- Archer Exploration has successfully completed the share placement to raise $300,000
- Used to advance its 12CQ carbon-based computing chip
Archer Exploration has announced the successful completion of a share placement to raise $300,000, before costs, to fund its growth opportunities. The share placement consisted of 4,285,714 new shares at $0.070 per share and was made to sophisticated and professional investors.
The money raised will fund ongoing investment in its advanced materials technology with emphasis on the 12CQ carbon-based quantum computing chip.
In December 2018, Archer executed into a binding agreement with the University of Sydney’s Commercial Development and Industry Partnership program.
This partnership gave Archer the extensive rights to develop and commercialise intellectual property relating to its carbon-based quantum computing technology.
Announced in April 2019, the 12CQ project aims to build a carbon-based quantum computing chip capable of room temperature quantum information processing.
Quantum refers to atoms and molecules which make up everything and allow for more precise measurements and processes. A quantum computer, made up of atoms and molecules, allows tasks to be done faster, more accurate and more refined.
It helps GPS’s to be more precise with location, more refined in composition of images and faster in processing results.
The technology consists of a core device manufactured from materials known as qubits which are capable of solving complex calculations.
One of the biggest challenges of the use of the chip realties to keeping the qubits at stable room temperature while integrating it into electronic devices.
“They are extremely difficult to integrate into modern electronics. Simply put, they are limited in their practicality and use (due to the need to remain at low temperatures,” CEO of Carbon Allotropes Dr Mohammad Choucair said.