info@luxquanta.com

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