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  • Australasia

Deal focus: Small is beautiful at Quantum Brilliance

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  • Tim Burroughs
  • 21 February 2023
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Australia-based Quantum Brilliance has raised USD 18m in pre-Series A funding on the back of technological breakthrough that delivers quantum computing without large-scale cooling infrastructure

Australia is responsible for 1.7% of the world’s start-ups, according to the Tech Council, a national industry association that advises the government and other stakeholders on technology issues. When it comes to quantum computing, Australia’s share rockets to 3%. Moreover, the country attracts 3.6% of global venture capital targeting the space.

“We have well-funded universities with deep talent, and we respect those who make a significant contribution to thought and knowledge,” observed Andrea Gardiner, founder and CIO of Jelix Ventures, when asked why Australia punches above its weight in a series of niche technology areas.

In quantum computing, she points to the work being carried out by Michelle Simmons, a professor of quantum physics at the University of New South Wales. Simmons pioneered technologies used to build electronic devices in silicon at the atomic scale, including the world's smallest transistor. Current projects include developing a silicon-based quantum computer.

Simmons also leads Silicon Quantum Computing, a start-up that is commercialising her research. It is one of nine members of the Australian Quantum Alliance, which was formed last year. The founder member roster features five local start-ups plus global players Google, Microsoft and Rigetti.

Another of the five, Quantum Brilliance, recently underlined the scale of the local opportunity by raising USD 18m in pre-Series A funding. Breakthrough Victoria, a state government investment fund, led the round. It was joined by Main Sequence, Investible, MA Growth Ventures, Jelix Ventures, and Rampersand, as well as US-based Ultratech Capital Partners and CM Equity Partners.

While Silicon Quantum Consulting is developing quantum computing chips that rely on silicon as a substrate, which can deliver exceptional power, Quantum Brilliance uses synthetic diamond substrates. The key selling point is size. Synthetic diamond substrates allow quantum computers to operate at room temperature, which means there is no need for the standard cooling infrastructure.

Quantum computing, which can process exponentially larger data sets than classical computing at high speed, is typically associated with large-format use cases like data centres. For Quantum Brilliance, the emphasis is on making everything smaller. The company claims to have developed the first portable quantum computer that operates at room temperature, but it hasn’t stopped there.

“They don’t need bulky refrigerators, so they can just get smaller and smaller. When we first invested, they were building a fully functional quantum processor the size of a laptop,” said Gardiner.

“More recently, it’s the size of a thumb drive. You can plug it into your own laptop and the machine becomes many, many times more powerful than most supercomputers. This technology really does have the potential to change the world, and the team is as well placed as any to make it happen.”

The company, which was founded in 2019 by diamond quantum scientists at Australian National University, believes the small form factor and low power consumption of its computers will enable users to solve more problems for more people. It has even put together a software development kit, so customers can develop and test quantum applications for future commercialisation.

Quantum Brilliance raised AUD 2.5m (USD 1.7m) in seed funding in 2020 and a follow-on of AUD 9.7m the following year. Jelix participated in the first of these, though not through its funds. Rather, the firm secured an allocation and formed a syndicate of individual investors.

“We didn’t have to think about the time horizon. We knew it would be a long time before the company generates revenue, but when that happened it would be huge. The co-investors and I decided that the company was worth backing and that we could be patient capital,” said Gardiner.

However, re-ups in the second seed round and the pre-Series A did rely on equity from Jelix’s debut fund, which closed on AUD 30m in August 2022 and is approximately 50% deployed.

Quantum Brilliance claims its technology has a clear path to mass production and is already being delivered for customers to operate on-site, including at Australia’s Pawsey Supercomputing Centre. There are also several partnerships with governments and organisations globally, notably a hybrid quantum-classical computing programme with US-based artificial intelligence giant Nvidia.

Gardineradmits the business is still some distance from hitting paydirt and must negotiate various challenging technical issues, such as producing a quantum computer with the fidelity to deliver the computational benefits of a classic computer. “But they are already selling hardware, they are on the right path,” she added. “They’ve got a good chance of pulling it off.”

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  • Australasia
  • Technology
  • Early-stage
  • Jelix Ventures
  • Main Sequence Ventures
  • quantum computing
  • Rampersand
  • Australia
  • deep-tech
  • artificial intelligence

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