February 12, 2024 -- Sydney quantum computing hardware manufacturer Silicon Quantum Computing (SQC) has announced the former CEO of Arm Holdings, Simon Segars, as the company’s new Chair, effective January 28.

Segars was employee number 16 in 1991 when he joined Arm, a British-headquartered software and semiconductor design company which was founded the year before and which is now majority-owned by Japan’s Softbank. He was Arm CEO from 2013 to 2022.

During this time, Seggars “spearheaded the company’s growth, leading it to become the UK’s largest semiconductor IP company” said SQC on Monday. “Under his guidance, Arm was acquired by SoftBank Group for £24.3 billion in 2016.”

Joining Seggars on the board is new Director Fiona Pak-Poy, currently Chair of Tyro Payments and a non-executive Director of WiseTech Global, both ASX-listed companies.

Pak-Poy was announced on Monday as the federal government’s Shareholder Nominee Board Director by industry minister Ed Husic.

SQC’s Founder and CEO Michelle Simmons said of the appointments: “Simon’s unparalleled experience in the semiconductor industry will be instrumental as SQC expands.

“I am also looking forward to learning from Fiona’s deep knowledge in helping companies grow.

“I am very excited about the transformative strides we will make together and would like to take this opportunity to thank our inaugural Chair, Stephen Menzies for his pivotal role in the success of the company to date.”

SQC raised $83 million seed capital in 2017, and closed a $50.4 million Series A capital raising last year to fund its goal to manufacture the world’s first scalable, error corrected quantum computer.

The Series A was priced at $1.75 per share and took the company’s valuation to $195.3 million, up from a previous valuation of $82.8 million.

According to the company’s website its medium-term goal (by 2028) is a programmable device based on a 100-qubit quantum processor embodying error correction. It’s goal for 2033 is enabling “useful Quantum Computing solutions for a broad audience of users across multiple use cases by 2033.”