Sydney-based quantum computing startup Diraq has completed a Series A-2 capital raise of $29 million (US$15m) to advance the company’s R&D initiatives to realise the full potential of quantum computing.
The funding for Diraq, a leader in quantum computing based on silicon quantum dots, was led by Paris-based specialist investor Quantonation with participation from John Higgins Family Investments and the University of New South Wales (UNSW), Sydney.
Quantonation is a venture capital fund devoted to physics and quantum computing.
The round extends Diraq’s Series A of $30.6 million led by technology investor Allectus Capital bringing the total funding of Diraq’s technology to USD $193.8 million, including research funding from Australian and US government programmes.
CEO and Founder of Diraq Andrew Dzurak said: “This new Series A-2 funding will be used to expand our team in Australia and launch in the U.S. as well as capitalise on our existing international partnerships.
“We are working closely with our foundry partners to drive qubit development based on tried and tested CMOS techniques coupled with our proprietary designs.
“We are focused on delivering energy-efficient processors with billions of qubits on one chip contained in one refrigerator, rather than thousands of chips and refrigerators requiring hundreds of square metres of space in a warehouse.”
Quantonation partner Will Zeng will join Diraq’s board said the company could evolve as a key player in the global silicon quantum ecosystem.
Zeng said: “The primary technical focus in the next 18 months will be on the development of a quantum chip through a standard semiconductor foundry.
“This milestone will serve as a proof point, solidifying the viability of Diraq’s technology and propelling the company’s scale-up program aimed at constructing the most powerful quantum computers in the world.”
Diraq’s U.S.-based chairman William Jeffrey, former Director of the U.S. National Institute of Standards and Technology (NIST) said the company’s technology was based on modified transistors
“As one of the few global companies pursuing the goal of achieving millions of qubits on a single chip, we can leverage over 50 years and trillions of dollars of investment in the semiconductor industry.”
Picture: Will Zeng (left) partner of investor Quantonation and Andrew Dzurak CEO and founder of Diraq.