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UNSW Sydney spin-out buys quantum computing hardware technology
Quantum computing company SQC has sold its intellectual property rights and specialised equipment to a new UNSW Sydney spin-out company.
Lauren Croft
Firm: King & Wood Mallesons (Silicon Quantum Computing)
Value: Undisclosed
Area: IP, technology
Key players: Partner Scott Bouvier, who has been an adviser to SQC since its incorporation in 2017, led the transaction with senior associate Karen Litherland. The KWM team worked closely with SQC’s in-house team of general counsel Sarah Longes and chief operating officer Jon King. Jones Day acted for SiMOS Newco, the spin-out company, and Gilbert + Tobin acted for UNSW.
Deal significance: SQC was formed in May 2017 by the Commonwealth of Australia, UNSW Sydney, Telstra, CBA, and the state of NSW to commercialise a portfolio of quantum computing hardware technologies developed by UNSW Sydney. SQC is led by Professor Michelle Simmons and has become a global leader in quantum computing.
In December 2019, SQC announced a strategic decision to focus on atom qubits in silicon technology. SQC continued to support separate technology relating to a process for silicon CMOS (SiMOS) qubit fabrication proposed by Professor Andrew Dzurak. Through this deal, SQC has sold intellectual property rights and capital equipment relating to the SiMOS technology to a new spin-out company formed and funded by UNSW Sydney and Allectus Capital.
As well as the sale of assets, the deal, which was completed on 6 May, involved arrangements to commission and share new intellectual property relevant to both technologies developed at UNSW Sydney.
Commenting on the deal, the firm said it was “delighted to have advised SQC on this strategic sale of technology and we look forward to continuing to support SQC while it focuses on the development of its SQC atom qubits in silicon quantum computing technology.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
