November 14, 2017

New Haven quantum computing startup secures $18M

Photo | Contributed
Photo | Contributed
Robert Schoelkopf, chief architect and co-founder of Quantum Circuits Inc.

A quantum computing startup spun out of Yale has raised $18 million in new financing to help it build and sell the first practical and useful quantum computers.

New Haven-based Quantum Circuits Inc. said Monday it received the Series A funding from venture capital firms Canaan and Sequoia, along with others, including Tribeca Venture Partners, Osage University Partners and previous investor Fitz Gate Ventures.

Founded in 2015 by Yale professors Michel Devoret, Luigi Frunzio and Robert Schoelkopf, with support from Yale's Office of Cooperative Research, Quantum Circuits, known as QCI, has been a pioneer in the field of quantum computing and the race to build the world's first practical quantum computer, investors said.

Using the principles of quantum mechanics, quantum computers would be able to perform calculations significantly faster than existing supercomputers and have the potential to solve problems too complex for today's machines.

"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," Brendan Dickinson, partner at Canaan, said in a statement.

"QCI is ushering in a new era of computing much faster than we anticipated," added Bill Coughran of Sequoia, who is joining the startup's board along with Dickinson.

QCI said the new funding will allow it to "combine deep experience in quantum physics with the electrical, mechanical and systems engineers needed for the scaling of quantum computers, as well as the software designers and programmers focused on algorithms and applications to real world problems."

The company said it was focused on building a computer that can be reconfigured and reprogrammed in many different ways, with applications addressing "drug design for biotech, improved processes for industrial chemicals, financial technology, machine learning and energy."

Natalie Missakian can be reached at news@newhavenbiz.com

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