Total amount raised
A$70.5 Millions
Latest funding date
06/01/2024
Location
Diraq has successfully raised funding through a Series A round, attracting the support of 10 investors, including Uniseed and UNSW Sydney. The company is focused on redefining scalable quantum computing, offering a full-stack quantum computing platform that integrates both hardware and software.
Keep reading to explore the intricacies of Diraq's fundraising journey and the investors backing this innovative platform.
What Is Diraq?
Diraq, founded in May 2022 by Andrew Dzurak, is headquartered in Sydney, New South Wales, Australia. The company operates in the computer, hardware, quantum computing, semiconductor, and software industries.
With an employee count of 11-50, Diraq aims to revolutionize scalable quantum computing. The company focuses on developing technology that can scale to billions of qubits on a single chip, offering both quantum hardware and software as a full-stack, cloud-accessible service.
How Much Funding Has Diraq Raised?
- Series A Funding Round
- Amount Raised: A$31M (USD $20M)
- Date: May 2022
- Lead Investors: Allectus Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance Diraq’s cutting-edge research and development initiatives to realize the full economic and commercial potential of quantum computing.
- Series A-2 Funding Round
- Amount Raised: A$29M (USD $15M)
- Date: February 2024
- Lead Investors: Quantonation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team in Australia, launch operations in the U.S., and capitalize on existing international partnerships.
- Series A-2 Funding Round
- Amount Raised: A$10.5M (USD $7M)
- Date: June 2024
- Lead Investors: Main Sequence Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive qubit development based on CMOS techniques and proprietary designs.
Total Amount Raised: USD $42M. Current Valuation: Not publicly disclosed.
Key Investors
- Main Sequence Ventures
- Details: Main Sequence Ventures is a venture capital firm with a portfolio of 60 organizations and a total funding amount of $2.2 billion. It is known for its significant role in the technology investment landscape.
- Investment Focus Areas: Technology, deeptech, AI, digital health
- Notable Investments: Not publicly disclosed
- Quantonation
- Details: Quantonation is the first early-stage VC fund dedicated to deep physics and quantum technologies. It is headquartered in Paris, France, and Boston, USA, with a global investment reach.
- Investment Focus Areas: High-performance computation, medical imaging, ultra-precise sensing, quantum technologies
- Notable Investments: Not publicly disclosed
- Allectus Capital
- Details: Allectus Capital is a Bermuda domiciled investment company managed by ICM Limited. It oversees approximately USD $200 million in technology investments.
- Investment Focus Areas: Fintech, deeptech, AI, digital health
- Notable Investments: Not publicly disclosed
- John Higgins Family Investments
- Details: John Higgins Family Investments is a private investment entity. It participated in Diraq's Series A-2 funding round.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- University of New South Wales (UNSW), Sydney
- Details: UNSW Sydney is a leading Australian university involved in research and development. It has a strong focus on advanced technologies and innovation.
- Investment Focus Areas: Research and development, quantum computing, advanced technologies
- Notable Investments: Not publicly disclosed
What's Next for Diraq?
With the recent influx of funding, Diraq is poised to seize substantial opportunities in the quantum computing landscape. The company plans to expand its team in Australia and launch operations in the U.S., leveraging international partnerships to develop energy-efficient processors with billions of qubits on a single chip. This ambitious goal is supported by a total funding of USD $193.8 million, including government research grants.
Future fundraising opportunities appear promising as Diraq continues to advance its technology. The company’s focus on developing a quantum chip through a standard semiconductor foundry could attract further investment rounds, bolstered by the growing interest in quantum computing technologies. Strategic partnerships or acquisitions may also play a role in enhancing Diraq’s market reach and technological capabilities.
However, Diraq faces significant challenges, including the technical hurdles of achieving scalable error correction and competing with other global quantum computing firms. Ensuring the commercial viability and cost-efficiency of their technology will be crucial as they strive to construct the most powerful quantum computers in the world.
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