Startups Terra Quantum, Seeqc, Q-CTRL Received Nearly $40M in April
Startup Funding: April 2020
Excerpts from report…
It was another strong month for automotive startups, with one autonomous trucking company in China drawing a massive $100M investment. Another hot area was optimization of machine learning deployments, including one new company launch. Quantum computing, etch equipment, and mmWave feature in this month’s look at twenty-two startups that collectively raised $375M.
+ Quantum computing
+ Terra Quantum raised €10.0M (~$10.8M) in venture funding for its development of quantum technologies and applications led by Lakestar. Founded in 2019 and based in Rorschach, Switzerland, the startup has developed a hybrid quantum algorithm for solving a linear system of equations with exponential speedup that utilizes quantum phase estimation.
+ Seeqc raised $5.0M in Series A funding from M Ventures, the strategic corporate venture capital arm of Merck KGaA, to develop commercially viable quantum computing systems for problem-specific applications. The startup’s approach combines classical and quantum computing in an all-digital architecture through a SoC design that utilizes 10-40 GHz superconductive classical co-processing to address the efficiency, stability and cost issues of quantum computing systems. Based in Elmsford, NY, USA, Seeqc was spun out of HYPRES in 2018. In total, the company has raised $11.8M.
+ Q-CTRL received an undisclosed amount in strategic investment from In-Q-Tel. Q-CTRL applies the principles of control engineering to quantum computing systems. The Sydney-based company has raised $15.0M in disclosed funding.
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