ELMSFORD, N.Y.–(BUSINESS WIRE)–SEEQC, the Digital Quantum Computing company, today announced that LG Technology Ventures, an investment arm of the South Korean conglomerate LG Group, is participating in its $22.4 million Series A round.
The Series A round was initially announced in September 2020 and was led by the EQT Ventures fund, one of the largest venture capital funds in Europe. The round also includes an investment from M Ventures, the strategic, corporate venture capital arm of Merck KGaA, Darmstadt, Germany.
A Scalable, Cost-Efficient, Application-Specific Quantum Computing Platform
SEEQC’s platform combines classical and quantum computing, forming an all-digital architecture to address the efficiency, stability and cost issues that often plague quantum computing systems using traditional CMOS-based analog, microwave control infrastructure. The quantum computing platform is designed to scale to meet the needs of diverse business applications.
“Our strategic investment in SEEQC’s quantum computing platform is an important step in bringing the promise of quantum computing to LG’s global industrial portfolio,” said Dong-Su Kim, CEO of LG Technology Ventures. “We believe now is a crucial moment in the commercialization of quantum technologies and we see SEEQC’s platform as a truly scalable solution for the next generation of high-value technological challenges.”
SEEQC will join the portfolio companies in LG Technology Ventures’ over $400 million fund supporting early-stage information technology, automotive, manufacturing, life-sciences, energy, and advanced materials companies.
Digital Quantum Computing: Near-Term Solutions
“The investment from LG Technology Ventures brings us closer to industrial-grade quantum computing on the global manufacturing stage. Through our unique system-on-a-chip architecture and digital approach, we’re developing quantum applications that will yield significant and tangible results in 3-5 years,” John Levy, co-founder and CEO of SEEQC said.
LG Technology Ventures’ evaluated numerous companies over the course of eighteen months before choosing to invest in SEEQC.
“Soon after we began to evaluate and identify a quantum computing solution, it became clear how valuable SEEQC’s platform would be to LG’s entire ecosystem of application developers in the near-term,” said Michael Falcon, managing director at LG Technology Ventures. “We want a solution that will work across multiple LG group companies and is adaptable enough to accommodate all of our R&D initiatives, and SEEQC fit the bill.”
The Series A funding follows a $6.8 million seed round by BlueYard Capital, Cambium, NewLab and the Partnership Fund for New York City. This investment brings SEEQC’s total venture funding to over $29 million.
SEEQC is developing the first fully digital quantum computing platform for global businesses. SEEQC combines classical and quantum technologies to address the efficiency, stability and cost issues endemic to quantum computing systems. The company applies classical and quantum technology through digital readout and control technology and a unique chip-scale architecture. SEEQC’s quantum system provides the energy- and cost-efficiency, speed and digital control required to make quantum computing useful and bring the first commercially-scalable, problem-specific quantum computing applications to market.
The company is one of the first companies to have built a superconductor multi-layer commercial chip foundry and through this experience has the infrastructure in place for design, testing and manufacturing of quantum-ready superconductors. SEEQC is a spin-out of HYPRES, the world’s leading developer of superconductor electronics. SEEQC’s team of executives and scientists have deep expertise and experience in commercial superconductive computing solutions and quantum computing. SEEQC is based in Elmsford, NY, with facilities in London, UK, and Naples, Italy.
About LG Technology Ventures
LG Technology Ventures was established in 2018 and is the venture capital investment arm of the LG Group of South Korea. The LG Technology Ventures team consists of experienced investors, entrepreneurs, technologists, and industry domain experts. Currently, LG Technology Ventures is managing over $400 million of fund assets and invests in early-stage information technology, automotive, manufacturing, life-sciences, energy, and advanced materials companies. We strive to create value to our portfolio companies by helping them develop strategic partnerships with various LG Companies.