Diraq has attracted new investments from the United States and Singapore, completing a quiet $15 million capital raise as it pushes ahead with international expansion.
Documents lodged with the corporate regulator show the startup received $4.6 million from Singapore’s ICM Global Funds and $768,000 from North Carolina’s Morgan Creek Digital, both new additions to its cap table.
Returning investors include Main Sequence, Uniseed, NewSouth Innovations and French VC Quantonation.
Diraq aims to have its first quantum product by 2029, ahead of a commercially useful “fault-tolerant” quantum computer by 2033. Last year, it raised $33 million (US$22 million) in an extended Series A round, following $30 million (US$20 million) it raised in 2022.
Quantum computers are expected to eventually run algorithms beyond the capabilities of today’s most powerful supercomputers. In theory, this will enable breakthroughs in drug discovery, agriculture, materials engineering and energy transfer.