Qilimanjaro Quantum Tech, a Barcelona company that builds quantum computers, said on 14 October 2026 that it had completed a €19.6m (about $22m) first close of its Series A round.
Spanish defence and technology group Indra led the round through IndraMind, investing €10m (about $11.2m) via an instrument that will convert into equity when the round closes. The Spanish Society for Technological Transformation (SETT), a state fund under the Ministry for Digital Transformation and Public Administration, added €9.6m (about $10.8m) after also taking part in Qilimanjaro's previous round.
The company expects to complete the round in the fourth quarter, with Avançsa, the Catalan government's industrial promotion company, and other existing investors joining. According to Ara, the round targets up to €50m (about $56m), and chief executive Marta P. Estarellas told the paper that closing at around that level by the end of the year was possible. No valuation was disclosed.
“SETT’s renewed commitment and Indra’s investment bring sovereign and industrial capital together to protect, while also accelerating, national technological autonomy. Together, we are joining forces to bring quantum computing closer to strategic industrial sectors and to ensure that the quantum technology being built in Spain continues to grow in Spain.”Marta P. Estarellas, CEO, Qilimanjaro Quantum Tech
What Qilimanjaro does
Founded in Barcelona in 2019, Qilimanjaro describes itself as Spain's only full-stack quantum computing company. It designs its own chips, software and algorithms and integrates the cryogenics and control electronics needed to build complete systems.
Its processors use superconducting fluxonium qubits and come in both digital and analog forms. The company combines them with conventional high-performance computers in what it calls multimodal systems, choosing the platform to match each optimisation, simulation or AI problem.
Qilimanjaro says it has deployed eight quantum systems. Three of them run inside the Barcelona Supercomputing Center, one of Europe's largest supercomputing centres, including what the company says was the first analog quantum computer integrated into a European HPC centre. It sells on-premises systems, cloud access and adoption services to customers in energy, telecommunications, logistics, healthcare and finance, and has 80 employees from more than 22 countries.
Who invested
The investor mix is largely Spanish public and industrial capital. Estarellas said SETT's renewed commitment and Indra's investment bring sovereign and industrial capital together, with the aim of keeping quantum technology built in Spain growing in Spain.
For Indra, the deal is part of IndraMind's push into AI. Ignacio Martínez, IndraMind's general manager, said the investment strengthens the group's position in quantum computing and widens the capabilities IndraMind can use to develop sovereign solutions for defence, security and industry.
Ara reported that Estarellas wants the company to stay majority European-owned. She told the paper it may be necessary to bring in funds from outside Spain, but not from outside Europe, and that a further round of €100m to €150m (about $112m to $168m) is planned for 2027.
What the money is for
Qilimanjaro said the new capital will be used to scale up and industrialise its quantum computers, develop new generations of chips, and increase its manufacturing and deployment capacity. It presents the investment as a way to strengthen a technology developed in Spain and to add to Europe's independence in quantum computing. Ara reported that the company also plans to expand into the US and Asian markets.
Company website: qilimanjaro.tech