Oxford Quantum Circuits, described as Europe鈥檚 leading quantum computing company, has raised 拢38 million in the first close of an ongoing Series A round.
The investment is the UK鈥檚 largest ever Series A in quantum computing and will accelerate research and development and fuel expansion in Asia-Pacific.聽
The round was co-led by Lansdowne Partners, one of Europe鈥檚 leading investment firms, and The University of Tokyo Edge Capital Partners (UTEC), Japan鈥檚 largest deeptech VC fund. British Patient Capital and existing investors Oxford Science Enterprises (OSE) and Oxford Investment Consultants (OIC) also participated.
OQC鈥檚 patented 3D architecture, the Coaxmon, combines scalability with performance. In February 2022 it launched its latest system, Lucy, on Amazon Braket – making it the first European quantum company on AWS.聽
The company鈥檚 technology can be used by businesses in financial services, pharma and logistics to increase their competitive edge.
This Series A investment will be used to further scale the company鈥檚 quantum systems and its private quantum computing as-a-service offering. It will also consolidate OQC鈥檚 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.
Quantum computing has the potential to shape our future and improve people鈥檚 lives and has long been recognised as a matter of strategic national importance. British Patient Capital鈥檚 investment in the round is part of its wider ambition to cement the UK鈥檚 position as a science and technology superpower.
Judith Hartley, CEO at British Patient Capital, said: 鈥淭he 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.聽
鈥淲e are excited to help fund OQC鈥檚 expansion into the Asia-Pacific regions, allowing this new frontier in technology to develop even further through exposure to the global market.鈥�
Ilana Wisby, CEO of OQC, said: 鈥淭his initial close is the UK鈥檚 largest ever Series A in quantum computing, demonstrating the confidence our investors have in our ability to lead the global quantum industry.聽
鈥淚t鈥檚 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鈥� fingertips 鈥� wherever they are in the world.鈥�