Quantum computing is regarded as an area of tech that has massive potential to address humanity’s greatest challenges. Today, UK-based company Oxford Quantum Circuits has just announced the first close of its Series A at about €44 million – the largest-ever Series A in quantum computing made in the UK, signalling strong confidence in the startup.
Quantum computing is a rapidly-emerging technology that is regarded as holding the ability to shape future life on earth – solving challenges from climate change to drug discovery. It harnesses the laws of quantum mechanics, such as superposition, interference and entanglement, to solve problems too complex for classical computers. It, therefore, has immense power to influence how we view the world and to bring about breakthrough discoveries. It’s still an emerging tech, but, with startups like Oxford Quantum Circuits, it is coming closer to our reach.
Taking in the UK’s largest-ever Series A in quantum computing to date, Reading-based Oxford Quantum Circuits has picked up €44 million. The investment was co-led by Lansdowne Partners, one of Europe’s leading investment firms, and The University of Tokyo Edge Capital Partners (UTEC), Japan’s largest deeptech VC fund. British Patient Capital and existing investors Oxford Science Enterprises (OSE) and Oxford Investment Consultants (OIC) also participated.
Founded in 2017, OQC’s patented 3D architecture, the Coaxmon, combines unparalleled scalability with world-class performance. In February 2022, the team launched its latest system Lucy, on Amazon Braket, making it the first European quantum company on AWS.
lana Wisby, CEO of OQC, commented: “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 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.”
Quantum computing has the potential to shape our future and improve people’s lives and has long been recognised as a matter of strategic national importance. British Patient Capital’s investment in the round is part of its wider ambition to cement the UK’s position as a science and technology superpower.
Judith Hartley, CEO, British Patient Capital said: “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.”
This new investment will be used to scale the company’s quantum systems and its private quantum computing as-a-service offering. It will also consolidate OQC’s position in Europe and accelerate international expansion in Asia-Pacific, including the Japanese market – a hotspot for financial services eager to realise the advantages of quantum computing.
Lenny Chin, Principal at UTEC, said: “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.”