MemQ raises $10M to develop distributed quantum network

The beginning of Quantum network solutions Company memQ Inc. today announced that it has increased $10 million in early funding to develop distributed quantum computing networks.

Quantonation and Ocean Azul Partners co-led the Series A round, with participation from existing and new investors.

Quantum computing represents a major change in computing technology, allowing massively parallel exploration of solutions to complex and complex problem sets that far exceed the capabilities of even the most powerful supercomputers available today. The industry is expected to reach a market of 100 billion by 2035, according to McKinsey & Co.

Connecting quantum computers, locally and remotely, could greatly increase their computing power, making them even more effective at solving non-breaking problems. Quantum computers can be tasked with simulating molecular structures, making large objects work and developing cryptography.

“Effective MemQ technology addresses a key problem facing today’s quantum computers: the inability to work with traditional networks; this prevents them from using the kind of scale configurations that are key to today’s high-performance and supercomputer systems,” said Chairman and CEO Charles Foley.

Founded in 2021 as a technology spinout from the University of Chicago, memQ provides components for reliable communication through standards-based communication between quantum machines.

The company is building a portfolio of quantum network interface controllers that allow different types of quantum computers to join the network without collapsing the quantum state and quantum memory modules that allow adherence to remain centralized between nodes. Quantum entanglement is important in quantum communication, as it communicates the quantum properties between distant quantum particles. It is a phenomenon in which two particles are connected to share a unified quantum state regardless of distance.

MemQ components use standard semiconductor processes to connect to an optical network, allowing companies to transform fiber optic networks into “quantum aware” networks. Distances can be very short, such as centimeters and meters, to large areas or large urban areas. MemQ demonstrated subnanosecond clock synchronization over a 132 km link Chicago Quantum Network using entangled photon pairs.

At the core of quantum computing are qubits, which are similar to bits in classical computers. Unlike classical computers, where bits represent 1s or 0s, qubits can be 1, 0 or higher, where a quantum qubit exists as 1 and 0 until measured. This structure allows quantum computers to process complex calculations in parallel by holding states simultaneously until the final calculation.

“MemQ’s approach to developing a scalable quantum network architecture based on commercial processes and platforms is the best way to deliver a quantum network at scale,” said Andre Konig, CEO of market research firm Global Quantum Intelligence.

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