Insider Brief
- ParticleX and the Hong Kong University of Science and Technology Entrepreneurship Fund announced an investment in QUANTier.
- QUANTier is a HKUST spin-off with a goal to connect education and industrial users with quantum computing resources through the cloud.
- The startup’s approach is the use of lasers to control the movement of atoms.
PRESS RELEASE — 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.
The team did not disclose the amount of the investment.
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.”
For more market insights, check out our latest quantum computing news here.
