Seeqc completes series A funding round led by EQT Partners.
Seeqc, a New York (Elmsford), USA-based manufacturer of a digital quantum computing platform for global businesses, announced it has secured a total of $22.4 million in its Series A fundraising,
The round was led by the EQT Ventures fund and included contributions from Sweden-based FAM AB, a private holding company owned by the Wallenberg family through their foundations. EQT Ventures is part of EQT Partners, a private equity company also owned by the Wallenbergs.
The Series A funding also includes $5 million from M Ventures, the corporate venture capital arm of Merck, announced in April 2020, as well as contributions from BlueYard Capital, New Lab Ventures and the Partnership Fund for New York (PFNY).
Ted Persson, Partner and investment advisor at EQT Ventures, will also join Seeqc’s board of directors.
The money will be used to advance commercially viable application-specific quantum computing systems.
Seeqc, led by the co-CEO John Levy and founded in 2019 as a spin off from Hypres, Inc., the world’s leading developer of superconductor electronics, is developing a new approach to making quantum computing useful called digital quantum computing.
Digital quantum computing combines classical and quantum computing, forming an all-digital architecture to address the efficiency, stability and cost issues that often plague quantum computing systems using CMOS-based analog, microwave control infrastructure. This new architecture includes proprietary digital chips that are co-located with qubit chips as multi-chip modules in the same cryogenically cooled system.
Seeqc’s Digital Quantum Management (DQM) system-on-a-chip architecture enables the company to co-design specific quantum hardware that matches the unique requirements of quantum algorithms and applications.
Prior to this deal, in 2019, Seeqc raised a $6.8 million seed round from investors including BlueYard Capital, Cambium, NewLab and the Partnership Fund for New York City.