Quantum Circuits Secures More Than $60 Million in Series B Investment
Summary
Final Closing of Funding Round Follows Hiring of CEO Ray Smets, Reinforces Industry First That Paves Faster Path to Commercial-ready Quantum Computing More Powerful Qubits With Built-in Error DetectionNEW HAVEN, Conn., Aug. 15, 2024 /PRNewswire/ -- Quantum Circuits, Inc., announced it has secured a final Series B investment round of more than $60 million, providing additional capital support as the company prepares to commercialize its quantum systems with an industry first error detection built into a more powerful qubit for scalable, higher-fidelity computing.The investment is led by ARCH Venture Partners, F-Prime Capital, Sequoia Capital, and Hither Creek Ventures. "By putting the power of error detection and real-time control into the hands of algorithm developers, we will accelerate their ability to create new solutions and achieve better results needed for commercial applications. "Bill Coughran, Partner at Sequoia Capital"From the beginning, Quantum Circuits has delivered unique innovation that positions it for the long run. "Stephen Knight, M.D., President and Senior Managing Partner at F-Prime Capital"We see many quantum companies taking different approaches to solving the error correction challenge with varying degrees of success. In a world where companies tout qubit counts while making near-zero progress toward a functional computer, Quantum Circuits hardware accomplishes milestones that the rest of the industry will struggle to achieve within the decade.