Silicon Quantum Computing launches $130m Series A capital raising
Sydney, Australia, 14 June 2022 – Silicon Quantum Computing (SQC) today announced the launch of its A$130m Series A capital raising to fund the company’s technical development, operations and strategic activities from 2023 to 2028.
The company also confirmed its appointment of Blackpeak Capital to advise it on the Series A raising.
The Series A round follows SQC’s successful A$83 million seed capital raising in 2017. Investors in the 2017 seed round were UNSW Sydney, the Australian Commonwealth Government, the NSW Government, The Commonwealth Bank of Australia and Telstra Corporation Limited.
Under the leadership of founder Michelle Simmons AO, SQC used its seed funding to advance its proprietary technology using its unique capability to manufacture sub-nanometre precision qubits in silicon. The funding was also used to establish the company’s operations at its world-class facilities at UNSW Sydney and to help propel the company toward its first watershed milestone – a quantum integrated circuit.
The Series A funding will enable SQC to continue developing its proprietary technology to meet its second watershed technical milestone – a 100-qubit quantum device – and to unlock market opportunities, resulting in a major value inflection point.
“SQC’s unique approach ensures the scalability and quality of our technology. Combined with our ability to manufacture in-house and secure world-leading talent and partnerships, we are on track to deliver useful commercial quantum computing by 2028,” says SQC Chairman, Stephen Menzies.
“It is an exciting time for us as we move through the next phase of the company’s business and technical development, and we are delighted to have Blackpeak Capital supporting us throughout the capital raising process.”
According to Simmons, who will formally take up the role of CEO of SQC on July 1, investment in the Series A funding round also creates an opportunity for strategic investors to engage directly with the company during its next phase through a bespoke end user collaboration.
“Our investors are vital partners as we continue to work with end user organisations to identify and develop solutions that address their business outcomes and help them solve complex challenges,” says Simmons.
Independent corporate advisory firm, Blackpeak Capital, will provide strategic advice to SQC throughout the capital raising process.
“Australia has a world-leading position in the quantum computing space and is recognised for its outstanding talent in the field. We believe SQC is incredibly well positioned globally to win the race to scalable quantum computing, which is a once-in-a-generation technology opportunity,” said Scott Colvin, Managing Director, Blackpeak Capital.
“We are delighted to play a role in facilitating the company’s Series A capital raising and continuing to bring quantum and industry closer together. This raising offers an outstanding investment opportunity to support a leading quantum computing company and allows strategic investors to work with SQC to develop co-generated quantum computing solutions.”
SQC’s seed investors remain closely engaged with the company to support the Series A capital raising and are working with the company to understand the technology through end user collaborations.
In line with its strategy and portfolio of technology investments, Telstra has been a foundation partner of SQC since its initial capital raise in 2017.
“Quantum computing will be a disruptive and transformative technology over the coming decades, and through our early investment in SQC and innovative partnerships with Government, we’re helping to build a world class technology nation. We look forward to continuing our involvement with the SQC team and this dynamic, world-leading project,” said Kim Krogh Andersen, Group Executive Products and Technology at Telstra.
The Commonwealth Bank of Australia (CBA) will also continue to work closely with SQC both as a shareholder and potential customer of the company.
“CBA believes SQC has both the world leading vision and relentless focus on engineering quality that uniquely positions it to be a future world leader in quantum computing,” said Commonwealth Bank’s Chief Information Officer Technology, Brendan Hopper. “The existing global semiconductor industry is built around silicon technologies, which we believe gives SQC significant competitive advantage, and we are starting to work with SQC on our first financial use cases.”
+++
About Silicon Quantum Computing Pty Ltd
Silicon Quantum Computing Pty Limited (SQC or the Company) is an Australian private company at the forefront of global efforts to build a commercial-scale quantum computer and bring quantum computing to market.
SQC was formed in May 2017 by the Commonwealth of Australia, UNSW Sydney, Telstra Corporation, the Commonwealth Bank of Australia and the State of New South Wales. It was funded with A$83 million to acquire a portfolio of world leading, silicon quantum computing intellectual property (IP) developed over the previous twenty years at the Centre of Excellence for Quantum Computation and Communications Technology (CQC2T) and to undertake a technical development program to build a silicon quantum computer.
Since May 2017, SQC has assembled a world class team of quantum scientists, engineers and technicians, specialist equipment and globally unique laboratories at UNSW to further its program. In addition to its core processor technology, SQC is developing a ‘full stack’ quantum computer ‘to ensure it can deliver a useful and manufacturable quantum device.
About Blackpeak Capital
Blackpeak Capital is a leading independent corporate advisory firm providing corporate finance and strategic advice on M&A transactions, capital raisings and capital market transactions including IPOs. Blackpeak offers independent, objective advice and is focused on building long-term relationships with clients to assist them achieve their growth ambitions and create value for their shareholders. Blackpeak has established a track record of advising leading technology growth companies in Australia and New Zealand and has completed approximately 50 technology transactions over the last 7 years.
Media contacts:
Espresso Communications on behalf of Silicon Quantum Computing
sqc@espressocomms.com.au
Natasha David: +61 401 389 638
Catherine Arnott: +61 432 405 155