Sydney, Australia-based quantum computing startup Q-CTRL today announced a $27.4 million Series B extension, bringing total Series B funding to $52.4 million . Investors in the round included Salesforce Ventures, Alumni Ventures, ICM Allectus, Mindrock, Capital, Airbus Ventures, Data Collective, Horizons, Main Sequence Ventures, Ridgeline Partners, former General Dynamics partner Bill Lightfoot and global rugby legend and chef of Australian entrepreneur John Eales. .
During an otherwise lackluster period for venture capital investments, quantum computing is attracting a lot of investor interest. Non-US startups, in particular, have attracted new funding this year. Israeli startup Quantum Machines announced earlier this month a $20 million extension to the $50 million Series B funding round it raised last September. Similar announcements this month were made by Paris-based quantum computing startup PASQAL, which raised €100m in a Series B funding round, and UK-based Oxford Ionics, which raised €100m in a Series B funding round. raised £30m in Series A funding.
Funding for quantum computing startups comes not only from venture capitalists, but also from governments around the world. On January 23, the Prime Minister of Canada, Justin Trudeau, announced a new federal investment of $40 million “to enable Canadian quantum computing company Xanadu Quantum Technologies Inc., based in Toronto, to build and commercialize the world’s first photonic and fault-tolerant quantum computer. .”
Quantum research and consultancy firm GQI, which tracks government-funded projects by agency and institute for a number of countries, reported a total of more than $55 billion in government-sponsored research and development initiatives. state in the world.
Government funding for quantum technology
IQG
“Funding for quantum technology is global, long-term, sustained and diverse. In fact, one of the best-coordinated and best-funded national programs of the post-war period. While North America holds a strong hand when it comes to national programs, China should be seen as the leader in both depth and funding of their efforts. Regions such as Australia, Japan, India and Israel have exceptionally strong programs. And the European continent, led by the United Kingdom, France and Germany, can legitimately claim a first place, ahead or next to China, because of the amount of resources invested and the strength of fundamental research. and science,” concluded GQI.
One of the national programs in the United States recently brought in $9.1 million from the US Department of Energy to fund 13 quantum information science (QIS) projects related to nuclear physics. The Washington Technology Industry Association (WTIA) recently reported that the United States has actively funded QIS R&D for 15 years, with significant increases since 2019. More than half of the last 15 years of funding were allocated between 2019 and 2022.
Quantum Computing Report analysts think the WTIA is “playing a game” to add the Pacific Northwest’s cluster of quantum-related businesses (including startups, local universities, Amazon and Microsoft) to the growing list regions in the United States. —Virginia/Maryland/DC, Chicago, Colorado, NY—in the running to develop a “Silicon Valley” for quantum computing.
Indeed, the WTIA report claims that “Washington is the only US quantum center of excellence that is already an established center of innovation, has exemplary academic institutions, and is home to the headquarters of major tech companies that are investing heavily in QIS.” .
The report also notes that most quantum technology patents are filed by companies in China (54%) and Japan (15%), and that there are currently 162 universities and institutions worldwide with educational programs and QIS-focused research activities.
Australia is also developing a quantum computing cluster with government agencies, universities, established companies and startups all helping to invest in and promote local expertise. The Australian government is providing $4 million for up to 20 PhDs in quantum research. There are over 17 quantum-related companies in Australia that have received combined funding and investment of over $400 million to develop hardware, software and consultancy services. As in other quantum clusters around the world, startups are usually born out of university research.
One such startup, Silicon Quantum Computing (SQC), announced the world’s first atomic-scale integrated circuit last June, two years ahead of schedule. Q-CTRL, focused on quantum error correction, was founded by Michael J. Biercuk, professor of physics and director of the Quantum Control Laboratory at the University of Sydney.
“With the world’s largest team of experts in quantum control and error suppression, we have established ourselves as the leading provider of some of the industry’s most important technologies. Today’s additional validation from the investment community – especially as the capital raises have been difficult to assemble – is a huge boost to our mission and ambition to really make quantum technology useful,” said Biercuk said in a statement.