A DUBLIN-BASED technology start-up has secured €50m in funding to further develop its quantum computing technology.
Equal 1 has created the first Irish-made quantum computer.
A spin-out from NovaUCD, the firm has raised €51.5m ($60m) to further develop its technology and to deploy its Bell-1 quantum server for data centres, it confirmed this week.
“Named after Belfast-born physicist John Stewart Bell, Bell-1 is the world’s first silicon-based quantum computer server, and the first ever Irish-made quantum computer,” a UCD spokesperson confirmed.
“Unlike traditional quantum servers, it doesn’t rely on dedicated rooms and complex infrastructure, dramatically reducing energy consumption,” they added.
Equal1 CEO Jason Lynch (Pic: Fergal Phillips)“It can be used in existing data centres and plugs into a standard power socket, making quantum computing simpler and more accessible.”
Used to solve problems that are too complex for traditional computers, Equal 1 believes quantum computing has the potential to “unlock $100bn in value by 2035”.
“This $60 million in funding marks the transition of Equal1 from development to deployment,” said Equal 1 CEO Jason Lynch.
“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,” he added.
“By building quantum processors on standard silicon, we’re turning quantum from bespoke hardware into deployable infrastructure, positioning Equal 1 as the quantum standard for HPC.”
The firm’s recent funding round was led by the Ireland Strategic Investment Fund (ISIF), with participation from Atlantic Bridge, the European Innovation Council Fund, Matterwave Ventures, Enterprise Ireland, Elkstone and TNO Ventures.
The European Space Agency, which is one of Equal 1’s customers, is set to implement Bell-1 in its Space HPC in Italy.
“This commitment aligns with ISIF’s double bottom line mandate to invest commercially while supporting economic activity and employment in Ireland,” Brian O’Connor, Senior Investment Director at the ISIF, said.
“Backing innovative Irish companies like Equal1 as they scale internationally is central to ISIF’s scaling indigenous businesses investment theme,” he added.
“Equal 1 is already making its mark in silicon-based quantum technology and we look forward to working with Equal 1 as it enters its next phase, helping to realise its vision for the advancement of quantum computing technology in Ireland.”
Headquartered at NexusUCD, Equal 1 currently employs 45 people across its offices in the US, Canada, Romania, Japan and the Netherlands.
See More: Bell-1, Equal 1, NovaUCD, Quantum Computing
