Diraq, a quantum startup in Sydney, has added another US$7m (A$10.5m), to its Series A-2.
The new funds come only four months after Diraq increased its Series A in Feburary with an additional A$23 million. This first tranche of A2 follows US$20 millions in a Series A 2022, when UNSW Sydney spun off the quantum computing solution.
Main Sequence, a deep tech fund backed by CSIRO, Taronga Ventures and UniSuper, Co:Act Capital and UNSW, Diraq’s founding investor, all contributed to the cash waved at Prof. Andrew Dzurak.
Quantonation, a Paris-based quantum investor, John Higgins Family Investments, and Allectus Capital are all previous investors.
Prof Dzurak’s team has been busy. Earlier this month, they announced plans for a computer chip which combines the power and speed of quantum bits with traditional transistors. The breakthrough is also remarkable because the testing created a record of control accuracy of 99.9%. This means that they have the precision required for full-scale quantum computer processors, which are error-corrected and manufactured by existing silicon-chip foundries.
In March, the startup announced that it had solved one of the many challenges faced by quantum computing, namely operating above absolute zero (minus 273.15 degrees Celsius).
Diraq, a leader in the field of silicon ‘quantum dots’ technology, is developing quantum processors. Its engineers discovered a new method of controlling electrons in quantum dots to run logic gates. The majority of current quantum computing methods require cooling to temperatures below absolute zero, minus 273.15 degC. At higher temperatures the qubits falter causing calculation errors to rise.
Dzurak’s team appears to have solved the problem and now has more money to drive further quantum innovations.
“Diraq is pleased to welcome our new investors and we look forward in working with them to achieve the major milestones of our road map for delivering the world’s fault-tolerant quantum computers,” he said.
Bill Bartee, managing partner of Main Sequence, said Diraq’s breakthroughs were a testament to Australia’s leadership position in quantum computing.
“Their world class team, patent portfolio, unique approach, and should advance the field, by bringing scalable spin-based quantum computer into the real world,” said he
“We see their potential for scale-up and compatibility with advanced semiconductor production technology as an advantage.”
Avi Naidu, cofounder of Taronga Ventures, said that the technology can transform industries.
“Major technological advancements, like Diraq’s Quantum Computers, will significantly impact real asset sectors. This represents a step-change towards the next generation of data Infrastructure,” he said.
“High-performance computing will enhance critical areas such energy modelling, climate, healthcare, and more.”
Diraq has received government funding as well as venture capital, including from the defence sector, bringing the total raised up to US$127,000,000.
The UNSW has labs for the startup.