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Diraq raises further US$7m, bringing total capital raise to US$22m

Manufacturing News

Quantum computing processor developer Diraq has announced an additional $7 million USD in Series A funding, bringing the total round funding raised to $22 million.

The company attracted further investment from strategic investors including Main Sequence, Taronga Ventures, Uniseed and UniSuper, Co:Act Capital as funding from foundation shareholder and research partner, UNSW, Sydney.

Diraq’s Series A2 round was led by global quantum technology specialist fund Quantonation.

The CEO and Founder of Diraq Andrew Dzurak said: “Diraq welcomes our new investors, and we look forward to partnering with them as we achieve the major milestones on our road map to deliver the world’s first fault-tolerant quantum computer.”

Diraq recently announced record control accuracy of 99.9 percent for a quantum bit (qubit) manufactured by imec using industry-standard CMOS materials on a 300mm silicon wafer.

This is seen by the company as a significant proof point solidifying the viability of Diraq’s technology based on silicon quantum dots to be manufactured at scale in a commercial environment.

The Managing Partner at Main Sequence Bill Bartee said: “Diraq’s breakthroughs are a testament to Australia’s leading position globally in quantum computing.

“Their world-class team, patent portfolio, and unique approach should advance the field by bringing scalable, spin-based quantum computers into the real world.

“We see their potential for scaling up and their compatibility with advanced semiconductor manufacturing technology as an advantage.”

Co-Founder and Managing Partner at Taronga Ventures Avi Naidu said: “Major technology advancements like Diraq’s quantum computers will significantly impact the real asset sector, representing a step change toward the next generation of data infrastructure.

“More broadly, high-performance computing capabilities will elevate critical areas such as energy modelling, climate, health, and much more.”

Further reading:
Diraq demonstrates high fidelity quantum chips

Picture: Diraq

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