Silicon Quantum Computing (SQC), an Australian quantum computing hardware manufacturer, has successfully concluded a Series A capital raising, securing $50.4 million.
The funds will fuel their ambitious mission to develop the world’s first scalable, error-corrected quantum computer.
Noteworthy investors in this round include the Commonwealth Government and prominent Australian institutions such as the Commonwealth Bank of Australia (CBA), Telstra, and the University of New South Wales (UNSW). The Series A round was priced at $1.75 per share, propelling SQC’s valuation to $195.3 million, a significant increase from the previous valuation of $82.8 million. This surge reflects the growing confidence in SQC’s technical prowess and commercial roadmap.
SQC’s CEO, Michelle Simmons, emphasised the uniqueness of their technology, which enables the production of processors with atomic precision. She expressed that this approach gives them an edge over their multinational competitors in the quantum computing industry. “History has shown that emerging technology ecosystems cluster around organisations that manufacture,” he said.
Simmons also highlighted the importance of manufacturing hubs in fostering emerging technology ecosystems. “Backed by this funding and our team of incredibly talented physicists and engineers from around the world, SQC is well placed to become a central hardware manufacturing hub for the quantum computing industry, both in Australia and globally.”
The Australian Government has recognised the potential of quantum technologies and incorporated them as a priority field in the National Quantum Strategy and the updated List of Critical Technologies in the National Interest, released in May 2023. According to CSIRO, quantum computing could present a $6 billion opportunity for Australia, generating 19,400 jobs over the next two decades.
Stephen Menzies, the Chair of SQC, expressed optimism about the funding’s impact on their progress, emphasizing the goal of creating the world’s first logical qubit in silicon.
Key supporters of SQC’s endeavours include Kim Krogh Andersen, Group Executive Product & Technology at Telstra, who believes in quantum computing’s transformative potential. Brendan Hopper, CBA Chief Information Officer for technology, expressed pride in supporting SQC’s growth as a leading Australian entity in quantum computing. Professor Attila Brungs, Vice-Chancellor and President of UNSW, hailed SQC as a cornerstone of the quantum ecosystem at UNSW and a significant asset for Australia.
With this recent funding boost, SQC is well-positioned to drive quantum computing innovations and cement its position as a pioneering force in the quantum technology landscape.
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