Quantum computing startup Seeqc Inc. said today it has secured $22.4 million in a new round of funding that brings its total amount raised to more than $29 million, following an earlier seed funding round in April.

EQT Ventures led the Series A round, which also included participation from M Ventures, the venture capital arm of Merck KGaA and Swedish private equity firm FAM AB.

New York-based Seeqc was founded in 2019 after being spun out from a company called Hypres Inc., which manufactures semiconductor electronics. It’s focused on a new approach to quantum computing that involves using a hybrid architecture that combines quantum processors with classical computers.

The company says its hybrid quantum/classical approach is able to reduce decoherence, which refers to changes in frequency, motion, noise and temperature that affect the extremely volatile “qubits” used in quantum processors. Other types of quantum computing systems require massive, costly infrastructure to stabilize those qubits.

Seeqc says its ability to reduce decoherence means its quantum infrastructure has the potential scale to thousands or even millions of qubits. Furthermore, it says its platform is cost-effective too, since it can operate at around four orders of magnitude lower energy than other quantum systems.

Seeqc also has the distinct advantage of being able to access to Hypres’ fab, which means it can also manufacture its own chips. That makes it one of the few companies in the quantum area with the capability to design, build and test such a system by itself.

Seeqc Co-founder and Chief Executive John Levy said the company will benefit from EQT Ventures’ expertise as it focuses on growth in specific industries such as chemical engineering, machine learning, manufacturing and pharmaceutical development.

“The EQT Ventures teams’ expertise in these industries, along with its collaborative approach to working with its portfolio companies, will be an invaluable resource in helping Seeqc grow and work toward quantum-powered breakthroughs in the coming years,” Levy said.

Photo: Seeqc