Crux: UK-based Quantum Motion is all set to take a quantum leap after securing $50.5 million in funding. The startup will develop a revolutionary technology platform and create a path toward a quantum future.
UK quantum computing company Quantum Motion has raised $50.5 million (£42 million) in equity funding from some of the world’s leading quantum and technology investors. This brings the total raised funds to around $75 million.
“The support of leading technology investors enables us to realize our vision of a quantum computer built using standard foundry processes,” said James Palles-Dimmock, CEO of Quantum Motion. This support, he said, provides a step-change in the startup’s capabilities. “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.”
What is quantum computing?
Quantum computing is a revolutionary approach to computing that uses the principles of quantum mechanics to solve problems too complex for classical computers and solve them much faster than conventional computers. Instead of using traditional bits to represent data, quantum computers use quantum bits or qubits. While still in its early stages, quantum computing has the potential to revolutionize fields such as cryptography, drug discovery, and materials science.
Quantum Motion
Quantum Motion is a British tech startup that aims to develop “scalable quantum computers by harnessing highly advanced silicon transistor manufacturing processes”.
Founded in 2017 by Professor John Morton from UCL and Professor Simon Benjamin from Oxford University, Quantum Motion has achieved several groundbreaking advancements that demonstrate the potential of using silicon as a means of producing millions of qubits needed to create fully functional, fault-tolerant quantum computers.
The company is developing fault-tolerant quantum computing architectures that can be used with complementary metal-oxide-semiconductor (CMOS) processes. These processors will enable the most powerful quantum algorithms, potentially solving complex problems in fields such as chemistry, materials science, medicine, and artificial intelligence (AI). The startup’s team of 40 employees includes experts in quantum theory, engineering, and software.
Investors: The funding round was led by Bosch Ventures (RBVC) and joined by Porsche Automobil Holding SE and British Patient Capital. Previous investors Oxford Science Enterprises, Inkef, Parkwalk Advisors, Octopus Ventures, IP Group, and the UK government’s National Security Strategic Investment Fund (NSSIF) also participated in this round.
Ingo Ramesohl, Managing Director at Bosch Ventures, praised the achievements of the UK-based statue. “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. We’re excited to join the company and break new ground in the years to come” he said.
Catherine Lewis La Torre, CEO of British Patient Capital, commended Quantum Motion’s unique offering that is pushing the boundaries of quantum computing. “Quantum computers will play an essential role in solving challenges that are far beyond the computational capabilities of today’s supercomputers,” she said,
Sam Harman, Investor Director, Oxford Science Enterprises, hailed Quantum Motion as “a powerhouse of technical and commercial talent, which has put the UK at the forefront of silicon quantum development globally.”
Funding amount: US$50.5 million
Lead investors: Bosch Ventures, Porsche and British Patient Capital
