Irish quantum computing hardware start-up Equal1.Labs could raise up to $50m (€41m) in the next number of years.
qual1 has appointed Declan O’Mahoney as its new chairman. O’Mahoney is currently a senior partner at company advisor Maywentee and was previously a non-executive director at Voxpro and CEO of HeartSine Technologies, which sold to US pharma giant Stryker.
O’Mahoney said the company was now looking to build on its successes.
“I think it has a great opportunity to leap ahead of a lot of the demands here for artificial intelligence [AI] and quantum computing,” he said.
“I got involved through my relationships with Atlantic Bridge [an investor in Equal1] and my relationship with Jason [Lynch, COO at Equal1]. I am now stepping in as chairman to work with the guys and help them build out the business a bit.”
O’Mahoney said Equal1 would constantly be raising capital as it looks to expand.
“We are always raising money,” he said. “This is a big bet. These quantum computing businesses are attracting massive amounts of investment.
“This company will probably raise somewhere between $20m and $50m in the next number of years. There’s going to be constant investment in this kind of technology.”
Despite its ambitious funding aims, Equal1 does not have immediate plans to launch a series-A round, as it is “pretty well-funded at this point,” said O’Mahoney. It has raised around $5m, with $8m in total going into the business before the end of the year.
Equal1, which has around 13 employees in Ireland, is developing a new type of quantum computer based on CMOS – a complementary metal-oxide semiconductor.
Unlike current quantum computers, which require very high costs to operate quantum bits frozen at a temperature of 15mK (-273°C), the Equal1 quantum processing unit can operate at higher temperatures, significantly reducing its size.
The firm, which has a site in the US, was founded by Dr Dirk Leipold, Dr George Maxim, Mike Asker and Professor R Bogdan Staszewski and is a spin-out from the UCD School of Electrical and Electronic Engineering. Atlantic Bridge invested in Equal1 through the University Bridge Fund to support the fabrication of its first quantum processor chip
Atlantic Bridge has invested in Equal1 through the University Bridge Fund to support the fabrication of the company’s first quantum processor chip.
“We have a technology that will enable quantum computing in a very simple fashion,” said O’Mahoney. “We are very excited about that.”
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