Oxford Quantum Circuits, described as Europe’s leading quantum computing company, has raised £38 million in the first close of an ongoing Series A round.
The investment is the UK’s largest ever Series A in quantum computing and will accelerate research and development and fuel expansion in Asia-Pacific.
The round was co-led by Lansdowne Partners, one of Europe’s leading investment firms, and The University of Tokyo Edge Capital Partners (UTEC), Japan’s largest deeptech VC fund. British Patient Capital and existing investors Oxford Science Enterprises (OSE) and Oxford Investment Consultants (OIC) also participated.
OQC’s 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.
The company’s 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’s quantum systems and its private quantum computing as-a-service offering. It will also consolidate OQC’s 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’s lives and has long been recognised as a matter of strategic national importance. 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.
Judith Hartley, CEO at British Patient Capital, said: “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.”
Ilana Wisby, CEO of OQC, said: “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.
“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.”