The European Union is making strides to attract private investment in quantum technology, aiming to establish itself as a leader in this field by 2030. EU’s technology commissioner, Henna Virkkunen, shared these insights during a press conference on Wednesday, emphasizing the need to reduce dependence on the United States and China in the quantum sector.
Quantum technology promises to revolutionize computing by processing information much faster than traditional systems. McKinsey estimates that it could significantly impact the economy and be valued at trillions of dollars in the coming decade.
Virkkunen highlighted that while the EU has made strong investments in public funding—over €11 billion (approximately $13 billion) in the last five years—it is crucial to enhance private funding too. Currently, only 5% of global private investments in quantum technology are directed towards Europe.
The EU’s Quantum Strategy aims to unite member states in sharing expertise, resources, and support for start-ups and emerging enterprises, particularly focusing on versatile applications in both security and defense.
Virkkunen expressed urgency in supporting European start-ups, warning that they are at risk of being acquired by foreign companies or relocating to regions with better funding opportunities. To address these challenges, the Commission plans to introduce a Quantum Act in the coming year to further strengthen this initiative.
