Equal1, the Irish quantum computing company that was spun out from University College Dublin (UCD), has raised $60 million (€52 million) to further develop its quantum computing technology and deploy its new quantum server for data centres.
The funding brings to $85 million the total raised by the company, with the possibility of further follow-on funding.
Quantum computing uses the theories of quantum mechanics to solve complex problems that might stump classical computers. However, it requires special hardware, which can be difficult to build.
Equal1 uses the same semiconductor processes that power microchips, rather than requiring dedicated manufacturing infrastructure. The Bell-1 server, named after Belfast-born physicist John Stewart Bell, uses significantly less power than other quantum machines, and is plug-and-play. Equal1’s approach can benefit from the economics of the industry, including reduced costs based on volume.
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Quantum computing is expected to unlock up to $100 billion in value. It could also help AI computing infrastructure become more sustainable in its energy use, working as a tightly integrated accelerator.
“This $60 million in funding marks the transition of Equal1 from development to deployment,” said Jason Lynch, chief executive of Equal1.
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“As AI pushes classical computing into power and cost limits, quantum is the way forward, but only if it can be manufactured and deployed like the rest of the stack. By building quantum processors on standard silicon, we’re turning quantum from bespoke hardware into deployable infrastructure – positioning Equal1 as the quantum standard for HPC [high-performance computing].”
Among its customers is the European Space Agency, which is to implement Equal1’s rack-based, plug-and-play quantum computer Bell-1 in its High Performance Compute Centre in Italy.
The round includes backing from Ireland Strategic Investment Fund (ISIF), Atlantic Bridge, European Innovation Council Fund, Matterwave Ventures, Enterprise Ireland, Elkstone and TNO Ventures.
“This commitment aligns with ISIF’s double bottom-line mandate to invest commercially while supporting economic activity and employment in Ireland. Backing innovative Irish companies like Equal1 as they scale internationally is central to ISIF’s scaling indigenous businesses investment theme,” said Brian O’Connor, senior investment director at ISIF.
“Equal1 is already making its mark in silicon-based quantum technology and we look forward to working with Equal1 as it enters its next phase, helping to realise its vision for the advancement of quantum computing technology in Ireland.”
