(BusinessWire) Seeqc, the Digital Quantum Computing company, today announced it has secured a total of $22.4 million in its Series A fundraising, led by the EQT Ventures fund (“EQT Ventures”), to advance commercially viable application-specific quantum computing systems. In addition to EQT Ventures, one of the largest venture capital funds in Europe, Swedish-based FAM AB, a privately owned holding company owned by the three largest Wallenberg Foundations, also participated in the round. Ted Persson, Partner and investment advisor at EQT Ventures, will also join Seeqc’s board of directors.
The Series A funding also includes $5 million from M Ventures, the strategic, corporate venture capital arm of Merck KGaA, Darmstadt, Germany. The M Ventures funding was first announced in April 2020. Additional investors in the Series A round include BlueYard Capital, New Lab Ventures and the Partnership Fund for New York (PFNY).
QT Ventures will serve as both a financial and strategic investor for Seeqc, helping the company continue its development of quantum computing technology and identify opportunities to commercialize quantum computing in the industrial sector. The investment in Seeqc was led by EQT Ventures’ newly-formed frontier technology team, headed up by Ted Persson. This team focuses on companies that are not only set to reshape entire industries but unlock the next frontier of technological breakthroughs.
“Quantum computing will soon transcend the realm of purely academic exploration,” said Ted Persson, Partner and investment advisor at EQT Ventures. “The groundwork to unleash the true potential of quantum computing by lowering the complexity of commercialization is happening right now and John, Oleg, Matt and the rest of the Seeqc team are leading the charge. Bringing together one of the world’s most experienced commercial superconducting electronics teams to unlock the commercialization of quantum computing, Seeqc is set to play a key role in ushering in an entirely new paradigm and redefining human interaction with technology over the next few years. The EQT Ventures team is excited to be joining and supporting Seeqc on its journey ahead.”