A total of $30 million in funding raised thus far.
The Quantum Wave Fund is aiming to raise $100 million for funding for early-stage private companies that already boast viable products related to quantum computing.
"Too many people take quantum computing as hypothetical," Serguei Kouzmine, managing partner of the fund, told CNET. "We want to make a statement that it's serious and it's today. Yes, the really bright future may be around the corner, but today, there's enough to pay attention to."
The fund will focus on security, new measurement devices and new materials. It's currently raised around $30 million in funding, with those managing the fund planning to invest in 10 to 15 companies, giving each around $2 million to $10 million.
In addition to the delivery of the investment, the fund will help said companies "improve processes in engineering, production, marketing, and sales when ready to supply these devices to the global market."
The fund was founded by scientists-turned-entrepreneurs, with its scientific advisory board comprised of professors and scientists from Harvard, Purdue, and quantum centers from around the globe.
Vladimir M. Shalaev, scientific director of nanophotonics and professor of biomedical engineering and physics at Purdue University, said he and other advisers would analyze firms in order to determine if they're worth investing in from a scientific perspective.
"I've been involved in research with meta materials and [have been] asked when is a good time to invest," he explained. "My reply is 'still early to invest though tomorrow could be late.' You can apply this here, and quantum has a huge potential impact. Quantum, I believe, will be the next technology evolution to impact our society."
"It addresses societal needs of processing information faster and making computers faster by all running on quantum science. Science is now moving there. The Nobel Prize this year was an example of what is possible. The science is there, the technology is getting there. The fund has great timing now to launch. Science that can make a big impact in the world, it will change our lives."
Back in September, Australian researchers had said quantum computers are five years to a decade away from coming to fruition.