Seeqc, a digital quantum computing company, has scored $22.4m in its Series A round, which was led by EQT Ventures.
Additional capital came from Swedish-based FAM AB, BlueYard Capital, New Lab Ventures and the Partnership Fund for New York. Furthermore, M Ventures supplied $5m to the round.
Seeqc is building a new approach to making quantum computing, which combines both classical and quantum computing to establish a new architecture more stable and efficient, it claims. The technology is used in a range of industries including financial services, machine learning, logistics, quantum chemistry and pharmaceuticals.
Financial services companies can use the technology to improve the analysis of high volumes of data and transactions to improve risk analysis in financial portfolios.
EQT Ventures partner Ted Persson said, “Quantum computing will soon transcend the realm of purely academic exploration.
“Bringing together one of the world’s most experienced commercial superconducting electronics teams to unlock the commercialization of quantum computing, Seeqc is set to play a key role in ushering in an entirely new paradigm and redefining human interaction with technology over the next few years.”
In line with the deal, EQT Ventures partner and investment advisor Ted Persson has joined the company’s board of directors.
EQT is acting as both a financial and strategic investor into Seeqc, helping to further the development of the technology and identify opportunities to commercialise the platform.
Prior to this investment, Seeqc raised $6.8m in its seed round from BlueYard Capital, Cambium, NewLab and the Partnership Fund for New York City.
Copyright © 2020 FinTech Global
