Barcelona startup Qilimanjaro Quantum Tech has raised €19.6 million ($22 million) in the first close of a convertible round, bringing in defence and tech group Indra and renewing backing from Spain's Sociedad Española para la Transformación Tecnológica (SETT).
Indra Mind contributed €10 million through a mandatory convertible loan, with the SETT adding €9.6 million.
Founded in 2019 as a spin-off of the Barcelona Supercomputing Center, the University of Barcelona, and the Institut de Física d'Altes Energies, Qilimanjaro has built four quantum computers and develops software and applications.
Qilimanjaro wants to deepen its footprint in Madrid and open an office in Chicago to start working with US firms.
The backing of an Ibex 35 group and a state-linked vehicle underscores how national governments are treating quantum computing as strategic infrastructure.