Oxford Technology & Innovations EIS Fund (OTIF) subscribes to the £38m first close of Oxford Quantum Circuits’ ongoing Series A funding round
- OQC has completed a £38m first close in an ongoing Series A financing co-led by Lansdowne Partners, one of London’s oldest hedge funds, and The University of Tokyo Edge Capital Partners (UTEC), Japan’s largest deeptech VC fund.
- OQC is Europe’s leading pure-play Quantum Computing as-a-Service company. In February 2022, OQC launched its latest system, Lucy, on Amazon Braket, making it the first European quantum company on AWS.
- The investment will be used to further scale the company’s quantum systems, boost its private quantum computing as-a-service (QCaaS) offering, consolidate its position in EMEA and international expansion in Asia-Pacific.
Oxford Investment Consultants LLP (OIC) is pleased to announce that the Oxford Technology & Innovations EIS Fund (OTIF) has subscribed to the £38m first close Oxford Quantum Circuits Ltd’s (OQC) Series A financing. The round was co-led by Lansdowne Partners, one of London’s oldest hedge funds, and The University of Tokyo Edge Capital Partners (UTEC), Japan’s largest deep tech VC fund. British Patient Capital (BPC) and existing investor Oxford Science Enterprises (OxSciences) also invested.
OQC, a deeptech spinout from Oxford University, is Europe’s leading quantum computing company. OQC’s patented 3D architecture, the Coaxmon, provides unique benefits to scalability with world-class performance. OQC’s quantum computers are available via private cloud and, in February 2022, the Company launched its latest system, Lucy, on Amazon Braket, making it the first European quantum company available on AWS.
Ilana Wisby, CEO of OQC, said: “With this initial close we are already announcing the UK’s largest Series A in quantum computing. It demonstrates the confidence of our investors in our ability to lead the quantum industry and deliver our ambitious technology roadmap. This investment is testament to the significant progress we’ve achieved thanks to our world-class team. It is also the first step in our international expansion, truly bringing quantum to our customers’ fingertips.”
The Series A investment will be used to further scale the OQC’s quantum systems, boost its private quantum computing as-a-service (QCaaS) offering, consolidate its position in EMEA and international expansion in Asia-Pacific. UTEC’s co-leadership of the round demonstrates the Japanese VC’s intent to support the Company’s ambitious plan to propel OQC’s expansion into Japan and APAC, a hotspot for financial services ready to grasp the benefits of quantum computing.
Lenny Chin, Principal at UTEC, said: “Quantum computing promises to be the next frontier of innovation, and OQC, with its state-of-the-art Coaxmon technology, aims to integrate the forefront of modern physics into our everyday lives. UTEC is honoured to be part of OQC’s mission of making quantum technology accessible to all and will support OQC’s expansion into APAC through collaborations with academia including the University of Tokyo, and partnerships with Japan’s leading financial and tech corporations.”
OQC’s technology will be used by businesses in finance, pharma and logistics across the world to increase their competitive edge. Quantum computing has the potential to shape our future and improve people’s lives, and has long been recognised as a matter of national strategic interest. British Patient Capital’s investment in the round fuels the UK’s ambition to become a tech and science superpower.
Commenting on the OTIF investment, Freddie Hamilton of OIC said: “OQC is placing commercially useful quantum computing in the hands of leading private and public organisations years earlier than experts thought feasible. This unfounded belief in innovation and determination to make the seemingly impossible reality embodies OIC’s core goal of investing in the next generation of truly exceptional tech leaders. At OIC, we’re thrilled to continue our journey with the team and our new co-investors as the Company begins expanding beyond Europe.”
Further information on OIC, OTIF and OQC can be found at https://www.oxfordinvestmentconsultants.com/