Quantum Circuits Inc. Quietly Raises $26.5 Million

Quantum Circuits Inc. raised a $26.5 million extended Series B funding round from major venture capital groups, including Sequoia Capital Partners. The funding round, which occurred in May 2024, was reported by the Hartford Business Journal. The company, which builds quantum computing systems based on superconducting technology, plans to use the funds to expand its team and increase its space in New Haven. Quantum Circuits, founded by Yale researchers, has raised $84 million since its inception in 2015. CEO Ray Smets indicated that the company plans to offer quantum computing capabilities in the cloud as a service and expects to sell quantum devices in the future. The company is focusing on error correction, a critical challenge in quantum computing, and boasts a unique approach to intrinsic error handling at the qubit level. This approach has attracted significant interest from investors like Sequoia Capital. The additional funding will support Quantum Circuits' growth, allowing it to increase its workforce by 50% by the end of 2024 and expand its lab space in Yale’s Science Park. The company's Yale roots highlight the potential for university-industry collaborations, contributing to Connecticut's position as a hub for quantum innovation.