UCD spin-out Equal1 raises €51.5m in funding to roll out quantum computers
15 January 2026
Jason Lynch, CEO of Equal1
(opens in a new window)Equal1, a spin-out company of NovaUCD, has raised $60 million (€51.5 million) in funding to further develop its quantum computing technology and deploy its Bell-1 quantum server for data centres.
Bell-1 is the world’s first silicon-based quantum computer server. Unlike traditional quantum servers, it doesn’t rely on dedicated rooms and complex infrastructure, dramatically reducing energy consumption.
It can be used in existing data centres and plugs into a standard power socket, making quantum computing simpler and more accessible.
Named after Belfast-born physicist John Stewart Bell, Bell-1 is also the first ever Irish-made quantum computer. Quantum computing is used to solve problems that are too complex for traditional computers.
The funding round was led by the Ireland Strategic Investment Fund (ISIF), with participation from Atlantic Bridge, the European Innovation Council Fund, Matterwave Ventures, Enterprise Ireland, Elkstone and TNO Ventures.
It brings the total investment in Equal1 to date to $85 million (€73 million).
“This $60 million in funding marks the transition of Equal1 from development to deployment,” said Jason Lynch, CEO of Equal1.
“As AI pushes classical computing into power and cost limits, quantum is the way forward, but only if it can be manufactured and deployed like the rest of the stack.
“By building quantum processors on standard silicon, we’re turning quantum from bespoke hardware into deployable infrastructure, positioning Equal1 as the quantum standard for HPC.”
It is estimated that quantum computing could unlock $100 billion in value by 2035. It could also help to put AI computing infrastructure on a more sustainable energy trajectory.
Among Equal1’s customers is the European Space Agency (ESA), which is set to implement Bell-1 in its Space HPC in Italy.
“This commitment aligns with ISIF’s double bottom line mandate to invest commercially while supporting economic activity and employment in Ireland. Backing innovative Irish companies like Equal1 as they scale internationally is central to ISIF’s scaling indigenous businesses investment theme,” said Brian O’Connor, Senior Investment Director at the ISIF.
“Equal1 is already making its mark in silicon-based quantum technology and we look forward to working with Equal1 as it enters its next phase, helping to realise its vision for the advancement of quantum computing technology in Ireland.”
Headquartered at NexusUCD, Equal1 has offices in the US, Canada, Romania, Japan and the Netherlands, and currently employs 45 people
By: Rebecca Hastings, Digital Journalist, UCD University Relations (with materials from Micéal Whelan, UCD Research and Innovation)
To contact the UCD News & Content Team, email: newsdesk@ucd.ie
