Investment into early-stage quantum computing technology has remained “very strong” this year despite the gloomy economic climate, the boss of Quantum Exponential has said.
This has been boosted by “increasing governmental support globally” for quantum computing investments, according to Quantum Exponential CEO Steven Metcalfe.
Quantum Exponential floated on the AQUIS Exchange at the end of 2021, raising £5.2m. Since then, the UK’s only listed quantum investor has backed startups including Aegiq, Universal Quantum and QLM Technology.
“Despite the macro-economic backdrop, investment activity in the early-stage quantum domain remained very strong,” said Metcalfe in a financial statement.
“Investors have realised that quantum computers are the future and will in time supersede classical computers, which are slower and unable to solve more complex problems.”
Dealroom data shows that investment into quantum computing companies so far this year has reached $132m, compared to $106m in 2021.
The report highlights that Quantum Exponential now has more than £5.5m in assets under management. It reported profits of £222,121 between 9 April 2021 and 30 April 2022.
Quantum computers promise far superior firepower than traditional computers. That additional computing power is expected to revolutionise areas such as financial modelling, drug discovery and supply chain optimisation. While there have been significant advances in quantum computers in the last few years, it is a sector that remains in its infancy.
There is growing adoption among organisations for quantum computing. In June, for example, the Ministry of Defence bought its first quantum computer from London-based ORCA Computing.
“The successful listing at the end of 2021 set the foundations for growth, and with increasing governmental support globally for investing in quantum, we have found ourselves at an opportune moment to capitalise on the exciting stage of the evolution of this technology,” added Metcalfe.
In an outlook statement, Quantum Exponential said it “remains confident” about the impact that quantum computing will have and adoption by businesses. The company added that it will look to expand its portfolio “mainly in the UK but also in other NATO-friendly countries”.
Another investor looking to capitalise on quantum technology is venture capital firm 2xN, which launched its £100m quantum computing fund in August.