Oxford quantum computing startup raises £30m Series A funding
Quantum computing startup Oxford Ionics has raised £30 million in Series A funding, bringing its total investment raised to £37 million since 2019.
Oxford Science Enterprises and Braavos Investment Advisers led the round, with participation from Lansdowne Partners, Prosus Ventures, 2xN, Torch Partners and Hermann Hauser.
The Oxford-based firm is developing a quantum computing technology called trapped ions, which uses charged atomic particles suspended in electromagnetic fields.
Whereas previous iterations of this method have relied on lasers to control qubits, (meaning quantum bits – the counterpart in quantum computing to the information-storing binary digit of traditional computing) Oxford Ionics has developed a proprietary Electronic Qubit Control (EQC) which it claims is more reliable in larger processors.
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Dr Chris Ballance, co-founder of Oxford Ionics said: “If we’re to identify and unlock the true power and potential of quantum computing we need to crack the critical issues that are holding it back – scalability, integration and performance.
“Our unique trapped-ion approach has been developed to address all three. At Oxford Ionics, we’re focused on building technologies that will help quantum computing finish the race, not just take small, incremental steps. Our latest round of funding, and the knowledge, insight and expertise of our new investors bring us even closer to this goal.”
Will Goodlad from Oxford Science Enterprises said: “Through its unique approach, developed by some of the world’s best minds in the quantum space, Oxford Ionics is laying the foundations to finally make quantum computing a scalable, integrable and viable option.
“Building on more than a decade at the forefront of this sector, Chris, Tom and the team have been able to demonstrate, time and again, that their work in the lab can, and will, extend to the real world and we’re thrilled to be joining them on this journey.”
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Featured image: Oxford Ionics' founders Dr Tom Harty and Dr Chris Ballance. Credit: Oxford Ionics
