Oxford Quantum Circuits (OQC) – a Tech Tour Deep Tech 21 award winner and a leading quantum computing company based in the UK, has secured £38 million ($47 million) in funding, marking the largest Series A investment to date for a UK-based quantum computing startup. The funding round was co-led by Lansdowne Partners and The University of Tokyo Edge Capital Partners (UTEC), with participation from British Patient Capital, Oxford Science Enterprises (OSE), and Oxford Investment Consultants (OIC).
OQC's breakthrough technology is centred around its patented 3D processor architecture known as Coaxmon. This innovative design combines scalability with high-performance capabilities, positioning OQC as a key player in the quantum computing industry. The company also offers quantum computing-as-a-service, providing developers and businesses access to its quantum computing infrastructure.
The funding will be utilized to expand OQC's team further, enhance the accessibility of quantum computing for developers, and continue developing its computing infrastructure. Currently, OQC operates an 8-qubit machine, and the company aims to scale its systems and reduce error rates. Additionally, the investment will support OQC's expansion into the Asia-Pacific region, focusing on the Japanese market, where there is significant interest from the financial services sector.
Quantum computing holds immense potential for revolutionizing various industries by offering unparalleled processing power. Although there are still challenges to overcome, the progress made in recent years has prompted major tech companies like IBM, Amazon, and Alphabet, as well as smaller startups, to invest in quantum computing research and development. OQC's low error rates and quality platform have attracted customers from various sectors, including finance, research, government organizations, and multinational corporations.
The field of quantum computing has garnered significant attention globally, with countries recognizing its strategic importance and aiming to support leaders in the field. The backing received by OQC reflects this trend, with British Patient Capital, the investment arm of the British Business Bank, highlighting its commitment to positioning the UK as a science and technology superpower.
OQC's expansion into the Asia-Pacific region will be facilitated through collaborations with academia, including the University of Tokyo, and partnerships with leading financial and tech corporations in Japan. This move will enable OQC to tap into the region's growing demand for quantum computing solutions and further cement its position as a global leader in the quantum industry.
Ilana Wisby, CEO of OQC, expressed confidence in the company's ability to lead the global quantum industry, thanks to the significant technological and commercial progress achieved thus far. The Series A funding marks the first step in OQC's international expansion, allowing customers worldwide to access quantum computing solutions and driving breakthrough discoveries in various fields.
With the growing interest and investments in quantum computing, OQC's groundbreaking technology and focus on reducing errors position the company for success in the quantum computing landscape. As quantum computing continues to evolve, OQC's contributions and advancements in the field are poised to shape the future of computing and drive innovation across industries.
Article sources:
Crunchbase, UK’s Oxford Quantum Circuits snaps up $47M Series A for ‘QaaS’
OQC website, OQC raises £38 million Series A
