EQUS start-up secures $3 million in seed funding

EQUS start-up Analog Quantum Circuits (AQC) has received an investment of $3 million from Uniseed to fund the development of key components required for the scale up of quantum computing.

AQC was founded by EQUS Chief Investigators Professor Tom Stace and Associate Professor Arkady Fedorov, who will drive the development to meet the needs of the internationally growing quantum computing industry.

AQC’s inaugural CEO, Tom Stace, said, “AQC develops core microwave technologies for superconducting quantum computers, which are one of the most promising platforms being pursued globally.  We are very pleased to be partnering with Uniseed to bring this to market.”

AQC builds on research funded by the Australian Research Council (ARC), through EQUS and Future Fellowships held by the founders.

EQUS Director Andrew White said, “Tom and Arkady have been working on this technology for over 5 years, and it is fabulous to see EQUS’ fundamental research being translated to address real needs in the sector.”

Professor Halina Rubinsztein-Dunlop AO, Director of EQUS’ innovative Translational Research Program (TRP), said “the TRP provided the research team with translation funding and expert support to help turn this promising research into the business we are seeing launched today.”

AQC will provide significant funding, through a contract research agreement, to the EQUS laboratories at The University of Queensland to complete critical experimental and developmental work.

AQC is the first Australian quantum technology company based in Queensland, and the first superconducting quantum technology start-up in Australia. Building on the founders’ research at UQ, AQC is developing fundamental microwave electronics to enable the scale up of superconducting quantum computers.

Uniseed is Australia’s longest-running early-stage commercialisation fund that makes investments in research emanating from five of Australia’s leading research organisations: The University of Queensland, The University of Sydney, The University of New South Wales, The University of Melbourne and the CSIRO.  Investment capital is also provided by UniSuper. The fund facilitates the commercialisation of its research partners’ most promising intellectual property and secures targeted investment in resulting products and technologies.

Uniseed led the seed funding round with the entire investment coming from Uniseed-managed funds.  Uniseed CEO, Dr Peter Devine, said “This investment highlights Uniseed’s ability to properly fund early-stage deep technology inventions and commercialise innovations from our Australian research partners.