Oxford Quantum Circuits raises 900k investment
Reading-based quantum computing firm Oxford Quantum Circuits has raised £900,000 in a funding round.
The investment will be used to continue its research and development, as well as supporting its expansion into Japan and the wider Asia Pacific region.
Quantum Exponential Group PLC led the round, investing £299,997, with Japanese private equity firm HiJoJo Partners also included.
It follows the firm’s £38 million Series A funding round last year, which was the UK’s largest ever Series A in quantum computing.
OQC’s patented 3D architecture, the Coaxmon, combines unparalleled scalability with world-class performance.
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Quantum computing focuses on developing computer technology based on the principles of quantum theory which explains the behavior of energy and material on the atomic and subatomic levels.
Computers used today can only encode information in bits that take the value of 1 or 0 however Quantum computing uses quantum bits or qubits. It harnesses the unique ability of subatomic particles that allows them to exist in more than one state for example a 1 and a 0 at the same time.
CEO of Quantum Exponential Group, Steven Metcalfe, said: "We are committed to providing our shareholders with access to quantum technology companies that are at the forefront of this revolutionary technology. OQC's achievements, driven by its excellent team, are nothing short of astounding.
"We are absolutely delighted to have participated in the second funding round and look forward to following the company's progress as it expands into Asia."
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