Pasqal, Europe-based neutral atom quantum computing company, is expanding into South Korea, marked by a series of transformative partnerships and support from Seoul Metropolitan Government and the Korean government according to the Foreign Investment Promotion (“FIP”) Act.
This initiative is led and financed by Pasqal, and backed by LG Electronics; Dunamu & Partners; the Korean Ministry of Trade, Industry and Energy; and Seoul Metropolitan Government.
At the heart of this expansion are strategic investments from LG Electronics, and Dunamu & Partners, the investment arm of Dunamu which operates South Korea’s digital asset exchange Upbit.
“By partnering with LG Electronics, Dunamu & Partners, and Seoul Metropolitan Government, we are creating a unique ecosystem that will accelerate the adoption of quantum computing across Asia Pacific,” said Loïc Henriet, CEO of Pasqal.
Complementing these private investments, the Korean government will support Pasqal’s investment decision as part of the nation’s new growth engine industries according to the FIP Act.
Pasqal will invest $52 million in Korea, creating more than 50 highly skilled jobs, bringing its industry-leading neutral atom Quantum Processing Unit (QPU) to the country, to advance research and development of quantum algorithms and industry-ready applications.
Mayor Oh Se-hoon of Seoul said the Seoul Metropolitan Government “will spare no administrative and financial support for every stage of business operations, including research and development, talent development, and network building among relevant institutions.”
Wasiq Bokhari, chairman of the board at Pasqal, said the expansion into South Korea positions the company as a first mover in the rapidly growing Asia Pacific quantum market.
