Aiming its quantum technology at businesses in financial services, logistics, and pharma to increase their competitive edge, Oxford Quantum Circuits has raised £38 million ($46.45 million) in the first close of an on-going Series A. The investment is claimed to be the UK’s largest ever Series A in quantum computing. It would help accelerate research and development and fuel expansion in Asia-Pacific.
Oxford Quantum Circuits’ patented 3D architecture, the Coaxmon, would combine the highest scalability with great performance.
The round was co-led by Lansdowne Partners, one of Europe’s leading investment companies, and The University of Tokyo Edge Capital Partners (UTEC), one of Japan’s largest deep-tech venture capital funds. British Patient Capital and existing investors Oxford Science Enterprises (OSE) as well as Oxford Investment Consultants (OIC) also participated.
This funding follows the February 2022 launch of Oxford Quantum Circuits’ latest system, Lucy, on Amazon Braket – making it one of the first European quantum companies on AWS.
“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,” said Ilana Wisby, CEO at Oxford Quantum Circuits. “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.”
Better Business Modelling
This Series A investment will be used to further scale Oxford Quantum Circuits’ quantum systems and its private quantum computing as-a-service offering. It would also consolidate OQC’s position in Europe and accelerate international expansion in Asia-Pacific, including the Japanese market. Japan is considered a hotspot for financial services eager to realize the advantages of quantum computing.
British Patient Capital’s investment in the round is part of its wider ambition to cement the UK’s position as a science and technology superpower.
“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 deep-tech innovation,” said Judith Hartley, CEO at British Patient Capital. “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.”
“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,” said Lenny Chin, Principal at UTEC. “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.”
“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,” said Peter Davies, Partner & Head of Developed Markets Strategy at Lansdowne Partners. “We are very excited to be investing in this innovative and forward-thinking company.”