The UK’s quantum computing sector has been handed a major boost in the form of a £42m funding round for London-based Quantum Motion, a startup using “chips similar to those in a phone” for quantum computers.
The investment represents the largest-ever funding round for a UK quantum startup, beating the £38m raised by Oxford Quantum Circuits last year.
Like many other companies in the sector, Quantum Motion is looking to develop scalable quantum computers that can outperform the current standard of hardware.
Quantum computers use subatomic particles that can exist in more than one state, which means they can carry out multiple calculations at once compared to the linear calculations of classical computers.
Quantum Motion is taking a different approach to many of its competitors by using silicon transistors. Quantum Motion said the high qubit density – a unit of measurement for quantum computers – of its silicon transistors gives its technology an advantage in processing speed.
“We’ve secured the support of leading technology investors, allowing us to realise our vision of a quantum computer built using standard foundry processes, said James Palles-Dimmock, CEO of Quantum Motion.
“This support, along with the continuing UK national quantum programme and European initiatives, provides a step-change in our capabilities. We have assembled a world-leading team and with the funding and support in place, we are ready to scale and deliver on our vision.”
The funding came from Robert Bosch Venture Capital (RBVC), which led the round. Other participants included Porsche SE and British Patient Capital.
“Quantum Motion has the potential to become one of the world’s most important quantum computing companies by solving the problem of how to realise qubits using conventional silicon manufacturing,” said Jan Westerhues from RBVC.
“It has demonstrated that it can take quantum theory out of a lab into the real world to create a scalable path to a quantum future. We’re excited to join the company and break new ground in the years to come.”
Quantum Motion has raised a total of £62m. The company previously raised £8m in a Series A round back in April 2020 that attracted backing from Octopus Ventures and Oxford Science Enterprises, among others.