Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

August 16, 2024

New Haven-based quantum computing startup completes $60M capital raise

HBJ PHOTOS | STEVE LASCHEVER Tech executive Ray Smets was recently named president and CEO of New Haven-based Quantum Circuits, which is trying to bring to market the first practical quantum computers.
By Hanna Snyder Gambini

New Haven’s Quantum Circuits Inc., a Yale University-based quantum computing startup, has secured a final Series B investment round of more than $60 million, the company announced this week.

The funding will provide additional capital support as the company prepares to commercialize its quantum systems.

The technology uses quantum physics to address issues that are too difficult for traditional computers to solve.

Quantum computing utilizes “qubits” or quantum bits, which are the basic units of information in quantum computing. They operate differently than traditional computer bits, allowing quantum computers to solve certain problems at exponential measures and speeds.

Quantum Circuits is developing its technology based on a proprietary approach to error correction, which is a key ingredient for effective quantum computers.

A quantum computer is susceptible to interference from various outside sources, known as “noise,” including things like the earth’s magnetic field and Wi-Fi signals.

When qubits are exposed to that noise, it impacts their quality and “leads to errors that result in incorrect answers” in computing, according to Ray Smets, who was named president and CEO of the company in February.

Error correction, he added, “is what will make up the difference and get us that extra step from good qubits that give us good results, to a truly unprecedented quantum computer that revolutionizes the industry.”

The latest fundraising round follows other successful capital raises that have occurred since Smets joined the company. 

The investment was led by ARCH Venture Partners, F-Prime Capital, Sequoia Capital, and Hither Creek Ventures. The round also includes investment from Canaan Partners, Fitz Gate Ventures, In-Q-Tel, Osage University Partners, Connecticut Innovations, Tao Capital Partners and Tribeca Venture Partners.

Zander Farkas, managing partner at Hither Creek Ventures, said Quantum Circuits' work on error correction puts it solidly in the lead in the race to build useful quantum computers. 

“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."

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF