In the last several years, quantum computing has gone from theoretical concept to multiple testing environments to help organizations prepare for a time when quantum computers are a scaled reality. Oxford Quantum Circuits, a UK-based company with a patented 3D processor architecture called Coaxmon and a quantum-computing-as-a-service that will run on it, is announcing funding of over forty million dollars. This Series A is the largest to date for a UK based quantum computing startup.
Our systems are being adjusted. Ilana Wisby, OQC's founding CEO, said in an interview that they would scale and reduce error rates. We have a vision of seamless quantum access.
The University of Tokyo Edge Capital Partners is co-leading the round with Lansdowne Partners and British Patient Capital. The startup was led by OSE and OIC and began life as a spinout from Oxford University.
The funding will be used to hire more talent, improve accessibility to quantum computing, and build out its computing infrastructure, which is based on an 8-qubit machine. Some of the funds will be used to expand into Asia Pacific, and specifically Japan, in order to tap would-be customers there in financial services and beyond.
OQC, with its state-of-the-art Coaxmon technology, aims to integrate the forefront of modern physics into our everyday lives. Through partnerships with Japan's leading financial and tech corporations, Utac will support OQC's expansion into Asia-Pacific, as well as collaborating with the University of Tokyo.
This is the first close and more may be added to the Series A in the future.
OQC decided to go for grants instead of raising this Series A because it wanted to build out the company in its earlier phases.
OQC advanced from a 1-qubit to a 2-qubit, a 4-qubit, and now an 8-qubit machine.
The startup is already providing services to a variety of customers who work across either OQC's private cloud or via Amazon Braket which provides developers access to other quantum-as-a-service providers. A key detail for companies and quantum researchers based out of Europe who need to comply with data protection laws is that Lucy is the first European quantum computer.
Its customers include Cambridge Quantum, which runs its IronBridge cryptographic number generator on OQC's computer, and financial services companies, as well as government organizations and large multinationals with in-house R&D teams working on systems that can be run on quantum machines when they are eventually spun up
The real promise of quantum computing is vast computing power but there has yet to be a quantum computer that can achieve that at scale without also producing a lot of errors.
A lot of the hope these days is not on if, but when the hurdle will be overcome. Wisby said that they are past theory.
There is a large wave of both large tech players such as IBM and Amazon getting involved, as well as a number of smaller startups and companies that sit between those two poles. The economics don't make sense for most potential use cases, so for now the bigger efforts seem to be around quantum in the cloud: offering it as an infrastructure-free, use-as-you-need-it compute service
Although Oxford Quantum Circuits' 8-qubit computer is not the largest in the field, Wisby said that one reason it's picking up users is due to its platform being better than others.
Wisby said that they are all working towards bigger processes. She said there is something to be said for better quality. Funding will allow us to deliver on the next steps.
The fact that regions and countries are looking to back leaders in the field early on to help cement their respective standing in that next generation of technology is one of the major fillips in the process. British Patient Capital is an investment arm of the British Business Bank which is focused on developing business and industry in the U.K.
Peter Davies, partner and head of developed markets strategy at Lansdowne Partners, said that since launching the UK's first commercially available quantum computer, they have continued to be highly impressed with both the technical developments and the future ambitions of OQC. This company is innovative and forward- thinking and we are very excited to invest in it.
All Rights Reserved © 2024
