Quantum Circuits Inc. (QCI) has closed its Series B funding round, raising more than $60 million to further its development of quantum technology.
The investment was led by Arch Venture Partners, F-Prime Capital, Sequoia Capital, and Hither Creek Ventures, and follows a $26.6m extended funding round that the company announced in May 2024.
The Yale spin out was founded in 2015 by two scientists from the university. Based in New Haven, Connecticut, the company now employs around 50 people and is working to develop quantum computing systems based on superconducting technology with a proprietary approach to error correction.
In June, the company launched a cloud-based simulation platform for quantum applications. With built-in error detection, QCI said the offering will help to accelerate the commercialization of high-fidelity quantum computing.
“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,” said Ray Smets, the company’s recently appointed president and CEO.
“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.”
In May, Smets told the Hartford Business Journal he aims to eventually take the company public.
