Quantums in motion with £42m of new investment
Quantum Motion, a UK-based quantum computing scale-up led by academics from UCL and Oxford University, has raised over £42 million in equity funding.
The funders, described as some of the world’s leading quantum and technology investors, include Robert Bosch Venture Capital and joined by Porsche SE and British Patient Capital.
James Palles-Dimmock, CEO of Quantum Motion, said, “We’ve secured the support of leading technology investors, allowing us to realise our vision of a quantum computer built using standard foundry processes. This support, along with the continuing UK national quantum programme and European initiatives, provides a step-change in our capabilities.”
Palles-Dimmock and CTO James Morton spoke to Capacity about their work more than a year ago, when they said their aim was to build devices of silicon into equipment that will be housed in standard 19-inch racks.
The company makes its quantum devices, Qubits, at temperatures close to absolute zero, −273.15°C (pictured, with quantum engineer Sofia Patomäki).
Quantum computing is expected to have significant effects on the telecoms, data centre and cyber security industries. The new generation of quantum computers will render much of today’s data encryption useless, but will also allow new standards of cyber security, which are likely to be enforced by governments, including the US and the EU.
Quantum Motion said this morning that all existing investors from earlier rounds – which raised £20 million – are again participating: Inkef, IP Group, NSSIF, Octopus Ventures, Oxford Sciences Enterprises and Parkwalk Advisors.
NSSIF is the National Security Strategic Investment Fund, a UK government venture capital arm with heavy involvement from the spy agencies, including MI6 – the Secret Intelligence Service – and GCHQ, the UK equivalent of the US National Security Agency.
Palles-Dimmock said: “We have assembled a world leading team and with the funding and support in place, we are ready to scale and deliver on our vision.”
Quantum Motion said: “This is one of the most significant raises in UK quantum computing and allows [it] to accelerate its development of silicon quantum processors by developing deeper ties with its manufacturing partners and trebling the size of its central London headquarters.”
The company said it has achieved “a world-record measurement of quantum devices made on a silicon chip”, with 1024 quantum dots occupying an area of less than 0.1mm2.
It has mass produced quantum processors on a 3×3mm2 chip, using the same mass production processes used in standard electronic processor manufacturing.