Sydney: Diraq secures $15 million in a Series 2-A funding round

Feb 14, 2024 | Posted by Abdul-Rahman Oladimeji

Quantum computing startup Diraq has raised $15 million in a Series 2-A funding round led by specialist investor Quantonation, a venture capital fund dedicated to quantum technologies, with participation from Higgins Family Investments and the University of New South Wales, Sydney. This latest funding round extends the previously announced Series A funding round of $20 million led by Allectus Capital.

“This new funding will be used to expand our talented team in Australia and launch in the US, as well as capitalize on our existing international partnerships,” said Andrew Dzurak, CEO and founder of Diraq. “To see useful quantum computing deployed cost-efficiently in a commercial timeframe will require billions of qubits. We are working closely with our foundry partners to drive qubit development based on tried and tested CMOS techniques coupled with our proprietary designs.”

He added, “We are focused on delivering energy-efficient processors with billions of qubits on one chip contained in one refrigerator, rather than thousands of chips and refrigerators requiring hundreds of square meters of space in a warehouse.”