Quantum Circuits Secures More Than $60 Million in Series B Investment

Final Closing of Funding Round Follows Hiring of CEO Ray Smets, Reinforces Industry First That Paves Faster Path to Commercial-ready Quantum Computing – More Powerful Qubits With Built-in Error Detection

NEW HAVEN, Conn., Aug. 15, 2024 /PRNewswire/ -- Quantum Circuits, Inc., announced it has secured a final Series B investment round of more than $60 million, providing additional capital support as the company prepares to commercialize its quantum systems with an industry first – error detection built into a more powerful qubit for scalable, higher-fidelity computing.

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

Quantum Circuits is a spinout from Yale University, including Rob Schoelkopf, the Sterling Professor of Applied Physics at Yale and one of the founders of the superconducting quantum computing field. The Series B investment provides Quantum Circuits with additional latitude to engage lead customers and set commercial go-to-market plans for its unique quantum systems. The final closing follows the company's recent appointment of President and CEO Ray Smets and delivery of cloud-based simulation for quantum applications with built-in error detection.

These systems are based on a novel superconducting architecture that solves one of the most pressing problems in quantum computing – error detection and correction. Its powerful dual-rail qubit with built-in error detection is an industry first. Quantum Circuits' unprecedented approach provides greater accuracy, performance, and scalability for quantum systems, accelerating the path to consistent, repeatable computing results that are a prerequisite for commercially viable systems.

"At Quantum Circuits, we are delivering the industry's first full-stack quantum computing solution with built-in error detection to realize reliable and trusted quantum computing at scale," Ray Smets said. "By putting the power of error detection and real-time control into the hands of algorithm developers, we will accelerate their ability to create new solutions and achieve better results needed for commercial applications. The full Series B investment underscores the confidence in our approach."

"The founding goal for Quantum Circuits has always been to focus on the biggest challenge for quantum computing – to deliver reliable fault-tolerant and scalable quantum computers," said Rob Schoelkopf, Quantum Circuits' founder and Chief Scientist. "We take the strategy of 'correct first, then scale,' using our built-in error detection and correction."

Supporting Quotes

Bill Coughran, Partner at Sequoia Capital
"From the beginning, Quantum Circuits has delivered unique innovation that positions it for the long run. Creating the more powerful dual-rail qubit with built-in error detection is a significant achievement in the quantum space. They are setting themselves apart from the rest of the vendor landscape."

Corey Ritter, Principal at ARCH Venture Partners
"Quantum Circuits' dual-rail qubit architecture solves the most pressing problem in quantum computing – error detection and correction. We are excited to see Quantum Circuits scale their world-leading architecture and chart the clearest path to realizing the promise of quantum computing."

Stephen Knight, M.D., President and Senior Managing Partner at F-Prime Capital
"We see many quantum companies taking different approaches to solving the error correction challenge with varying degrees of success. Quantum Circuits leverages the speed, flexibility, and scalability of this approach to build high-fidelity systems that have the potential to be best-in-class."

Eugene Chiu, Senior Partner at IQT
"Quantum Circuits takes a refreshing new approach to error correction, speeding up quantum computing's transition from science labs to global enterprises. Their team's pedigree and pragmatism allow the company to stand out as the quantum computing industry matures."

Zander Farkas, Managing Partner at Hither Creek Ventures
"Quantum Circuits' work on error correction puts them 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."

About Quantum Circuits
Quantum Circuits is founded by quantum physicists, including leading quantum expert and Yale Professor Rob Schoelkopf. The company is a leader in the development of quantum computers designed to scale. Quantum Circuits' innovative architecture integrates high-fidelity qubits with intrinsic error detection and handling. High-fidelity error detection is a key component to reducing the number of physical qubits necessary to build a useful quantum computer, thus accelerating the timeline to fault-tolerant quantum computing and real-world applications. Quantum Circuits' team includes pioneers in the development of superconducting quantum science and circuit quantum electrodynamics. For more information, visit www.quantumcircuits.com.

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SOURCE Quantum Circuits