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OQC raises £38m in UK’s largest quantum computing Series A

09:52 08 July in Berkshire, Digital Technology, News

Oxford Quantum Circuits has closed a $46.4m (£38m) funding round, making it the largest Series A fundraise for a UK quantum computing company.

The Thames Valley Science Park (Reading) based company will use the new funds to accelerate its research and development as it looks to expand into Asia. Oxford Quantum Circuits, or OQC, specialises in quantum computer hardware. Its approach to superconducting circuits aims to reduce the error rate in quantum computers, which store information in a measurement called qubits

(traditional computers use bits). Oxford Quantum Circuits says its three-dimensional architecture for superconducting circuits makes it less likely for the quality of a qubit to degrade, compared to two-dimensional circuits.

“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.”

Ilana Wisby, CEO of OQC

 

Read more HERE.