Quantum Circuits Inc. sold for $550M

Quantum Circuits Inc. was purchased by D-Wave for 550 million dollars. The transaction includes a plan to double the company's 65-person workforce in New Haven and to provide additional resources to produce quantum computers using the Yale approach. Campus leaders said the sale strengthens the quantum tech ecosystem in Connecticut. Robert Schoelkopf, co-founder of Quantum Circuits and a Sterling Professor of Applied Physics at Yale, said it is time to push down on the accelerator. He said the move will be good for New Haven, the state, Yale, and the entire quantum infrastructure. Ray Smets, chief executive of Quantum Circuits, said he is proud of the team's innovation that led to the breakthrough in hardware-integrated error correction. He said joining forces with D-Wave will accelerate the roadmap to commercially viable gate-model quantum computers. The company had raised 90 million dollars in venture capital investment prior to the sale. D-Wave is based in Palo Alto. Yale leaders said the transaction testifies to the university's strength in quantum science and engineering.