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06 March 2024
LuxQuanta wins the European Innovation Council (EIC) Accelerator program, receiving EUR2.5M grant to continue innovation on Quantum Cryptography.
Barcelona, Spain, 6 March 2024 – LuxQuanta, leading Quantum Key Distribution (QKD) manufacturer in Europe, has won the highly competitive European Innovation Council (EIC) Accelerator program. This recognition brings a substantial EUR2.5 million grant, complemented by matching financing to help closing the current investment round. This blended financial aid is gratefully received to boost the company’s growth while actively fueling R&D activities focused on its QKD technology.
The EIC Accelerator stands as the renowned program of support for high-risk, high-impact innovations and startups across Europe. Known for its strict and rigorous selection process, only 242 out of 1,083 full proposals submitted passed the selection criteria for the interview stage, with LuxQuanta being one of the final 42 selected winners.
Remarkably, LuxQuanta is one of five Spanish companies—and the sole representative from Catalonia—to win the EIC Accelerator this year, positioning the company as a reference in the national and Catalan innovation landscape.
EIC Accelerator supports companies with well-structured financing, including a blend of grants and equity investments. This financial strategy is tailored to each company aiming to best support the advancement of cutting-edge startups from the development phase to market readiness, effectively bridging the gap between innovation and commercialization.
LuxQuanta will receive a substantial EUR2.5 million in the form of a grant, but will also benefit from an equity component, dedicated to supporting EIC Accelerator companies with up to EUR15 million. This additional equity, provided as matching funding, aims to attract further investment, helping to secure LuxQuanta's position for a successful funding round.
“The European Commission's support comes at a crucial time for LuxQuanta as we embark on our current financing round. This round will enable us to scale operations, penetrate new markets, and attract top talent,” says Vanesa Díaz, LuxQuanta’s CEO.
The EIC Accelerator grant will primarily support LuxQuanta’s R&D activities, including the optimization of the currently available commercial Continuous Variable QKD system, “NOVA LQ”. Resources will also be allocated to enhance production, industrialization, and to strengthen every aspect of the company.
Importantly, the funds will support the ongoing efforts of the R&D team in integrating LuxQuanta's optical circuit QKD technology into a Photonic Integrated Chip (PIC), which will enable improved product scalability and subsequent cost reduction.
“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.
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About LuxQuanta
LuxQuanta was established in May 2021 as a spin-off from the Institute of Photonic Sciences (ICFO), with the goal of integrating advanced and secure quantum cryptography technologies into conventional communication infrastructures.
LuxQuanta provides QKD solutions that are easy to install and meet the highest security requirements of governmental institutions, financial entities, data centers, and private telecommunication network providers.
Under the leadership of its CEO, Vanesa Díaz, LuxQuanta's multidisciplinary team of 24 professionals is determined to shape the future of quantum-secured communications while nurturing the development of a robust European quantum ecosystem.
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