Oxford Quantum Circuits, or OQC as us OG’s call them, has raised a fresh £869,000 in a new funding round. Only slightly less than their hefty $46 million Series A that was announced last July, the new capital is aimed at helping the startup ramp up expansion plans in Asia, specifically Japan, where the demand for quantum computers across multiple sectors, including financial services and pharmaceuticals is reaching a fever pitch.
The investment was provided by Quantum Exponential Group, with Japanese private equity firm HiJoJo Partners also participating amongst undisclosed others.
Founded in 2017 by Ilana Wisby, the Oxford University spin-off specialises in quantum computer hardware. Its approach to superconducting circuits aims to reduce the error rate in quantum computers, which store information in a measurement called qubits (traditional computers use bits).
The quantum computing-as-a-service (QCaaS) company claims its 3D architecture for superconducting circuits makes it less likely for the quality of a qubit to degrade, compared to two-dimensional circuits.
OQC is the first European company to feature in Amazon Web Services, thereby making its computers available to millions of users.
On the investment, Quantum Exponential Group CEO Steven Metcalfe commented, “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."