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ParticleX and HKUST Co-Invest in Quantum Computing Startup QUANTier

2023-04-26 14:24 4576

HONG KONG, April 26, 2023 /PRNewswire/ -- ParticleX, a leading venture capital company for startups, is thrilled to announce its partnership with the Hong Kong University of Science and Technology (HKUST) Entrepreneurship Fund ("E-Fund") to co-invest in QUANTier, an innovative quantum computing startup. Quantum computing has the power to transform industries such as education, cryptography, drug discovery, materials science, and financial modeling by performing calculations at exponentially faster speeds than traditional computers. This joint investment supports the Financial Secretary's initiatives outlined in the 2023-24 budget speech to enhance Hong Kong's innovation and technology ecosystem.

QUANTier, a HKUST spin-off, specializes in building Quantum Processing Units using atoms and designs to provide cloud computing services that enhance users' quantum computing experiences. Their unique technology uses laser light to control the movement of atoms, allowing for a room-temperature infrastructure for quantum computers. QUANTier is dedicated to delivering high-quality qubits with long coherence times, making quantum computing more practical and accessible than ever before. Their innovative approach to developing quantum processing units with atoms has the potential to revolutionize the industry. They target universities and medium-sized businesses that prioritize quality qubits over speed, making their initial focus on education a natural fit.

Mingles Tsoi, CXO of ParticleX, stated, "The HKSAR Government recently announced a $3 billion investment in basic research for frontier technology fields such as artificial intelligence and quantum technology in its 2023-24 Budget. ParticleX's investment in QUANTier demonstrates our commitment to building a strong digital future. We believe quantum computing will be instrumental in shaping the future of technology, and we are excited to be at the forefront of this revolution. We are confident that with our support, QUANTier will continue to make significant strides in the field of quantum computing, and we eagerly anticipate the impact their technology will have on the world."

"We are proud to see QUANTier, a HKUST spin-off, receive the support of ParticleX and our HKUST Entrepreneurship Fund. This collaboration highlights the importance of academia and early-stage investors working together to drive the disruptive innovation from the breakthroughs in quantum computing research. We firmly believe QUANTier's innovative approach has the potential to reshape the landscape of quantum computing in the years to come." – Dr. Shin Cheul Kim, PhD, Associate Vice-President for Research and Development (Knowledge Transfer), Hong Kong University of Science and Technology.

Dr. Elnur Hajiyev, co-founder and CTO of QUANTier said, "We're thrilled to have the support of ParticleX and HKUST Entrepreneurship Fund, as their investment will accelerate our development. We look forward to sharing our first-generation neutral atom quantum computing system with the community. "

About ParticleX

ParticleX (https://particlex.com) is a venture capital company that invests in early-stage technology startups, focusing on companies with robust business models and large Total Addressable Markets (TAM). Offering a suite of comprehensive services, ParticleX provides funding, technology breakthroughs, strategic reinvention, and business matchmaking to support startups on their path to success.

About HKUST Entrepreneurship Fund

Aligning with HKUST's Knowledge Transfer Mission and with a view to strengthening the promotion of entrepreneurship spirit among HKUST stakeholders leading to social and economic impact, the HKUST Entrepreneurship Fund ("E-Fund") (https://e-fund.hkust.edu.hk/), with an initial fund size of HK$50M committed by HKUST, is established for the benefit of promising HKUST technology start-up companies.

About QUANTier

QUANTier (https://particlex.com/portfolio/quantier/) is a quantum computing startup that develops Quantum Processing Units using atoms. As a spin-off from the Hong Kong University of Science and Technology (HKUST), QUANTier is on a mission to revolutionize quantum computing, making it more accessible and practical for various industries.

Source: ParticleX
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