Equal1 is behind Ireland’s first home-grown quantum processing unit, Bell-1, launched last March.
Dublin-based quantum start-up Equal1 has raised $60m in a funding round led by Ireland Strategic Investment Fund. The round saw participation from Atlantic Bridge, the European Innovation Council Fund, Matterwave Ventures, Enterprise Ireland, Elkstone and TNO Ventures.
McKinsey finds that the whole of the quantum industry, which includes three major pillars – quantum computing, quantum communication and quantum sensing, could together generate up to $97bn in revenue by 2035. And Equal1 wants to dominate in this industry.
The start-up, a University College Dublin spin-out, is behind Ireland’s first home-grown quantum processing unit (QPU), Bell-1, launched last March.
The rack-mounted QPU uses existing semiconductor technology, including cryo-coolers typically made for MRI machines and chips made by TSMC and similar companies, that produce chips for traditional computing.
This makes Equal1’s quantum machines scalable and comparatively more affordable than other companies.
In an interview with SiliconRepublic.com last year, the start-up’s chief commercial officer Patrick McNally said that Bell-1 is the world’s first silicon-based quantum server designed for data centres and high-performance computing.
“We are the first silicon spin quantum computer to have any number of qubits in a rack-mounted device” he added.
The latest funding round is expected to expand with follow-on investors in the coming months, the company said.
The infusion will allow Equal1 to deploy Bell-1 to HPC centres, including to the European Space Agency’s Phi-lab in Italy. The funding will also allow the start-up to advance its roadmap towards “millions” of on-chip qubits, scale manufacturing and grow its team.
“This $60m in funding marks the transition of Equal1 from development to deployment,” said Jason Lynch, the CEO of Equal1.
“As AI pushes classical computing into power and cost limits, quantum is the way forward, but only if it can be manufactured and deployed like the rest of the stack.
“By building quantum processors on standard silicon, we’re turning quantum from bespoke hardware into deployable infrastructure – positioning Equal1 as the quantum standard for HPC.”
Gerry Maguire, the board director at Equal1 and General Partner at Atlantic Bridge added, “Atlantic Bridge, who has helped build the company since inception, recognised Equal1’s potential to fundamentally change the future of quantum computing.
“This funding milestone is a significant step forward, enabling Equal1 to move from breakthrough innovation to commercialisation, and we are proud to continue supporting the team as they execute on this next phase of growth.”
Equal1 is a part of the seventh Disruptive Technologies Innovation Fund call, collaborating on a project called ‘Qubic’ to create quantum algorithms, hardware and software to address challenges in energy, climate modelling, advanced materials and pharmaceuticals.
In 2024, the company announced a collaboration with Nvidia to develop quantum use cases, business models and proofs of concept.
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