Oxford Quantum Circuits (OQC), a Reading, the UK-based quantum computing company, announced on Tuesday that it has secured £38M (approximately €44.2M) in the first close of its Series A round of funding.
Lansdowne Partners and The University of Tokyo Edge Capital Partners co-led the round, with participation from British Patient Capital and existing investors Oxford Science Enterprises (OSE) and Oxford Investment Consultants (OIC).
Oxford Quantum Circuits says it will use the funds to scale its quantum systems and its private quantum computing-as-a-service offering. The capital will also accelerate R&D and international expansion in Asia-Pacific, including the Japanese market.
Ilana Wisby, CEO of OQC, says, “This initial close is the UK’s largest-ever Series A in quantum computing, demonstrating the confidence our investors have in our ability to lead the global quantum industry. It’s a testament to the significant technological and commercial progress we have achieved in recent months, thanks to our world-class team. It is also the first step in our international expansion, bringing quantum to our customers’ fingertips – wherever they are in the world.”
Oxford Quantum Circuits: What you need to know
Oxford Quantum Circuits is on the mission to build quantum computers to help solve some of humanity’s most significant challenges – from climate change to new drug discoveries.
For a quantum computer to be practical, it will require ever-expanding computing power and memory. The key challenge for researchers working on quantum computers is to ensure that the quality of control circuits remains intact despite the increase in qubits.
“Traditional” 2D superconducting circuits require increasingly intricate engineering to route control wiring across the chip to the qubits. This degrades the quality of the qubits and increases the chance of costly engineering errors.
To address these issues, the company has developed a patented 3D architecture called Coaxmon, which helps in scaling key technologies without compromising on quality.
The company also has a Quantum Computing-as-a-Service (QCaaS) platform, built using its proprietary technology.
“This will give our customers and partners a competitive edge, improving their operations and making groundbreaking discoveries,” says the company.
Earlier this month, the company launched its latest system, Lucy, on Amazon Braket – making it the first European quantum company on AWS.
OQC says its technology can be used by businesses in financial services, pharma, and logistics to increase their competitive edge.
Investors
The University of Tokyo Edge Capital Partners (UTEC) is a venture capital fund focused on science and technology in Japan and one of the largest deep tech funds in Asia. It has invested in over 140 Japanese and Global startups with a track record of 17 IPOs and 14 M&As.
Lenny Chin, Principal at UTEC, says, “Quantum computing promises to be the next frontier of innovation, and OQC, with its state-of-the-art Coaxmon technology, aims to integrate the forefront of modern physics into our everyday lives. UTEC is honoured to be part of OQC’s mission of making quantum technology accessible to all and will support OQC’s expansion into Asia-Pacific through collaborations with academia including the University of Tokyo, and partnerships with Japan’s leading financial and tech corporations.”
Lansdowne Partners is a European headquartered investment manager, operating a diversified range of actively managed equity strategies.
Peter Davies, Partner & Head of Developed Markets Strategy at Lansdowne Partners, says, “Since launching the UK’s first commercially-available quantum computer, we have continued to be highly impressed with both the technical developments and also the future ambitions of OQC. We are very excited to be investing in this innovative and forward-thinking company.”
Judith Hartley, CEO of British Patient Capital, says, “The UK has long been at the forefront of global technology developments. Our investment in Oxford Quantum Circuits exemplifies our continued commitment to ensuring the UK stays at the forefront of deeptech innovation. The sphere of quantum computing is a vital link in the chain of technological, scientific, and business advancement, from breakthroughs to better business modelling across the board. We are excited to help fund OQC’s expansion into the Asia-Pacific regions, allowing this new frontier in technology to develop even further through exposure to the global market.”
