Quantum Circuits Raises $26.5M, Eyes Quantum Computing Supremacy with New CEO at Helm

Quantum Circuits Inc., a New Haven-based startup, is developing practical quantum computers to compete with tech giants like IBM, Google, and Amazon. The company, which collaborates with Yale University, recently raised $26 million in a funding round led by Sequoia Capital Partners. The new CEO, Ray Smets, anticipates the company will begin selling its quantum computing capabilities in the cloud as a service this year. Quantum computing, which uses quantum physics to solve complex problems, is expected to create a $58 billion global market by 2028. Applications include improving cybersecurity, designing new pharmaceuticals, artificial intelligence, weather prediction, and defense.