Australian quantum computing hardware manufacturer Silicon Quantum Computing has completed its $50.4 million Series A capital round in a push to develop the world’s first scalable, error-corrected quantum computer.
The Series A financing was priced at $1.75 per share, raising SQC’s valuation to $195.3 million, up from a previous valuation of $82.8 million.
The increase reflects the company’s belief in its technological and commercial future, Silicon Quantum stated in a news release.
In particular, the Commonwealth Government and some of Australia’s most illustrious organisations, including Telstra, the University of New South Wales (UNSW), and the Commonwealth Bank of Australia (CBA), are among the investors in this round.
“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,” said Michelle Simmons, CEO of SQC.
Simmons said that with the recent financing and the company’s physicists and engineers, SQC is in a strong position to develop into a major Australian and international centre for the production of hardware for quantum computing.
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.”
Menzies commented on the total amount of SQC’s raising, saying that the firm is pleased to secure an up-round in such a tight funding climate.
Meanwhile, Kim Krogh Andersen, group executive product & technology at Telstra, said, “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.”
Brendan Hopper, CBA Chief Information Officer for technology, said Professor Simmons’ and her team’s work is of national and worldwide relevance, expressing their delight to be supporting the next stage of SQC’s expansion.
In May 2023, the Australian Government announced its National Quantum Strategy, along with a revised List of Critical Technologies in the National Interest, which includes quantum technologies as a priority sector.
According to the CSIRO, quantum computing will be a $6 billion potential for Australia over the next two decades, creating 19,400 employment.
