The premier provider of quantum computing in Europe, Oxford Quantum Circuits (OQC), has announced that it has raised £38 million ($46.45 million) in the first closure of an ongoing Series A.
Stylized renders of OQC’S 8 qubits processor Lucy. Image Credit: Oxford Quantum Circuits
The funding will speed up research and development and support growth in the Asia-Pacific region. It is the largest Series A investment in quantum computing ever made in the UK.
The University of Tokyo Edge Capital Partners (UTEC), Japan’s largest deeptech VC fund, and Lansdowne Partners, one of the top investment companies in Europe, jointly led the deal. Oxford Science Enterprises (OSE) and Oxford Investment Consultants (OIC), two preexisting investors, as well as British Patient Capital, also took part.
The Coaxmon, a proprietary 3D architecture from OQC, offers unmatched scalability and top-tier performance. This financing comes after OQC’s most recent system, Lucy, was launched on Amazon Braket in February 2022, marking it as the first European quantum business on Amazon Web Services.
Companies in the financial services, pharmaceutical, and logistics industries can leverage the company’s technologies to gain a competitive advantage.
The company will utilize this Series A investment to build up its private quantum computing as-a-service offering and quantum systems. Additionally, it will strengthen OQC’s position in Europe and expedite the region’s worldwide growth, notably in Japan, a financial services hub that is keen to make use of quantum computing.
As a result of its potential to enhance people’s lives, quantum computing has long been acknowledged as a topic of strategic national importance. The investment by British Patient Capital in the round is part of its larger goal to strengthen the UK’s status as a superpower in research and technology.
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 honored 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.
Lenny Chin, Principal, University of Tokyo Edge Capital Partners
Peter Davies, Partner and Head of Developed Markets Strategy at Lansdowne Partners, added, “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.”
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 modeling across the board.
Judith Hartley, Chief Executive Officer, British Patient Capital
Hartley further added, “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.”
Ilana Wisby, CEO of OQC, stated “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 is 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.”