Quantum Circuits Inc., a New Haven-based startup, is developing practical quantum computers to compete with tech giants like IBM, Google, and Amazon. The company, which collaborates with Yale University, recently raised $26 million in a funding round led by Sequoia Capital Partners. The new CEO, Ray Smets, anticipates the company will begin selling its quantum computing capabilities in the cloud as a service this year. Quantum computing, which uses quantum physics to solve complex problems, is expected to create a $58 billion global market by 2028. Applications include improving cybersecurity, designing new pharmaceuticals, artificial intelligence, weather prediction, and defense.
Quantum Circuits Inc. Strives for Quantum Computing Breakthroughs
Quantum Circuits Inc., a New Haven-based startup, is making significant strides in the development of practical quantum computers. The company, which has its roots in collaborations with Yale University, is competing with tech giants such as IBM, Google, and Amazon in the race to develop quantum computing technology. Quantum computing, which leverages quantum physics to solve complex problems beyond the capabilities of traditional computers, is projected to create a $58 billion global market by 2028. The technology has potential applications in various fields, including cybersecurity, pharmaceutical design, artificial intelligence, weather prediction, and defense.
Quantum Circuits’ team of 50, primarily Ph.D. holders, has attracted the attention of investors. The company recently raised $26 million in an extended Series B funding round led by Sequoia Capital Partners, a top Silicon Valley firm. Since its inception in 2015, Quantum Circuits has raised a total of $84 million.
Quantum Circuits’ Transition to Engineering Stage
In February, Quantum Circuits appointed a new president and CEO, tech executive Ray Smets. Smets was brought on board to bring years of research and development to fruition. The company is now transitioning to the engineering stage of testing its latest technology with lead customers. Smets anticipates that the company will begin selling its quantum computing capabilities in the cloud as a service this year.
In the long term, Quantum Circuits plans to develop quantum computers for sale to clients, likely high-tech industry companies with the capabilities to purchase and store such technology. Smets believes that quantum computing will have a significant impact on human existence, potentially leading to the development of new medicines, battery technology, and solutions to cybersecurity problems.
Quantum Circuits’ Proprietary Approach to Error Correction
Quantum computing utilizes quantum bits, or “qubits,” which are the basic units of information in quantum computing. Unlike traditional computer bits, qubits allow quantum computers to solve certain problems at exponential measures and speeds. Quantum Circuits is developing its technology based on a proprietary approach to error correction, a crucial component for effective quantum computers.
Quantum computers are susceptible to interference from various outside sources, known as “noise,” including the earth’s magnetic field and Wi-Fi signals. This noise can impact the quality of qubits and lead to errors in computing. Quantum computers are stored in sub-zero environments to better control qubits and generate more accurate calculations. However, Smets notes that some level of error correction will always be necessary.
Quantum Circuits’ Expansion Plans and Competition
Smets, who joined Quantum Circuits in February, has a diverse tech-industry background, having led large-scale cloud operations, sales, marketing, and product execution for public and privately-backed ventures. As CEO of Quantum Circuits, his priority is to ensure that scientists and engineers have everything needed to deliver innovative quantum computing technology to the market as soon as possible.
The company plans to grow its employee base by 50% by the end of this year, aided by the recent fundraise. It also plans to expand its footprint in New Haven. Despite intense competition in the market, Smets believes there will be room for various players as different quantum computers may solve different kinds of problems.
Connecticut’s Quantum Technology Corridor
Quantum Circuits is part of a broader effort to establish a quantum technology corridor in Connecticut. The initiative, known as QuantumCT, involves various partners, including Yale, UConn, the state Department of Economic and Community Development, and the Connecticut Business & Industry Association. The goal is to accelerate the adoption of quantum technologies in Connecticut and position the state as a hub for quantum-related research, technologies, and jobs.
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