SEEQC Secures $22.4 Million In Series A Round
SEEQC, the Digital Quantum Computing company, today announced it has secured a total of $22.4 million in its Series A fundraising, led by the EQT Ventures fund, to advance commercially viable application-specific quantum computing systems. In addition to EQT Ventures, one of the largest venture capital funds in Europe, Swedish-based FAM AB, a privately owned holding company owned by the three largest Wallenberg Foundations, also participated in the round. Ted Persson, Partner and investment advisor at EQT Ventures, will also join SEEQC’s board of directors.
The Series A funding also includes $5 million from M Ventures, the strategic, corporate venture capital arm of Merck KGaA, Darmstadt, Germany. The M Ventures funding was first announced in April 2020. Additional investors in the Series A round include BlueYard Capital, New Lab Ventures and the Partnership Fund for New York.
The Series A funding follows a $6.8 Million seed round by BlueYard Capital, Cambium, NewLab and the Partnership Fund for New York City. This investment brings SEEQC’s total venture funding to over $29 million. In 2019 SEEQC gained significant infrastructure and intellectual property (IP) when the company spun off from Hypres, Inc., the world’s leading developer of superconductor electronics. Prior to this spinoff, Hypres had garnered over $100 million from public and private investments to develop a multi-layer commercial superconductor chip foundry and IP, almost all of which now belongs to Seeqc. Since then, SEEQC has greatly expanded and augmented the assets gained from Hypres by increasing the number of patents held by 50 percent, tripling overall production capacity, and is in the process of constructing a new state-of-the-art 5,000-square-foot millikelvin testing facility in New York. SEEQC has superconductive test facilities at the University of Naples, and in 2021 will build a product development and test centre in London.