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Female-led Oxford Quantum Circuits grabs £38M; UK’s largest ever Series A in quantum computing

Oxford Quantum Circuits
Image credits: Oxford Quantum Circuits

Oxford Quantum Circuits, a Reading-based quantum computing company, has secured £38M in the ongoing Series A round, making it UK’s largest-ever Series A in the quantum computing sector. A second close in Series A is expected later this summer, reports Global Venturing.

The round was led by Lansdowne Partners and The University of Tokyo Edge Capital Partners (UTEC). Others, including British Patient Capital and existing investors like Oxford Science Enterprises (OSE) and Oxford Investment Consultants (OIC), also participated.

How will the funding be used?

The investment will enable Oxford Quantum Circuits to scale its quantum systems and private quantum computing as-a-service offering. With the funding, the company plans to accelerate international expansion in Asia-Pacific, including the Japanese market, a hotspot for financial services.

The announcement comes after the launch of its latest system – Lucy, on Amazon Braket, making it the first European quantum company on AWS.

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.”

Shaping future

Quantum computing has the potential to shape the future and improve people’s lives.

Led by Ilana Wisby, the Oxford university spin-off has developed patented 3D architecture — the Coaxmon, which solves the challenge of two-dimensional circuits that require increasingly intricate engineering to route control wiring across the chip to the qubit.

Its three-dimensional architecture brings key componentry off-chip for vastly increased simplicity, flexibility, engineerability, and scalability.

OQC’s Quantum Computing-as-a-Service (QCaaS) platform, the first in the UK and in Europe, is built entirely using its proprietary technology. As per the company’s claims, it gives customers and partners an edge in improving their operations and making groundbreaking discoveries.

OQC says that its technology can be used by businesses in financial services, pharma, and logistics to increase their competitive edge. Currently, Wisby has a team of 63 and is looking to grow the company further.

According to Global Venturing, OQC is also currently taking part in two Innovate UK projects, leading one of them.

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.”

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, 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.”

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