Irish company Equal1 raises $60m
McKinsey estimates the combined quantum computing, communication and sensing markets could generate up to $97bn in annual revenues by 2035
Dublin-based quantum start-up Equal1 has secured $60m in new funding in a round led by the Ireland Strategic Investment Fund, with backing from Atlantic Bridge, the European Innovation Council Fund, Matterwave Ventures, Enterprise Ireland, Elkstone and TNO Ventures.
The investment comes as global interest in quantum technologies accelerates. McKinsey estimates the combined quantum computing, communication and sensing markets could generate up to $97bn in annual revenues by 2035 — an opportunity Equal1 is positioning itself to capture.
A spin-out from University College Dublin, Equal1 developed Ireland’s first indigenous quantum processing unit (QPU), Bell-1, which was unveiled in March last year. Unlike many quantum systems, Bell-1 is rack-mounted and built using conventional semiconductor processes, incorporating cryo-coolers similar to those used in MRI machines and chips manufactured by leading foundries such as TSMC. This approach enables greater scalability and lower costs than bespoke quantum hardware.
The latest funding will support the deployment of Bell-1 at high-performance computing centres, including the European Space Agency’s Phi-lab in Italy, while accelerating the company’s roadmap toward millions of on-chip qubits, expanding manufacturing and growing its workforce.
“This funding marks our shift from development to deployment,” said Equal1 CEO Jason Lynch, describing the company’s ambition to make quantum computing deployable infrastructure for data centres and HPC environments.
Equal1 also participates in Ireland’s Disruptive Technologies Innovation Fund through the Qubic project and has an ongoing collaboration with Nvidia to develop practical quantum use cases.
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