Australian Silicon Quantum Computer raises $50 million

Silicon tech startup Quantum Computing has raised $50.4 million in Series A, with input from CBA, UNSW, Telstra and the Australian Government. This follows an $83 million seed round in 2017 from the same investors.

The injection of fresh cash led to a jump in the valuation, lifting it to $195.3 million, more than double last year’s $82.8 million.

The company was founded in 2017 by former Australian of the Year, Michelle Simmons, Professor of Science at UNSW, where the company’s lab also operates.

Last year, Professor Simmons publicly talked about the target of 130 million USD for this funding round. Unfortunately, the first half of 2023 has been quite slow. Despite some larger increases, the data shows this was the slowest funding start in a year since 2019. A total of about $1.5 billion was raised, just a third of compared to what we see in the first half of 2022.

However, Professor Simmons said she was pleased with the outcome as it allowed them to retain ownership of more of the business.

“We raised just enough capital to continue operating without having to sell too much of the company,” she told AFR.

Quantum technology uses quantum mechanics – the physics of subatomic particles – to solve complex problems much faster than traditional computers. In the future, this will support the development of new technologies, such as medicine, security infrastructure and improved batteries.

Kim Krogh Andersen, group managing director of products and technology at Telstra, said in a statement: “We strongly believe in the potential of quantum computing to transform industries and solve some of the The world’s problems are challenging us today. This potential and our confidence in Michelle Simmons and the SQC team is why we are a cornerstone investor and continue to support the innovative work they are doing.”