The European Union is turning to private funding to strengthen its position in quantum technology, aiming to reduce dependence on the U.S. and China, EU tech chief Henna Virkkunen announced Wednesday. Quantum computing promises vastly faster processing speeds than traditional computers and could revolutionize various sectors, potentially generating trillions of dollars in value over the next decade, according to McKinsey.
Virkkunen highlighted that while Europe has already invested over 11 billion euros ($13 billion) in public funding for quantum technology over the past five years, only 5% of global private investments flow to Europe. To address this gap, the EU plans to intensify efforts to attract private capital in the coming months.
The EU Quantum Strategy also calls for greater collaboration among member states to pool expertise, enhance research and infrastructure, and support a vibrant ecosystem of startups and scale-ups. A key focus is helping startups avoid acquisition by foreign entities or relocation to regions with better funding opportunities.
Looking ahead, the European Commission intends to propose a “Quantum Act” next year to build on the strategy and further promote Europe’s quantum ambitions.