Hong Kong venture capital firm ParticleX is teaming up with the Hong Kong University of Science and Technology (HKUST) Entrepreneurship Fund to co-invest in QUANTier, a neutral atoms-based quantum computing start-up and HKUST spin-off.
The parties said their joint investment supports Hong Kong Financial Secretary Paul Chan Mo-po’s initiatives outlined in his 2023-24 budget speech to enhance Hong Kong’s innovation and technology ecosystem.
The amount of money invested was not disclosed. Not much is known about QUANTier, but ParticleX’s website describes the company’s mission as “aiming to bring a real quantum computer to the fingertips of educational and industrial users alike through cloud-based services. Our neutral atoms-based superior technology features naturally identical qubits with longer coherence times. Cutting-edge laser cooling and manipulation techniques enable highly connected and scalable qubit architectures. Furthermore, our quantum machine operates at room temperature without a need for cumbersome cooling systems.”
A press release further stated that QUANTier “specializes in building Quantum Processing Units using atoms and designs to provide cloud computing services that enhance users’ quantum computing experiences. Their unique technology uses laser light to control the movement of atoms, allowing for a room-temperature infrastructure for quantum computers… They target universities and medium-sized businesses that prioritize quality qubits over speed, making their initial focus on education a natural fit.”
The company was founded by Dr. Elnur Hajiyev, who is CTO and whose LinkedIn profile describes him as a “Laser Expert” who previously was an HKUST doctoral student.
Mingles Tsoi, CXO of ParticleX, stated, “The HKSAR Government recently announced a $3 billion investment in basic research for frontier technology fields such as artificial intelligence and quantum technology in its 2023-24 Budget. ParticleX’s investment in QUANTier demonstrates our commitment to building a strong digital future.”
“We are proud to see QUANTier, a HKUST spin-off, receive the support of ParticleX and our HKUST Entrepreneurship Fund,” said Dr. Shin Cheul Kim, PhD, Associate Vice-President for Research and Development (Knowledge Transfer), Hong Kong University of Science and Technology. “This collaboration highlights the importance of academia and early-stage investors working together to drive the disruptive innovation from the breakthroughs in quantum computing research.”
Hajiyev added, “We’re thrilled to have the support of ParticleX and HKUST Entrepreneurship Fund, as their investment will accelerate our development. We look forward to sharing our first-generation neutral atom quantum computing system with the community.”
April has been another of multiple funding announcements, as Agnostiq and Riverlane, among others, recently announced new investments.
Dan O’Shea has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.