ELMSFORD, N.Y., Dec. 16, 2020 — Seeqc, a Digital Quantum Computing company, has declared that LG Know-how Ventures, an expense arm of the South Korean conglomerate LG Group, is taking part in its $22.4 million Series A round.
The Series A spherical was in the beginning announced in September 2020 and was led by the EQT Ventures fund, one particular of the major venture funds resources in Europe. The round also incorporates an financial investment from M Ventures, the strategic, company enterprise money arm of Merck KGaA, Darmstadt, Germany.
A Scalable, Charge-Productive, Application-Unique Quantum Computing System
Seeqc’s system combines classical and quantum computing, forming an all-electronic architecture to tackle the efficiency, steadiness and price tag troubles that usually plague quantum computing techniques making use of traditional CMOS-based mostly analog, microwave manage infrastructure. The quantum computing platform is intended to scale to meet the requires of numerous enterprise purposes.
“Our strategic investment in Seeqc’s quantum computing system is an important move in bringing the assure of quantum computing to LG’s international industrial portfolio,” stated Dong-Su Kim, CEO of LG Technological know-how Ventures. “We feel now is a important instant in the commercialization of quantum technologies and we see Seeqc’s platform as a truly scalable solution for the future era of higher-worth technological challenges.”
Seeqc will sign up for the portfolio organizations in LG Engineering Ventures’ about $400 million fund supporting early-phase facts technological innovation, automotive, producing, daily life-sciences, vitality, and sophisticated elements businesses.
Digital Quantum Computing: Around-Term Answers
“The expense from LG Technological innovation Ventures delivers us closer to industrial-grade quantum computing on the world production stage. Through our distinctive system-on-a-chip architecture and digital approach, we’re acquiring quantum programs that will generate major and tangible outcomes in 3-5 a long time,” John Levy, co-founder and CEO of Seeqc stated.
LG Technologies Ventures’ evaluated a lot of providers over the training course of eighteen months right before deciding upon to make investments in Seeqc.
“Soon soon after we began to appraise and recognize a quantum computing answer, it became clear how valuable Seeqc’s system would be to LG’s total ecosystem of application developers in the in close proximity to-term,” mentioned Michael Falcon, running director at LG Technological know-how Ventures. “We want a resolution that will function throughout numerous LG group businesses and is adaptable adequate to accommodate all of our R&D initiatives, and Seeqc suit the invoice.”
The Sequence A funding follows a $6.8 million seed spherical by BlueYard Capital, Cambium, NewLab and the Partnership Fund for New York Metropolis. This investment delivers Seeqc’s whole venture funding to about $29 million.
About Seeqc:
Seeqc is producing a completely electronic quantum computing system for world-wide companies. Seeqc combines classical and quantum systems to deal with the effectiveness, steadiness and price tag troubles endemic to quantum computing devices. The organization applies classical and quantum technological innovation through digital readout and manage engineering and a unique chip-scale architecture. Seeqc’s quantum procedure offers the power- and expense-efficiency, speed and digital management required to make quantum computing practical and provide the first commercially-scalable, issue-precise quantum computing apps to market place.
The enterprise is a single of the very first companies to have created a superconductor multi-layer industrial chip foundry and through this expertise has the infrastructure in area for style, tests and manufacturing of quantum-all set superconductors. Seeqc is a spin-out of HYPRES, the world’s top developer of superconductor electronics. Seeqc’s team of executives and researchers have deep abilities and experience in professional superconductive computing solutions and quantum computing. Seeqc is based mostly in Elmsford, NY, with facilities in London, British isles, and Naples, Italy.
About LG Know-how Ventures
LG Know-how Ventures was recognized in 2018 and is the enterprise money investment decision arm of the LG Group of South Korea. The LG Engineering Ventures group is composed of expert traders, entrepreneurs, technologists, and industry domain experts. At this time, LG Technological know-how Ventures is controlling more than $400 million of fund assets and invests in early-phase info technological know-how, automotive, manufacturing, life-sciences, vitality, and advanced resources organizations. We try to generate worth to our portfolio providers by assisting them establish strategic partnerships with different LG Providers.
Source: Seeqc
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