Qu&Co, founded in Amsterdam in 2017, wrote quantum algorithms for companies such as Airbus, BMW Group and EDF. On 11 January 2022 it announced a merger with Pasqal, a Paris maker of neutral-atom quantum computers; the combined company continued as Pasqal, and Qu&Co's European operations became Pasqal Netherlands, Germany, UK and Spain. Qu&Co's CEO, Benno Broer, became Pasqal's chief commercial officer.
Two months later, at the March 2022 cut-off, the European Innovation Council selected Qu&Co for blended finance. The €2,496,599 grant went to Pasqal Netherlands BV for Qu&Co-Flow, a €3.6 million project from December 2022 to November 2024 to build "the world's first hybrid quantum/AI software platform for multiphysics simulations". In March 2023 the EIC Fund invested in Pasqal as part of a €100 million Series B. On 28 August 2026 Pasqal listed on Nasdaq through a SPAC transaction.
Company file
- Legal entity
- Qu & Co B.V., Amsterdam; the grant was signed by Pasqal Netherlands BV (VAT NL858148158B01)
- Founded
- 2017
- Parent
- Pasqal, Paris; listed on Nasdaq since August 2026
- Pasqal CEO
- Wasiq Bokhari
- Product
- Quantum-based solver for partial differential equations
- EIC project
- Qu&Co-Flow, 1 Dec 2022 to 30 Nov 2024, closed
- EIC funding
- Blended finance; EIC Fund invested in Pasqal in 2023
Where the Business Stands Now
Pasqal's first-half 2026 results show revenue of €4.9 million, up 14%, an operating loss of €59.2 million and a net loss of €53.2 million. It reported €70.4 million in booked and awarded business, and cash of €312.9 million after the business combination. It cites 1,024 physical qubits demonstrated, a 200-qubit system in Saudi Arabia and a 140-qubit system in Italy. In September 2026 the EIC Fund gave Pasqal an award as one of the first companies in its portfolio to reach a public listing.
"That backing helped us grow from a research-driven start-up into a company now listed on Nasdaq."
Wasiq Bokhari, CEO, Pasqal, on the EIC Fund, September 2026The Technology: Quantum Solvers for Engineering
Qu&Co-Flow aimed at simulations that engineers run with classical software, such as batteries, fuel cells and aerodynamics, and at integrating with standard simulation tools. The final report says the team built a "quantum computing-based Partial Differential Equation (PDE) solver", demonstrated it in those three areas and added error mitigation. It lists as next steps "further research to refine algorithms, enhance error mitigation strategies" and "real-world demonstration projects".
What the EIC Project Promised, and What CORDIS Shows
The solver was built and demonstrated. The report does not say that it was integrated into standard simulation software, used by a customer or run on Pasqal hardware at a scale that beats classical methods, and it calls for real-world demonstrations still to come.
- Quantum PDE solverDeliveredPer final report.
- Battery, fuel cell, aero demosDeliveredPer final report.
- Integration with standard toolsNot reportedNo mention.
- Real-world useStill to comeNamed as a next step.
The Money
The EIC's support for Qu&Co ended up in Pasqal, a French company: the grant through its Dutch subsidiary and the EIC Fund's equity in Pasqal's 2023 Series B. The size of the EIC Fund's stake has not been published. Pasqal remains heavily loss-making, with half-year revenue about a tenth of its net loss.
What Cannot Be Checked
Questions for the EIC
Whether the EIC evaluated Qu&Co as an independent start-up or as part of Pasqal, how much equity the EIC Fund put in and on what terms, and whether the solver is sold as a product are not public.
Why Europe Should Care
The EIC Fund now holds shares in a Nasdaq-listed European quantum company, and Pasqal credits it for its growth. The route there shows how an EIC Accelerator award meant for a small Dutch software firm ended up supporting a larger French hardware company that had already absorbed it.
What the project promised
The first hybrid quantum and AI platform for multiphysics simulations, integrated with standard tools.
What the record shows
A quantum PDE solver built inside Pasqal, still awaiting real-world demonstrations, and a parent now listed on Nasdaq.
The Verdict
A start-up grant for a scale-up
By the time the EIC chose Qu&Co, it was already part of Pasqal. The software was built, and the EIC's equity bet on Pasqal reached a public listing; the company behind it still earns far less than it loses.
Pasqal and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.
