Oxford Quantum Circuits achieves UK’s largest ever Series A funding round in quantum computing

Oxford Quantum Circuits

Oxford University spinout Oxford Quantum Circuits has raised £38 million in funding – the UK’s largest ever Series A in quantum computing.

The firm aims to use the funds to accelerate the growth of its own patented 3D processor architecture, Coaxmon, along with the quantum-computing-as-a-service that will run on it.

It will also allow the company to extend its presence into the Asia-Pacific market – a hotspot for financial services eager to realise the advantages of quantum computing.

The company says its technology can be used by businesses in financial services, pharma and logistics to increase their competitive edge.

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.”

The funding round was co-lead by Lansdowne Partners and deep tech fund The University of Tokyo Edge Capital Partners (UTEC). Further investment came from British Patient Capital, Oxford Science Enterprises (OSE) and Oxford Investment Consultants (OIC). OSE and OIC previously led a £2.2 million seed round into the startup.