memQ Announces Series A Funding to Drive Extensible Quantum Networking
Leading quantum investors join to fuel efforts enabling scalability, modularity, and commercial deployment of quantum computing
Chicago, IL, March 31, 2026 (GLOBE NEWSWIRE) -- memQ™, the industry leader in quantum networking solutions for distributed quantum computing, announced today the closing of its $10M Series A round of financing. The round was co-led by Quantonation and Ocean Azul Partners, with syndicate participation from both existing and new investors.
Quantum computing is the next major shift in computing, forecasted to become a $100B market by 2035 according to McKinsey & Company; in that the quantum communications subsector alone is projected to reach up to $15B. Key workloads include quantum secure networking, distributed quantum computing, blind quantum computing, and quantum sensing. Each of these are expected to require the ability to network quantum-capable systems across a range of distances, and potentially across varied quantum computer architectures and qubit modalities.
“Quantonation was the industry’s first venture fund dedicated to quantum technologies and deep physics, recognizing the potential for quantum systems to transform our use of information,” stated Christophe Jurczak, founding partner at Quantonation.“We see in memQ the potential to unlock and accelerate the power of quantum across our entire portfolio, as well as the industry at large – and to be a clear industry leader in that process.”
The memQ xQNA portfolio provides the core components needed to network quantum systems together for modular growth, unlimited scale, and real-world use cases such as scale-out configurations, cooperative processing, and blind cloud quantum computing – all using dense and efficient chip-scale technology. The company’s quantum network interface controllers (QNICs) allow various types of quantum computers to join a network without collapsing the quantum state; the quantum memory modules (QMMs) provide stable quantum memories for centralized entanglement operations; the quantum control system (QCS) orchestrates qubit and entanglement operations across a distributed network with atomic precision; and the distributed quantum compiler (xDQC) distributes workloads across the network based upon optimum resource allocation for maximum performance.
“memQ’s breakthrough technology addresses a key issue facing today’s quantum computers: the inability to work together over classical networks; this blocks them from leveraging the type of modular scale-out configurations that are key to today’s HPC and supercomputer systems,” stated Charles Foley, Chairman and CEO of memQ. “Our end-to-end architecture provides qubit-agnostic connectivity and control of connected quantum systems over standard optical telecom links, using chip-scale solutions that are efficient, powerful, and straightforward to integrate.”
"Photonic integrated control circuits are a key enabler of the utility-scale, networked quantum systems we're building at Atom Computing. memQ is making meaningful progress on technologies that could be central to scaling quantum computers, and we look forward to collaborating with their team to accelerate that vision," said Dr. Ben Bloom, CEO and Founder, Atom Computing.
Industry analyst firm Global Quantum Intelligence (GQI) was among the first of the market research firms to analyze memQ’s technology, which was included in an industry diligence report published in December 2024. “At GQI, we monitor the evolution and development of the quantum industry as a whole – from science, to technology, to products, and eventually to business models. memQ’s approach to developing an extensible quantum network architecture based upon commercial fab processes and platforms is a leading approach to delivering quantum networking at scale,” reported Andre Konig, CEO of Global Quantum Intelligence. “Capabilities such as this will be prerequisite to quantum computing attaining its full promise.”
About memQ™
Founded in 2021 as a technology spin-out from the University of Chicago, memQ is dedicated to enabling the scalable implementation of quantum computing through standards-based connectivity across optical connections between quantum computers anywhere. The company’s portfolio provides secure connectivity and control across local, campus, metro, and wide-area quantum compute resources with high-fidelity and low-loss, regardless of qubit structures employed. More information is available at www.memq.tech.
Charles Foley memQ, Inc. +1 (609) 332-1185 cfoley@memq.tech Joanne Hogue Smart Connections PR for memQ, Inc. +1 (410) 658-8246 joanne@smartconnectionspr.com
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