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Quantum Circuits Inc. raised a $26.5 million extended Series B from major venture capital groups, including Sequoia Capital Partners. The funds will likely be used to expand the team and provide additional space in New Haven, as the company transitions from building quantum computers to finding customers.

Several roadmaps are now pointing to the first undeniable demonstration of useful quantum advantage in 2024. We expect this demonstration to be in computational chemistry, on a use case relevant to pharma or materials engineering, which is why we have made investments in companies like QSimulate and Kvantify. This will be a turning point for the sector, and we expect it to generate an in-flux of funding, especially into companies developing the application layer for quantum computing, with established customer relationships. The integration of AI with quantum computing, which has started in earnest in 2023, will also continue to grow, and we will see quantum techniques increasingly being used to improve current generative models.

Quantacet is an eagerly-awaited new player within Quebecs innovation ecosystem, bringing an added dimension to the range of resources available for creating, supporting, developing, and attracting quantum startups in Quebec. This fund will play a key role in the growth of the quantum industry in Quebec, which has already benefited from numerous private and public investments in recent years. By joining a select group of quantum funds based around the world, Quantacet confirms Quebecs international leadership in this field.