Quantum Motion Technologies Ltd. today announced it has completed a £8.0 million series A round of investment.
The company, a UK- based quantum computing company based on a leading silicon spin technology and architectures developed at UCL and Oxford University, indicated the raise will enable the company to develop a fault tolerant quantum processor based on its patented designs, leveraging the advantages of CMOS manufacturing.
INKEF Capital, a Dutch-based venture capital company, led the new funding. The round was supported by new investors, Octopus Ventures and the National Security Strategy Investment Fund, as well as existing investors Oxford Sciences Innovation, Parkwalk Advisors and IP Group plc.
Robert Jan Galema, Managing Partner at INKEF capital, said the company’s technology reminds him of technology that brought on the computer revolution.
“The microprocessor only really took off when scalable production hit, and complexity, price and size could be reduced. As such, it is no surprise that a lot of learnings and technology behind the silicon microchip can be leveraged for building a scalable quantum computer that is not the size of a football stadium. The QMT team is uniquely positioned to build such a qubit architecture, based in silicon.”
Founded in 2017, Quantum Motion is developing silicon spin-based qubit architectures, which are compatible with standard CMPS fabrication and provide easier scaling to thousands and millions of qubits. This is particularly important to allow the qubit redundancy that is required to make a fully functional, fault-tolerant quantum computer, but also the near-term opportunity of easy integration in a hybrid quantum-classical computer. The company is led by founders Professor Simon Benjamin, of Oxford University, and Professor John Morton, of UCL, and commercial director James Palles-Dimmock.
Benjamin said that the company’s approach has real potential to unleash the possibilities of quantum computing.
“There are many ways to create a quantum computer, but to achieve true fault tolerance and thus explore the deepest and most powerful algorithms, electron spins in silicon may prove to be the best, or even the only practical solution,” Benjamin said.
According to Morton, the funding is creating a dream team for a technology long considered to be a dream solution to many computing challenges.
“Silicon electronics has already transformed out society over the past decades and it has huge potential to deliver the scalable platform that can realize the most profound impacts of quantum computing,” he said. “We’re really excited to be working with a dream team of well-aligned investors to achieve this goal.”
Manjari Chandran-Ramesh, Investment Director at IP Group and Acting Chair of QMT, added that Quantum Motion represents a quantum research ecosystem that is developing in the UK.
“We are delighted to welcome such high quality new investors to join us in supporting the next chapter at Quantum Motion,” she said. “The company is a great example of a top deep tech startup comping out of the stellar quantum computing research in the UK.”