A University of Cambridge quantum computing spinout, which is building the infrastructure needed for scaling quantum computers, says it has raised the largest ever quantum Series A in the UK.
Nu Quantum has raised $60m in a funding round led by National Grid Partners, the VC unit of National Grid, with participation from Gresham House Ventures and Morpheus Ventures.
Existing investors, including Amadeus Capital Partners, IQ Capital, Ahren Capital and Cambridge Enterprise Ventures also took part.
Nu Quantum says the round was the largest quantum Series A in the UK to date.
Quantum computing has long been touted as the next big technology wave. It can solve problems too difficult for normal computers and makes it possible to carry out complex calculations very quickly.
Founded in 2018, Nu Quantum is a spinout of the University of Cambridge’s Cavendish Laboratory.
In 2023, the company raised £8.5 million pre-series A round.
The company says quantum applications require systems that are thousands of times more powerful than those available today and that its networking architecture will unlock data centre-scale quantum computing by weaving together quantum processors to accelerate the path to transformational utility.
It says it will use the funding for future product development and international expansion, including expanding its presence in Europe and the US.
Carmen Palacios-Berraquero, founder, CEO, Nu Quantum, said: “When we launched seven years ago, very few were thinking about networked or distributed quantum computing as a strategy for scaling, but we saw it as one of the most urgent and challenging outstanding problems in the industry, and set out to solve it.
“We’ve made great strides in shaping the market and the technology since then."
Steve Smith, chief strategy and regulation officer, National Grid and president of National Grid Partners, said: “We are closer to quantum computing having an impact on businesses and lives than many people think.”
University of Cambridge quantum spinout nets record $60M Series A
Nu Quantum says the round is the largest quantum Series A in the UK to date.
Would you like to write the first comment?
Login to post comments