Quantum Brilliance

The quantum computing industry is still (extremely) nascent, but it is exciting to witness Australia taking a leading position in quantum computing via startups like Quantum Brilliance, Q-CTRL and others. Quantum Brilliance (a Powerhouse Ventures Portfolio company) raised AUD$25.8 million back in February of this year in its Pre-Series A, and more recently released a quantum software dev kit and announced office expansion. I've collected a few key links below and am keen to keep tracking the progress of this company in particular.

• Overview: https://www.gizmodo.com.au/2023/04/quantum-brilliance-quantum-computing/
• Quantum Brilliance releases quantum software dev kit (March, 2023): https://www.innovationaus.com/quantum-brilliance-releases-quantum-software-dev-kit/
• Pre-Series A (Feb, 2023): https://www.businessnewsaustralia.com/articles/canberra-s-quantum-brilliance-closes--26m-raise-backed-by-main-sequence--investible-and-more.html
• Seed Round (2021): https://www.businesswire.com/news/home/20210825005293/en/Quantum-Brilliance-Raises-9.7-Million-Seed-Funding-to-Advance-Diamond-Quantum-Accelerator-Development-and-Deployment

“We’ve had experience with companies developing technology quietly until their breakout and then reaching significant valuations on the global stage,” said Shaun Wilson, founder of QxBranch, Australia’s first quantum computing applications company, founded in 2014 and acquired by Rigetti in 2019. “We are quietly confident Quantum Brilliance has all the foundations in place to be a globally significant company and to reshape the quantum computing industry.”

Fortunately for Powerhouse Ventures shareholders (ASX PVL), we are in the box seat to watch this one unfold as our Exec Chair, James Kruger, is the Chairman of Quantum Brilliance. Powerhouse invested $500,000 AUD in May 2022 and this investment has since undergone a valuation uplift associated with the Pre-Series A raise, leading to PVL NTA rising (see here).

The next step for Quantum Brilliance will be to raise a much larger (Series A) round. "Dr Doherty, the company’s chief scientific officer, declined to reveal the company’s valuation and said the founders had chosen to raise a pre-Series A round and delay a larger investment because of uncertainty in the foreign capital market.“We made a strategic choice to delay our major Series A raise until there was greater market certainty,” Dr Doherty told The Australian Financial Review." (Source)