Existing investors the federal government, Telstra, the Commonwealth Bank and the University of NSW have provided $50.4 million in Series A capital to quantum computing development company Silicon Quantum Computing (SQC).
SQC, which is based at the University of NSW, targeted raising $130 million when it began fundraising for the round 13 months ago.
Following last year’s precipitous fall in investor interest in longer-term technology development, the company was forced to substantially downgrade its expectations. The new funding has, however, been raised at a post money valuation of $195.3, up from $82 million.
The funding is believed to be adequate for SQC to keep its current development programs on track but further fundraising will be necessary.
SQC was founded in May 2017 led by physicist, and 2018 Australian of the Year, Professor Michelle Simmons. The company raised $83 million in seed funding in 2017 from the University of NSW, Telstra, the Commonwealth Bank and the NSW and federal governments.
In June last year, SQC announced it had developed the world’s first integrated circuit manufactured at atomic scale. The circuit operates as an analogue quantum processor. The effectiveness of the processor was proven by using it to model the quantum states of a small, organic polyacetylene molecule.
Recently, the SQC team announced further progress towards practical quantum computing, including the development of a solid-state quantum microscope for wavefunction control of an atom-based dot device in silicon.
In May, the federal government announced a national quantum computing strategy under which it has allocated $101.2 million over five years to support businesses to integrate quantum and artificial intelligence (AI) technologies into their operations.
The package includes $20 million over four years to establish an Australian Centre for Quantum Growth, $40 million to encourage business uptake and $40 million to extend the CSIRO-run National AI Centre.
The Australian Information Industry Association (QAIIA) has called for a $1 billion investment in quantum technologies over five years.
Image: Silicon Quantum Computing founder, Professor Michelle Simmons.