Silicon Quantum Computing raises $50.4 million

Silicon Quantum Computing (SQC) is working towards the manufacture of the worlds first scalable, error corrected quantum computer.The Series A round was priced at $1.75 per share, taking the companys valuation to $195.3 million (previously $82.8 million).Series A investors included the Australian Government, Commonwealth Bank of Australia, Telstra and the University of New South Wales. "History has shown that emerging technology ecosystems cluster around organisations that manufacture. "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. "Among the observations from investors, CBA CIO Brendan Hopper said "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 SQCs growth."