Oxford Quantum Circuits raises £38 million and sets sights on Asia-Pacific market
Oxford Quantum Circuits (OQC) has raised £38 million as part of its ongoing first round of funding.
The Reading-based company, based at the Thames Valley Science Park, says the investment will accelerate research and development and fuel expansion in Asia-Pacific.
The sum raised is the UK’s largest ever Series A in quantum computing and is part of the firm's on-going Series A fundraising drive.
OQC’s patented 3D architecture, the Coaxmon, combines unparalleled scalability with world-class performance.
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Quantum computing focuses on developing computer technology based on the principles of quantum theory which explains the behavior of energy and material on the atomic and subatomic levels.
Computers used today can only encode information in bits that take the value of 1 or 0 however Quantum computing uses quantum bits or qubits. It harnesses the unique ability of subatomic particles that allows them to exist in more than one state for example a 1 and a 0 at the same time.
Ilana Wisby, CEO of OQC, said “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.”
This funding follows the February 2022 launch of OQC’s latest system, Lucy, on Amazon Braket – making it the first European quantum company on AWS. The company’s technology can be used by businesses in financial services, pharma and logistics to increase their competitive edge.
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This Series A investment will be used to further 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.”
The round was co-led by Lansdowne Partners 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.
Peter Davies, Partner & Head of Developed Markets Strategy at Lansdowne Partners, said “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.”
