Pure-play Quantum · Incubator / Accelerator
Duality Quantum Accelerator
First US quantum-only accelerator (UChicago Polsky Center + Chicago Quantum Exchange, 2021). Now the quantum track of Alchemist Chicago: Phase 1 validation in Chicago, Phase 2 with a $50K SAFE and Alchemist Demo Day, plus a dedicated IBM quantum software track. 25+ startups supported, $50M+ in follow-on funding raised, one exit (Super.tech to ColdQuanta/Infleqtion).
Investment thesis
Duality, launched in April 2021 by the University of Chicago's Polsky Center and the Chicago Quantum Exchange with founding partners UIUC, Argonne National Laboratory, and P33, is the first US accelerator exclusively focused on quantum startups. Across four cohorts (2021 to 2024), the 12-month program combined Chicago Booth business training, mentorship from CQE researchers, and a US$50K non-dilutive grant per company. In July 2025, Duality became the quantum track of Alchemist Chicago, a two-phase deep tech accelerator run by Alchemist Accelerator and the Polsky Center: Phase 1 covers validation in Chicago, and the 8 to 10 startups advancing to Phase 2 receive a US$50K SAFE plus Alchemist's flagship program and Demo Day. Eight quantum startups joined the inaugural Alchemist Chicago cohort in October 2025, with five also backed by a dedicated IBM quantum software track; IBM Ventures invested directly in SQK and QodeX Quantum in February 2026. Since 2021 Duality has supported more than 25 startups that have raised over US$50 million in follow-on funding, with one exit (Super.tech, acquired by ColdQuanta, now Infleqtion, in May 2022). The program sits at the center of Illinois' quantum buildout, anchored by the Illinois Quantum and Microelectronics Park with PsiQuantum and IBM Quantum System Two.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Not a fit if you cannot incorporate a US entity or commit a founder to in-person Phase 1 in Chicago (per Duality eligibility) and Phase 2 retreats in San Francisco (per Alchemist Chicago)
- The program now invests via a US$50K SAFE in Phase 2, not the historical non-dilutive grant: founders seeking purely non-dilutive support should look elsewhere
- Alchemist Chicago requires a technical founding team of at least two co-founders; solo founders are excluded
- Quantum is one track within a broader deep tech cohort (about 30% of the inaugural intake): less exclusive quantum focus than the original Duality cohorts
- Only 8 to 10 of up to 30 Phase 1 startups advance to Phase 2 funding; most participants get programming, not capital