Oxford Quantum Circuits raises £38m in first quantum Series A funding in UK

Upon the first close of the first ever quantum Series A funding round in the UK, Oxford Quantum Circuits aims to accelerate R&D efforts and expand into the APAC region

Co-led by Lansdowne Partners and The University of Tokyo Edge Capital Partners (UTEC), investors in the UK quantum computer company also includes British Patient Capital.

These investment firms join existing stakeholders Oxford Science Enterprises (OSE) and Oxford Investment Consultants (OIC).

This £38m ($46.45m) Series A funding will be used to further scale the company’s quantum systems and its private quantum computing as-a-service offering.

Quantum technology operates on simultaneous dual-units called qubits, which is proving key to helping organisations establish new solutions beyond the capabilities of traditional binary-based computers.

OQC offers its patented Coaxmon 3D architecture, which provides a combination of scalability with performance for businesses across financial services, pharmaceutical and logistics sectors.

Today’s funding confirmation follows the February 2022 launch of OQC’s latest system, Lucy, on Amazon Braket — making it the first European quantum company to use AWS infrastructure.

“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 of 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.”

Peter Davies, partner & head of developed markets strategy at Lansdowne Partners, commented: “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.”

Lenny Chin, principal at UTEC, added: “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 honoured 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.”

Consolidation in Europe

British Patient Capital’s investment particularly comes as part of its wider ambition to cement the UK’s position as a science and technology superpower.

As well as looking to move into operations in the Asia-Pacific region — including the Japanese market, which now hosts financial interest — the investment will help to consolidate OQC’s position in Europe.

“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,” said British Patent Capital CEO, Judith Hartley.

“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.”

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