Novo Holdings has said it will invest €188 million in building a quantum technology “start-up ecosystem” in Demark.

The investment company, which holds the controlling share in pharmaceutical company Novo Nordisk and manages the assets of the Novo Nordisk Foundation, said that quantum technology has the potential to dramatically impact a wide range of industries including life sciences.

Novo Holdings said the quantum investments team will focus on quantum computing, sensing, and algorithms which are relevant to the healthcare sector.

The company said that quantum technology in Demark has a strong heritage which dates back to Niels Bohr, a Danish physicist who made foundational contributions to understanding atomic structure and quantum theory, for which he received the Nobel Prize in Physics in 1922. Novo Holdings added quantum technology currently has “strong momentum” in the country.

While the fund will concentrate on Demark, it will also invest beyond the Nordic countries.

The announcement follows the opening of the Novo Nordisk Foundation Quantum Computing Programme (NQCP) which aims to establish one of the world's first fully functional and generally applicable quantum computers.

The Novo Nordisk Foundation also owns The Quantum Foundry, which was set up to develop quantum materials and chips.

"Quantum technology is a disruptive and transformative field that can revolutionise various sectors and address global challenges,” said Søren Møller, managing partner, seed investments at Novo Holdings. “Combining Novo Holdings' longstanding experience in developing the life sciences ecosystem in the Nordics with the quantum activities and commitment from the Novo Nordisk Foundation provides a very powerful platform for building quantum startups.”

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