Qilimanjaro Quantum Tech, a Barcelona company that builds quantum computers, has closed the first €19.6 million part of its Series A funding round, according to reports on 14 October 2026 in EE Times, El Confidencial and the Catalan newspaper Ara. The money comes from two backers: Spanish defence and technology group Indra, and a Spanish state investment fund.
Who put in the money
According to El Confidencial and Ara, Indra invested €10 million through IndraMind, its unit that develops what it calls sovereign artificial intelligence. El Confidencial reported that Indra took a minority stake, and that the money came as a debt instrument that must convert into shares. The paper also noted that the Spanish state owns 28% of Indra.
The other €9.6 million came from the Spanish Society for Technological Transformation (SETT), a public fund run under Spain’s Ministry for Digital Transformation. El Confidencial reported that SETT had already put in €1 million earlier.
EE Times put the €19.6 million at about $21.3 million and SETT’s share at about $10.5 million.
EE Times also reported that IndraMind will be a technology partner as well as an investor, working with Qilimanjaro on quantum solutions for AI and cybersecurity. El Confidencial said the companies plan to apply quantum computing in Indra’s businesses, including AI, defence and security.
The round is not finished
This is only the first tranche, or first instalment, of the Series A round. El Confidencial reported that Qilimanjaro wants to close the round before the end of 2026 with a total of between €40 million and €50 million. None of that extra money has been raised yet. The paper said talks are open with some existing shareholders, including Avançsa, the Catalan government’s investment vehicle, and Spain’s state lender ICO.
Ara, which put the target at “up to 50 million euros”, quoted chief executive Marta P. Estarellas as saying it was “possible” to close the round by the end of the year at around €50 million.
What Qilimanjaro does
Qilimanjaro was founded in 2019 by researchers from the Barcelona Supercomputing Center, the University of Barcelona and the Institute for High Energy Physics, El Confidencial reported. It is a “full-stack” quantum company, meaning it builds every part of its computers, including its own chips, software and algorithms.
Quantum computers use the strange rules of physics at very small scales to tackle some problems, such as complex simulations and optimisation, that ordinary computers struggle with. The technology is still at an early stage.
Ara reported that the company has 80 employees and that three of its quantum systems are running at the Barcelona Supercomputing Center. El Confidencial reported, citing company accounts, that Qilimanjaro made a loss in 2024 while its revenue tripled to nearly €3 million.
According to Ara, the company says the new money will be used to “scale and industrialize its quantum computers”, develop new generations of chips and expand manufacturing.
Bigger plans
Both papers reported that Qilimanjaro plans a larger round in 2027, aiming to raise €100 million to €150 million. El Confidencial added that the company is considering a stock market listing, which it does not expect until after 2027.
What the backers said
Estarellas told Ara that the deal shows “sovereign capital and industrial capital working together to protect, but also accelerate, national technological autonomy.” Ignacio Martínez, general manager of IndraMind, said the investment helps Indra “expand its capabilities to develop sovereign and differential solutions for defense, security, and industry,” Ara reported.
What this means
- Europe wants its own quantum computers. Spain is using state and industrial money to keep a home-grown quantum company under domestic control.
- Most of the round is still to come. Only €19.6 million of a hoped-for €40 million to €50 million is in.
- We could not find an official release, so the details here come from the three news outlets named.
Sources
- EE Times (Pablo Valerio), “Spain’s Indra Bets on Qilimanjaro Quantum for Sovereign Deep Tech”, 14 October 2026. https://www.eetimes.com/spain-indra-bets-on-qilimanjaro-quantum-for-sovereign-deep-tech/
- El Confidencial, “Indra invierte 10 M la catalana Qilimanjaro para acelerar en el negocio de computación cuántica”, 14 October 2026. https://www.elconfidencial.com/empresas/2026-10-14/indra-computacion-cuantica-compra-qilimanjaro_4443716/
- Ara, “Indra and the State invest almost 20 million euros in the Catalan Qilimanjaro”, 14 October 2026. https://en.ara.cat/economy/indra-and-the-state-invest-almost-20-million-euros-in-the-catalan-qilimanjaro_1_5878435.html
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