Computing system developer Quantum Circuits has raised $18m in a Series A financing round, co-led by Canaan and Sequoia.
Other backers taking part to the round included Tribeca Venture Partners, Osage University Partners, and previous investor Fitz Gate Ventures. As part of the transaction Canaan partner Brendan Dickinson and Sequoia partner Bill Coughran, will join the company’s board.
Founded in 2015, Quantum Circuits is developing, manufacturing and selling the first practical quantum computers based on superconducting devices. The company was created by Michel Devoret, Luigi Frunzio, and Robert Schoelkopf, who were working as quantum device experts in the Department of Applied Physics at Yale University.
The quantum computing system can be reconfigured and reprogrammed to support a range of applications; however, its initial use will be for drug design in BioTech, improved processes for industrial chemicals, FinTech, machine learning and energy.
This line of equity will be used by the company to scale its electrical, mechanical and system engineers to help implement quantum physics. Software designers and programmers focused on algorithms and real-world applications, will also be hired.
Canaan partner Brendan Dickinson said, “Quantum computing is a whole new kind of high-performance computation – and with it we’ll see a new wave of innovation just as we did with the first computer. QCI is taking a hands-on and commercially scalable path to building the first useful quantum computers that will tackle problems that classical computers could never solve.”
Earlier this month Sequoia took part in the undisclosed investment in to digital tax reporting solution OnlinePajak. The capital will support the business as it looks to further the development of its technology.
Last month Canaan re-invested in to property management company Mynd, with the company securing a $5m venture round.
Copyright © 2017 FinTech Global
