OQC raises $46 million to bring quantum computers to businesses

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VCs have opened their portfolios and hearts to quantum computing startups this year. The year began with Munich-based Black Quant launching a €100 million quantum tech fund to support quantum tech startups, Dutch/US venture capital firm Cottonwood said. with $75 million to help spur deep technological innovations and French quantum computing startup Alice&Bob has raised €27 million to build a fault-tolerant quantum computer.

In one of the biggest funding rounds, Zurich-based Terra Quantum raised $60m Series A in January, then expanded the round to a total of $75m in March.

Now joining the ranks, Reading-based Oxford Quantum Circuits (OQC) has raised $46.4 million in funding to accelerate its research and development as it seeks to expand in Asia.

According to the company, this is the largest Series A fundraising for a UK quantum computing company. The round was led by Lansdowne Partners and Asian deep tech fund University of Tokyo Edge Capital Partners (UTEC) and backed by British Patient Capital, Oxford Science Enterprises and Oxford Investment Consultants.

Founded in 2017 by Ilana Wisby, the Oxford University spin-off specializes in quantum computing hardware. His approach to superconducting circuits aims to reduce the error rate in quantum computers, which store information in an extent called qubits (traditional computers use bits). The Quantum Computing as a Service (QCaaS) company says its 3D architecture for superconducting circuits reduces the risk of quality degradation of a qubit, compared to two-dimensional circuits.

Ilana Wisby, CEO of OQC, said, “This investment reflects the confidence our investors have in our ability to lead the global quantum industry. This is proof of the significant technological and commercial advances we have made in recent months. It is also the first step in our international expansion, bringing quantum to the fingertips of our customers, wherever they are in the world.

In February, the company unveiled Lucy, an 8-qubit processor, which is available to enterprise customers as part of Amazon Web Service’s (AWS) cloud-based quantum computing services.

“Since the launch of the first commercially available quantum computer in the UK, we have continued to be very impressed with both the technical developments and the future ambitions of OQC,” said Peter Davies, Partner and Head of Developed Markets Strategy at Lansdowne Partners.

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