Silicon Quantum Computing (SQC) has raised $50.4m in a Series A funding round to develop the world’s first scalable, error-corrected quantum computer. The funding round, which valued SQC at $195.3m, included investments from the Commonwealth Government, Commonwealth Bank of Australia, Telstra, and the University of New South Wales. CEO Michelle Simmons stated that SQC’s unique technology for manufacturing processors with atomic precision gives it an edge over competitors. The funding will help SQC work towards creating the world’s first logical qubit in silicon, a significant milestone in quantum computing.
SQC has developed a unique technology that allows for the manufacture of processors with atomic precision. This technology gives SQC an edge in the construction of quantum computers. The company’s CEO, Michelle Simmons, believes that this funding and the team of talented physicists and engineers will position SQC as a key hardware manufacturing hub for the quantum computing industry, both in Australia and globally. The company’s next milestone is to create the world’s first logical qubit in silicon.
“History has shown that emerging technology ecosystems cluster around organisations that manufacture,”
Michelle Simmons, CEO of SQC.
Australia’s National Quantum Strategy
The Australian Government released its National Quantum Strategy in May 2023, which identified quantum technologies as a priority field. According to the Commonwealth Scientific and Industrial Research Organisation (CSIRO), quantum computing is projected to be a $6 billion opportunity for Australia and is expected to create 19,400 jobs over the next two decades. This strategy provides a supportive backdrop for SQC’s funding round and future plans.
Several investors expressed their support for SQC and its mission. Kim Krogh Andersen, Group Executive Product & Technology at Telstra, stated that they believe in the potential of quantum computing to transform industries and solve global problems. Brendan Hopper, CBA Chief Information Officer for technology, highlighted the economic and business opportunities that could be opened up through the development of a locally-based quantum computing sector. Professor Attila Brungs, Vice-Chancellor and President of UNSW, praised SQC as an exemplar of the quantum ecosystem at UNSW and for the benefit of Australia.
SQC’s Origins and Impact
SQC was spun out of research within the UNSW Centre of Excellence for Quantum Computation and Communication Technology. The company’s work is of national and international significance, and it is seen as a key player in the development of a locally-based quantum computing sector. The work being done by the team is expected to have a significant impact on the economy and the quantum computing industry.
“SQC has a globally unique technology to manufacture processors with atomic precision, and this approach to building a quantum computer has many advantages over our multinational competitors,”
Michelle Simmons, CEO of SQC.
“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.”
According to SQC Chair, Stephen Menzies, “This funding will enable SQC to work towards our next milestone – creating the world’s first logical qubit in silicon.” In terms of the overall size of SQC’s raise, Menzies commented, “We are happy to achieve an up-round in such a tight funding environment. In periods where capital is expensive, we see it as advantageous to defer a bigger raise.”
Kim Krogh Andersen, Group Executive Product & Technology at Telstra: “We’re a big believer in the potential of quantum computing to transform industries and solve some of world’s problems that challenge us today. This potential and our belief in Michelle Simmons and the SQC team is why we’re a foundation investor and continue to support the innovative work they’re doing,” Kim said.
Brendan Hopper, CBA Chief Information Officer for technology: “As an early stage Investor in SQC, we can see the economic and business opportunities that could be opened up through the development of a locally-based quantum computing sector by a recognised Australian leader in this field. The work being done by Professor Simmons and her team is of national and international significance and we are proud to be supporting the next phase of SQC’s growth.”
Professor Attila Brungs, Vice-Chancellor and President of UNSW: “SQC was spun out of world-leading research within the UNSW Centre of Excellence for Quantum Computation and Communication Technology. The company is an exemplar of the quantum ecosystem at UNSW, in NSW and for the benefit of Australia.”
Quick Summary
Silicon Quantum Computing (SQC) has secured $50.4m in a Series A funding round, backed by the Commonwealth Government and major Australian institutions, to continue its development of the world’s first scalable, error corrected quantum computer. The funding will support SQC’s next milestone of creating the world’s first logical qubit in silicon, positioning the company as a potential central hardware manufacturing hub for the global quantum computing industry.
- Silicon Quantum Computing (SQC) has raised $50.4m in a Series A funding round to continue its development of a scalable, error-corrected quantum computer.
- The investors include the Commonwealth Government, Commonwealth Bank of Australia (CBA), Telstra, and the University of New South Wales (UNSW).
- The funding has increased SQC’s valuation to $195.3m, a significant rise from its previous $82.8m, indicating confidence in the company’s technical and commercial potential.
- SQC’s technology, which manufactures processors with atomic precision, is globally unique and offers many advantages over multinational competitors, according to CEO Michelle Simmons.
- The funding will support SQC’s goal of becoming a central hardware manufacturing hub for the quantum computing industry in Australia and globally.
- The Australian Government’s National Quantum Strategy, released in May 2023, identifies quantum technologies as a priority field. Quantum computing is projected to be a $6 billion opportunity for Australia, creating 19,400 jobs over the next two decades.
- SQC Chair, Stephen Menzies, stated that the funding will enable the company to work towards creating the world’s first logical qubit in silicon.
- SQC’s investors, including Telstra and CBA, express strong belief in the potential of quantum computing and the work being done by SQC.
