The Seoul Metropolitan Government announced Wednesday that it signed a memorandum of understanding with French quantum computing firm Quandela to help establish a quantum technology development center in the South Korean capital through a $57 million (80 billion won) investment.
According to the city government, Seoul plans to leverage its new partnership to build a quantum industry ecosystem within the city that will “position the city as a global quantum technology hub.”
Planned initiatives, in line with the newly signed agreement, include establishing a public-private-academic R&D network within the city, nurturing talent and supporting component manufacturers and startups in the quantum sector.
The city is also reviewing potential foreign investment incentives in collaboration with the Ministry of Trade, Industry and Energy under Korea’s Foreign Investment Promotion Act.
During Wednesday's signing ceremony, attended by the city government’s deputy mayor for economic policy, Kim Tae-kyoon, and Quandela CEO Niccolo Somaschi, Kim stated that the city government will work to provide “comprehensive support” for global companies investing in Seoul, for the city’s quantum ecosystem to “grow into a leading hub for the industry not just in Asia, but worldwide.”
Somaschi marked Wednesday’s memorandum as a “major milestone” in Quandela’s global strategy.
“Our goal (following the memorandum) is to create an ecosystem in Seoul where innovation, research and industrial applications of quantum technologies are organically connected and made accessible,” said the CEO of Quandela.
Wednesday’s agreement marks Seoul’s second major investment partnership with a French quantum firm in recent months. In October, the city secured a deal with Pascal, a French startup known for its neutral-atom quantum technology.
Quandela, on the other hand, specializes in building quantum computers based on photonic technology. The approach is considered more commercialization-ready due to its compatibility with existing semiconductor manufacturing processes, according to the city government.
lee.jungjoo@heraldcorp.com
