Proactive Investors - A UK quantum computing startup developing a cost-effective technology has raised funds from IP Group PLC, Octopus Ventures, Bosch, Porsche and the venture arm of the British Business Bank (BBB).
Quantum Motion, which was spun out of University College London, has raised over £42mln as it looks to accelerate its development of silicon quantum processors, with the aim of producing a commercial product by 2030.
Founded by Prof John Morton from UCL and Prof Simon Benjamin of Oxford University, Quantum Motion said the new cash will also allow it to treble the size of its headquarters off London's Caledonian Road.
The funding round comes as the demand for quantum computers increases across multiple industries, including financial services, energy, pharmaceuticals and logistics
The difference between normal computers and their quantum cousins is significant.
Whereas ordinary computers work with bits of data in binary form, either 0s or 1s, quantum computers work with qubits that can be 0 and 1 simultaneously, enabling them to perform exponentially faster. This is seen as enabling them to massively speed up some scientific research and break hitherto ‘impossible’ encryption.
Using a technology platform that employs a scalable array of qubits based on the ubiquitous silicon technology already used to manufacture the chips in smartphones and computers, Quantum Motion has set out a vision of developing scalable quantum computers by harnessing highly advanced silicon transistor manufacturing processes, with some record-breaking achievements ticked off in recent years that suggest its silicon method could be the “fastest, most cost-effective and scalable way of producing the millions of qubits that are needed to create fully-functional, fault tolerant quantum computers”.
Taking its total funding to £61mln, this latest round was led by Bosch Ventures, with Porsche also a new investor. UK taxpayers also provided funds via British Patient Capital, the venture capital arm of the BBB, while all existing investors in the company, including Octopus and IP Group, participated again.
Bosch Ventures boss Ingo Ramesohl said Quantum Motion has “demonstrated that it can take quantum theory out of a lab into the real world to create a scalable path to a quantum future”, while Porsche board member Lutz Meschke added that the startup's approach “has tremendous potential with respect to the cost-effective scalability and wide-spread deployment of quantum computing in many industries”.