Categories: Blackpeak Capital Deals | PR

PRESS RELEASE: Silicon Quantum Computing launches $130m Series A capital raising – Appoints Blackpeak Capital to advise on raise

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
Natasha David: +61 401 389 638
Catherine Arnott: +61 432 405 155

Categories: AGC Partners Insights

AGC PARTNERS INSIGHTS: AGC’s Tech PE Annual Report – Private Equity Rides The Post-COVID Tech Tidal Wave December 2021

The global tech ecosystem has escalated to a feverish pitch since briefly getting crushed by COVID in the spring of 2020. Tech company formation, revenue and hiring growth, and the viral spread of technology to every aspect of our lives has propelled the sector to be the #1 industry, representing $6.9T in GDP, ahead of manufacturing, finance, healthcare, and everything else. Entrepreneurship, VCs, PEs, bankers, and public investors have stoked the flames of the raging tech industry’s growth with a flood of capital, manpower, and creativity.

While not all of the fruits of technology utilization are pleasant – e.g. 10 hours of screen time a day – there is so much of our lives that have been altered/improved in the way we work and live by the introduction of new technologies. 24% of the S&P 500 is represented by technology and the public software index has risen by 218% since April 2020, outperforming the S&P 500 by more than 2x. Annual technology M&A transaction value, which peaked around $600B pre-COVID, will cross over $1.3T this year. The tech IPO market will be up 7x in 2021 compared to its ten-year median. The SPAC market, which did not exist two years ago, will put up $480B in M&A value and over $100B in IPO proceeds in 2021. Public SaaS valuations, which have fluctuated between 5x and 10x revenues over the last 10 years are at roughly 16x.

In this post-COVID world, the sun has shined on technology, and tech PE funds have been making a ton of hay. By our last count, there are now over 300 tech PE funds with 3,700 portfolio companies and over $1.5T under management. Led by Vista, Hg, TA, Thoma, and Insight, tech PEs have done 1,200 of the 3,700 tech deals thus far in 2021. The latest tech funds to be announced are ginormous: Insight at $20B, Silver Lake at $20B, Thoma at $22B and Vista at $22B. Rumor has it that Thoma currently has five funds in the market raising a total of $34B in dry powder ready for deployment in 2022. AGC has now done 15 transactions with Thoma including PDFTron and Greenphire. With this amount of fund raising, AGC think there should be a few more deals to come!

Near zero interest rates, sky high public valuations, and strong PE returns are drawing LP allocations into these tech funds. In turn these tech funds will be doing larger deals, more go privates and a lot more PE to PE deals. The number of “club” deals has rocketed in the last two years and for several good reasons. The growth and quality of the 3,700 PE Port Cos makes for good hunting. In addition, a PE selling 51% of a Port Co to a fellow PE versus exiting 100% benefits from a big step up in basis (not to mention cash plus bragging rights), a continued position in a great company and a new partner to carry the torch going forward.

The PE funds have rapidly deployed a ton of capital for company building, acquisitions, and shareholder liquidity. In many cases, they have also advanced their portfolio companies’ capabilities across multiple fronts driving organic growth as well as acquisitions. Value creation from these activities has been enormous, and in some cases, it has been good enough to just rely on the benefits of growth and multiple expansion. As they say, it’s good to be in the right place at the right time, and technology private equity has been in the right place at the right time in a COVID world.

Tech venture growth funds have now emerged to be contenders for investing in these hyper-scaling young private tech companies. The days of venture capital checks capping out at $20M strictly for primary investment have been blown away by these new age venture growth funds like Tiger, Softbank and Founders. In the last three years, the top 150 venture growth funds have logged over 15,000 minority investments, with the top five combining for nearly 2,000. These funds are writing checks at a furious pace, sized between $5-200M with commitments made over a cup of coffee on the back of a napkin. Deals are done with limited due diligence, 30-day closings, standard preferred terms, sky high valuations, and passive investors. In many cases, the venture growth minority check is beating out the PE majority check with a higher valuation and the lure of not giving up control.

In AGC’s annual PE report, they have surveyed more than 50 of the top tech-focused PEs. With heavy participation from many of the top PEs, they gathered four years of stats on tech M&A activity, total assets under management, total number of majority-owned portfolio companies, and total number of platform deals.

Click to download AGC’s report: AGC-Tech-PE-Annual-Report-Dec-2021



Categories: Blackpeak 40

Blackpeak 40 – Applications close 30 November 2021

Blackpeak Capital is launching its inaugural “Blackpeak 40” which endeavours to identify the top 40 private technology companies in ANZ as measured by the Rule of 40 metric. The Rule of 40 is a common metric used by technology growth investors to assess the trade off between revenue growth and profitability (as measured by EBITDA margins).

Eligibility criteria

To be eligible to participate companies must meet the following criteria:
1. Private technology companies based in Australia or New Zealand
2. FY21 revenues of greater than A$5m and less than A$100m

Based on the responses received the Blackpeak team will seek to verify the information and produce a top 40 list based solely on the Rule of 40 metric. The winner will be offered a complimentary strategic review by Blackpeak Capital (typically valued at up to A$100k).


To apply please click on the link below and fill out the form (should only take a few minutes):

Note: any information provided will be treated as confidential and will not be published with the exception of the aggregate Rule of 40 metric for those companies that qualify (ie. the component parts of revenue growth and EBITDA margins will not be published).

Applications close on 30 November 2021.


For more information contact:

Scott Colvin

+61 416 335 455

About Blackpeak Capital

Blackpeak Capital ( is a leading independent corporate advisory firm with offices in Sydney and Melbourne providing corporate finance and strategic advice to clients. 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 ANZ on IPOs, private capital raisings and M&A transactions.