Terra Quantum Enters Strategic Partnership with MegazoneCloud to Drive Quantum Innovation Across Asia

• Terra Quantum partners with leading Korean cloud solutions provider to drive adoption of transformative technologies in key Asian markets.
  
• The collaboration focuses on joint technological solutions for private and public sectors, including financial services, manufacturing, weather forecasting, and smart city projects.
  
• South Korea is aiming to boost its quantum technology capabilities to 85% of US levels by 2035, through a substantial increase from previous funding levels. Government and local authorities are looking to position the country as a significant player in the global quantum economy.

London, United Kingdom – 22 March 2024 – Terra Quantum AG, a leading hybrid quantum computing company, and MegazoneCloud Corporation, a high-profile South Korean cloud managed services provider, today announced a strategic partnership through the signing of a Memorandum of Understanding (MoU). 

The collaboration opens the possibility for both companies to build joint technological solutions to drive quantum innovation for both the private sector, such as financial services and manufacturing, and the public sector, such as weather forecasting and smart city projects.

The agreement looks to foster a conducive ecosystem by encouraging the corporate adoption of quantum computing in Asian markets, specifically targeting the enhancement of locally relevant industrial applications and upskilling talent to bridge the region's gap in private investment in quantum technology. With South Korea’s recent investment of over $2.3 billion in the global quantum economy, covered in the 2024 State of Quantum Report from Lakestar, the Terra Quantum MegazoneCloud MoU highlights the role European quantum technology can play in the Asian market. 

Under the terms of the agreement, Terra Quantum and MegazoneCloud will combine their complementary strengths to develop cutting-edge quantum computing algorithms and applications tailored to drive technological advancement across Asia, with a focus on the South Korean market.  

“Our partnership with MegazoneCloud represents a pivotal step in our mission to democratize access to quantum computing on a global scale,” stated Markus Pflitsch, CEO and Founder of Terra Quantum. “Combining our expertise in quantum software development with MegazoneCloud’s cloud solutions, we are well-positioned to unlock value for private and public organizations in South Korea and Asia which marks a strategically important step in our efforts to further expand into the Asian market.”

“We are pleased and honoured to partner with Terra Quantum, a leading quantum software provider, to develop ground-breaking solutions for Asian markets,” said Max Lee, CEO of MegazoneCloud. “This synergistic collaboration empowers us to deliver cutting-edge, quantum-enhanced solutions that create significant impact and value for customers across industries.” 

The iconic Battersea Power Station in London set the stage for the ceremonial MoU signing, reflecting the union of two forward-thinking technology leaders poised to reshape industries through quantum-powered innovation.

Joowan Lee, CEO & Founder of Megazone Cloud, Markus Pflitsch, Founder, CEO & Chairman of Terra Quantum, and Brad Kim, Chief Quantum Officer & Senior Executive Vice President, Megazone Cloud, at the Memorandum of Understanding signing ceremony in London.