Quantum Computing Inc. (QCi), a company specializing in photonics and quantum optics technology, has raised $50 million through two concurrent offerings of common stock. The funds will support the company’s working capital needs, general corporate purposes, and the advancement of its quantum technologies, particularly the ongoing development of its thin-film lithium niobate (TFLN) Photonic Chip Foundry in Tempe, Arizona. This facility is on track to be operational in Q1 2025.
The funding includes:
- Registered Direct Offering: Sale of 1.54 million shares at $5.00 per share.
- Private Placement: Sale of 8.46 million shares at the same price.
These initiatives aim to strengthen QCi’s ability to scale production, accelerate R&D, and expand its high-performance computing product lines, such as the Dirac quantum optimization machines and reservoir computers.
Chris Boehmler, QCi’s CFO, highlighted the significance of this financial boost, enabling the company to ramp up operations and revenue generation. Titan Partners Group, a division of American Capital Partners, acted as the sole placement agent for these offerings.
QCi specializes in room-temperature, low-power quantum systems, focusing on applications in high-performance computing, AI, cybersecurity, and remote sensing.
For more details, visit Quantum Computing Inc.’s press release here.
December 12, 2024
