Silicon Quantum Computing’s $130 million capital raise aims for quantum computer

Silicon Quantum Computing (SQC) which plans to build a silicon quantum computer in Australia today announced the launch of its $130 million Series A capital raising to fund the company’s technical development, operations and strategic activities through to 2028.

The Series A round follows SQC’s successful $83 million seed capital raising in 2017. Investors in the 2017 seed round were UNSW Sydney, the Australian Commonwealth Government, the NSW Government, The Commonwealth Bank of Australia and Telstra Corporation Limited.

This earlier raising funded the purchase a portfolio of world leading, silicon quantum computing intellectual property (IP) developed over the previous twenty years at the Centre of Excellence for Quantum Computation and Communications Technology (CQC2T) at UNSW.

Under the leadership of founder Michelle Simmons AO (pictured, below), SQC used its seed funding to advance its proprietary technology using its unique capability to manufacture sub-nanometre precision qubits in silicon.

The funding was also used to establish the company’s operations at its world-class facilities at UNSW Sydney and to help propel the company toward its first watershed milestone – a quantum integrated circuit.

The Series A funding will enable SQC to continue developing its proprietary technology to meet its second watershed technical milestone – a 100-qubit quantum device – and to unlock market opportunities.

SQC Chairman Stephen Menzies said: “SQC’s unique approach ensures the scalability and quality of our technology.

“Combined with our ability to manufacture in-house and secure world-leading talent and partnerships, we are on track to deliver useful commercial quantum computing by 2028.”

According to Simmons, who will formally take up the role of CEO of SQC on July 1, investment in the Series A funding round also creates an opportunity for strategic investors to engage directly with the company.

Simmons said: “Our investors are vital partners as we continue to work with end user organisations to identify and develop solutions that address their business outcomes and help them solve complex challenges.

Independent corporate advisory firm, Blackpeak Capital, will provide strategic advice to SQC throughout the capital raising process.

Cornerstone investor Telstra’s Kim Krogh Andersen said: “Quantum computing will be a disruptive and transformative technology over the coming decades, and through our early investment in SQC and innovative partnerships with government, we’re helping to build a world class technology nation.

“We look forward to continuing our involvement with the SQC team and this dynamic, world-leading project.”

Pictures: Silicon Quantum Computing/Michelle Simmons AO

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