Silicon Quantum Computing (SQC) announced the launch of A$130m Series A capital raising to fund the firm’s technical development, operations and strategic activities from 2023 to 2028. SOC also appointed of Blackpeak Capital to advise it on the Series A capital raise.
The Series A round follows SQC’s successful A$83m seed capital raising in 2017. Investors in the 2017 seed round were UNSW Sydney, the Australian Commonwealth Government, the NSW Government, The Commonwealth Bank of Australia and Telstra Corporation Limited.
How will SQC use the Series A funding?
Under the leadership of founder Michelle Simmons AO, SQC used its seed funding to advance its proprietary tech using its unique capability to manufacture sub-nanometre precision qubits in silicon. The funding was also used to establish the firm’s operations at UNSW Sydney and to help propel the firm toward its first watershed milestone – a quantum integrated circuit.
The Series A funding will enable Silicon Quantum Computing (SQC) to continue developing its proprietary tech to meet its second watershed technical milestone – a 100-qubit quantum device – and to unlock market opportunities, resulting in a major value inflection point.
“SQC’s unique approach ensures the scalability and quality of our tech. Combined with our ability to manufacture in-house and secure talent and partnerships, we are on track to deliver useful commercial quantum computing by 2028,” says SQC Chairman, Stephen Menzies.
“It is an exciting time for us as we move through the next phase of the company’s business and technical development, and we are delighted to have Blackpeak Capital supporting us throughout the capital raising process,” Stephen Menzies further commented.
According to Simmons, who will take up the role of CEO of SQC on July 1, investment in the Series A funding round also creates an opportunity for strategic investors to engage directly with the company during its next phase through a bespoke end user collaboration.
“Our investors are vital partners as we continue to work with end user organisations to identify and develop solutions that address their business outcomes and help them solve complex challenges,” says Simmons. Independent corporate advisory firm, Blackpeak Capital, will provide strategic advice to Silicon Quantum Computing throughout the process.
What is SQC’s global market influence?
“Australia has a world-leading position in the quantum computing space and is recognised for its outstanding talent in the field. We believe Silicon Quantum Computing (SQC) is well positioned globally to win the race to scalable quantum computing, which is a once-in-a-generation tech opportunity,” said Scott Colvin, Managing Director, Blackpeak Capital.
“We are delighted to play a role in facilitating the firm’s Series A capital raising and continuing to bring quantum and industry closer together. This raising offers an outstanding investment opportunity to support a leading quantum computing company and allows strategic investors to work with SQC to develop co-generated quantum computing solutions,” Scott said.
What are the investors’ thoughts on SQC?
Silicon Quantum Computing’s seed investors remain closely engaged with the firm to support the Series A capital raising and are working with the company to understand the technology through end user collaborations. In line with its strategy and portfolio of tech investments, Telstra has been a foundation partner of SQC since its initial capital raise in 2017.
“Quantum computing will be a disruptive and transformative technology over the coming decades, and through our early investment in SQC and innovative partnerships with Government, we’re helping to build a world class technology nation. We look forward to continuing our involvement with the SQC team and this dynamic, world-leading project,” commented Kim Krogh Andersen, Group Executive Products and Technology at Telstra.
The Commonwealth Bank of Australia (CBA) will continue to work with SQC as a shareholder and potential customer of the company. “CBA believes SQC has the leading vision and relentless focus on engineering quality that uniquely positions it to be a future world leader in quantum computing,” said CBA’s Chief Information Officer Technology, Brendan Hopper.
“The global semiconductor industry is built around silicon tech, which we believe gives SQC competitive advantage, and we are set to work with SQC on our first financial use cases.”