Summary

• Qilimanjaro has completed a €19.6 million Series A first close, comprising €10 million from IndraMind and €9.6 million from SETT.
• The company develops superconducting fluxonium processors, control electronics, software and complete quantum computing systems.
• It reports eight deployed systems, including three integrated into the Barcelona Supercomputing Center, while further industrial expansion remains planned.

Barcelona-based Qilimanjaro Quantum Tech has secured €19.6 million in the first close of its Series A financing, bringing new industrial and government investment into its efforts to manufacture superconducting quantum processors and expand the deployment of complete computing systems.

Indra Group has committed €10 million through its IndraMind business, while Spain’s Society for Technological Transformation, known as SETT, has invested a further €9.6 million. Qilimanjaro expects to complete the wider financing round during the fourth quarter of 2026 with participation from Avançsa and existing investors.

The funding will support new generations of quantum chips, increased production capacity and the engineering work needed to manufacture and deploy more systems. It builds on Qilimanjaro’s development of processors, control electronics, software and cryogenic infrastructure rather than financing a single isolated research project.

Founded in 2019, the company uses superconducting fluxonium qubits in digital and analogue quantum processors that can operate alongside conventional high-performance computing infrastructure. It reports eight deployed quantum systems, including three integrated into the Barcelona Supercomputing Center.

Those installations provide evidence that the company’s hardware has progressed beyond laboratory prototypes, although deployment alone does not establish a general commercial advantage over conventional computing or confirm that the systems can already be manufactured economically at large volumes.

From specialised chips to repeatable production

Superconducting quantum processors operate at extremely low temperatures, where carefully controlled electrical circuits can exhibit quantum behaviour used for computation. Qilimanjaro’s fluxonium approach uses a particular form of superconducting circuit with characteristics that differ from the transmon designs employed in several other quantum computing programmes.

Its systems combine analogue and digital processing. Digital quantum computing applies sequences of operations to encoded quantum states, whereas analogue methods configure physical interactions within a quantum system to represent particular computational problems.

Qilimanjaro sees analogue processing as a possible route towards useful simulation and optimisation applications without requiring every capability associated with large fault-tolerant digital quantum computers.

That technical strategy remains subject to substantial engineering constraints. Quantum states are sensitive to disturbances, and increasing processor complexity introduces additional requirements for control signals, calibration, measurement and the management of unwanted interactions.

Manufacturing these systems repeatedly is also more demanding than producing a small number of research devices. Commercial production requires consistent fabrication, acceptable yields, reliable supporting electronics and established procedures for assembling, testing and maintaining complete machines.

Qilimanjaro has been working on those problems through its IPQUANTICS programme, which ran from January 2025 to June 2026. The project examined methods for scaling analogue quantum processors, including multilayer chip structures, fabrication techniques and control electronics.

Its research included planar and flip-chip designs, where circuits can be arranged across different layers rather than being confined to a single plane. These approaches may help address the physical and electrical constraints that emerge as more qubits are incorporated into a processor.

The company also developed FPGA-based control electronics to operate more complex devices. Its own technical account describes the resulting hardware as a research prototype that remains some distance from production readiness.

The latest investment therefore finances further industrial development rather than confirming that large-scale manufacturing has already been achieved. Progress will depend on whether the company can reproduce the required performance consistently across successive processor generations.

Quantum processing enters computing facilities

Qilimanjaro has adopted an architecture that connects quantum processors with conventional high-performance computers, allowing different technologies to be used within the same wider computational workflow.

Its installations at the Barcelona Supercomputing Center provide an example of that approach, placing specialist quantum hardware alongside established research computing resources.

Many prospective applications would continue to rely heavily on conventional processors for data preparation, task coordination, numerical calculations and validation, with quantum hardware performing a more specialised operation.

Such hybrid computing requires software that can select appropriate resources, prepare workloads, exchange information and process results. The technical benefit depends on whether the quantum component contributes enough useful computation to justify the additional complexity.

Qilimanjaro develops its own software tools and offers remote access through its SpeQtrum Cloud platform, alongside systems installed directly at customer or research facilities.

Remote access can allow organisations to evaluate specialised processors without purchasing and maintaining their own cryogenic infrastructure. However, it also introduces questions about service availability, workload scheduling, data protection and the operating costs of the underlying systems.

The company identifies customers in energy, telecommunications, logistics, healthcare and finance. These sectors contain computational problems relevant to optimisation and simulation, although interest in quantum techniques should be distinguished from independently demonstrated improvements in real operational workloads.

Classical algorithms continue to improve, and any commercial performance assessment must compare the complete process, including data preparation and supporting computing, against the best available conventional alternative.

Spanish investment supports industrial capability

Indra’s participation connects Qilimanjaro with a major European supplier of defence, security and industrial technologies. Its IndraMind business is focused on sovereign AI, cybersecurity and related capabilities, providing a potential route for technical collaboration in demanding applications.

The investment announcement does not establish a specific new production contract or confirm deployment of Qilimanjaro systems across Indra’s customer base. Commercial cooperation will require further development, validation and procurement decisions.

SETT’s €9.6 million contribution represents public investment in a strategically important technology company. Its programmes are intended to support advanced digital technologies and build Spanish capability in areas including semiconductors and computing.

Equity investment gives the state exposure to the company’s commercial development, including the possibility of financial returns and the risk that its products fail to achieve the expected market position.

Developing European quantum manufacturing also requires access to specialist materials, fabrication processes, cryogenic equipment, electronics and scientific expertise. Domestic ownership of the intellectual property does not automatically establish independence from every international supplier involved in those activities.

Production growth will consequently depend on both Qilimanjaro’s internal engineering and the availability of supporting industrial capacity.

The company’s reported deployment record provides a starting point for assessing commercial development, but further evidence will be needed on manufacturing yields, customer revenue, reliability and performance against competing computing approaches.

With the first €19.6 million secured, Qilimanjaro can advance that work while seeking to complete the wider Series A. Its next milestones will be the development of more capable chips, repeatable manufacturing processes and applications that demonstrate a measurable benefit outside controlled research settings.