A quantum computing startup spun out of the Institute for Quantum Computing at the University of Waterloo is rapidly gaining traction, securing $10.7 million in combined dilutive and non-dilutive funding and achieving a public listing just over six months after launch.
QuantumCore, co-founded by Dr. Christopher Wilson, a faculty member at the Institute for Quantum Computing and Chief Technology Officer, along with CEO Eugene Profis, is focused on developing critical hardware components for quantum computers. Its core innovation is an amplifier designed to boost read-out signals from superconducting quantum chips operating near absolute zero temperatures and transmit them effectively to room temperature systems. This addresses a key engineering bottleneck in scaling quantum computing systems.
The company has raised $9 million through two private funding rounds since October 2025. These included both brokered and non-brokered private placements, with Canaccord Genuity Corp. serving as lead intermediary alongside PowerOne Capital Markets Limited. This approach allowed QuantumCore to tap into a broader pool of investors beyond traditional venture capital, leveraging Canada’s established financing model for high-risk, high-reward sectors.
Earlier this month, the company also completed a public listing on the Canadian Securities Exchange, further strengthening its capital position.
In addition, QuantumCore secured $1.7 million through the Natural Sciences and Engineering Research Council of Canada’s Alliance Grant program as an industry partner with the Institute for Quantum Computing. This funding provides access to advanced research facilities, including Wilson’s lab, enabling accelerated development without diluting shareholder value.
The company is positioning itself as a key enabler in the quantum ecosystem rather than a direct competitor to quantum computer manufacturers. Its amplifier technology is intended to support companies building large-scale quantum systems with thousands of qubits, helping them overcome signal-readout challenges as they move toward commercialization.
Since its launch, QuantumCore has hired five full-time technical employees and established an office and lab in uptown Waterloo. The company is also leveraging the University of Waterloo’s Quantum Nano Fabrication and Characterization Facility as part of its development infrastructure.
By building within the Waterloo ecosystem, QuantumCore aims to capitalize on access to specialized talent, advanced manufacturing resources, and a strong base of engineering expertise, all of which are critical to advancing quantum technologies.
KEY QUOTES:
“It’s a necessary product for quantum computing companies that are just a few years away from launching computers with thousands of qubits.”
“Canada has this homegrown way of financing ventures like quantum tech, and our investors understand how to think about high risk. Superconducting quantum computing is one of the biggest sectors in terms of industrial development, and there is a lot of Canadian experience and appetite to fund ventures with these startup risk profiles.”
“Growing the company in the Waterloo ecosystem is crucial because of the big pool of local technical experts, in quantum and other engineering disciplines, access to specialized production resources and the region’s big industrial manufacturing base.”
Dr. Christopher Wilson, Professor, Department Of Electrical And Computer Engineering, University Of Waterloo, And Chief Technology Officer, QuantumCore
“The quantum industry and the technology are evolving so quickly, and we wanted to be thoughtful about how we access funding. We are acting with urgency because of the rapid acceleration of the large quantum computing programs as seen by the recent Q-Day announcements out of Google Quantum AI Labs. Our combined experience in quantum computing and finance have been received well by the investment community.”
“We are not trying to build the most powerful quantum computer; we provide scalable components to all the major platform companies that are competing to build the world’s first commercial quantum computers. These companies have raised a lot of capital to build computers, and we want to help them get their quantum processors to the next level.”
Eugene Profis, CEO, QuantumCore
