Startup Profile: ZuriQ
ZuriQ aims to develop a fully fault-tolerant quantum computer using a novel trapped ion architecture, positioning itself as a leading player in the quantum computing industry. Their mission is to overcome current scalability challenges in quantum computing to enable practical, large-scale quantum processors.
Website: https://zuriq.com
Industry: Quantum Computing Hardware (Trapped Ion)
Founded: 2024
Headquarters: Switzerland
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Existing quantum computing architectures struggle to scale the number of qubits and their interactions due to technical limitations, hindering the development of fully functional quantum computers. This limits the potential of quantum computing to solve complex problems in cryptography, optimization, and materials science.
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ZuriQ has developed a unique trapped ion architecture using a Penning trap with static magnetic fields instead of traditional RF fields, facilitating scalable qubit counts and comprehensive qubit connectivity in large arrays. This design eliminates micromotion and reduces heat dissipation and mode decoherence, enabling more efficient and scalable quantum computing.
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As the quantum computing market is poised for significant growth with substantial institutional and government investments, there is an urgent need for scalable solutions that can realize the full potential of quantum computing. ZuriQ's technology addresses imminent scalability bottlenecks, making it timely to introduce their innovative approach.
FINANCIALS
ZuriQ is raising between CHF 3.5β5 million in a pre-seed round to be closed in Q3 2024, aiming to limit dilution to a maximum of 20%. They have interest from potential investors totaling over CHF 2.5 million and plan to raise an additional CHF 10 million by the end of Year 3, anticipating initial revenue of approximately CHF 1 million annually from cloud access starting in Year 4.
MARKET SIZE
The quantum computing market is projected to reach $1.3 trillion by 2035 (according to McKinsey), and ZuriQ aims to capture a 1% market share, equating to $13 billion. Early commercialization through cloud-based offerings presents immediate revenue opportunities as the market expands.
TEAM
The team consists of CEO Pavel, an effective communicator with passion for the project; CTO Tobias, the intellectual driving force behind the technology; and a third member, supported by advisors including Prof. Jonathan Home. They plan to expand the team post-funding and are actively seeking a COO with financial experience.
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ZuriQ is developing quantum computing hardware based on their novel trapped ion architecture, with a roadmap to build a fully controllable system with 100 physical qubits and operate up to 15 logical qubits within five years. They also plan to offer a machine with up to 40 fully controllable qubits accessible via the cloud for algorithmic benchmarking.
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Their business model involves generating revenue from cloud access to their quantum computers, supplemented by ongoing government and private investments. They will actively market their systems to government and industry customers and seek collaborations or partnerships to support expansion.
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Competitors like IonQ and Honeywell have more resources and years of development ahead, but they may struggle to scale due to limitations in their approaches. ZuriQ's unique technology and intellectual property give them an advantage, as competitors lack the know-how to replicate their solution in the short term.