Cambridge Quantum Computing (CQC) has successfully completed a $45 million financing from investors including Honeywell Ventures, IBM Ventures, JSR Corporation, Serendipity Capital, Alvarium Investments and Talipot Holdings to further accelerate commercialization and consolidate its leadership position in quantum computing software and applications.
This represents a significant milestone for financing of quantum technology companies where investor interest has historically been weighted to quantum hardware players.
The round values CQC at approximately $450 million post money according to industry data sources. Company sources indicate that staff and directors continue to own close to 70% of the company on a fully diluted basis.
In the past, the company said it has benefitted from a product focus rather than trying to scale professional services.
“As quantum hardware continues to advance and scale, enterprise customers across a variety of sectors are starting to appreciate just how significantly quantum computing will impact their operations, and we have started to see the benefits of our product-first focus,” said Ilyas Khan, CEO of Cambridge Quantum Computing.
“From cybersecurity to quantum chemistry and materials discovery using our class-leading software platform ‘EUMEN’ and our widely integrated quantum software development toolkit, t|ket> (pron. “ticket”), CQC is at the forefront of the quantum computing industry,” said Khan. “This funding further enables us to advance our ambitious plans. Having support from investors with an absolute alignment of interest is crucial to our long-term success.”
“This funding further enables us to advance our ambitious plans. Having support from investors with an absolute alignment of interest is crucial to our long-term success.”
The open access status of t|ket> has benefitted CQC’s growth by creating a large established user and developer base, as well as providing performance results in circuit optimization, which are regularly published and easy to track.
In 2020, CQC launched enterprise-level software products in the areas of cybersecurity and quantum chemistry, as well as adding to its growing roster of Fortune Global 500 customers and partners from the USA, Europe and Asia.
The clear quantum-based cybersecurity business specifically makes CQC unique compared to the other software companies.
Murray Grainger, Managing Director and Head of Honeywell Ventures, said, “We are pleased to have added to our earlier investment in CQC. CQC has a world-class team, an ambition that matches this exciting sector, and critical tools that add real value to the quantum computing industry.”
Eric Johnson, CEO of JSR Corporation said, “We have enjoyed our collaborative relationship with Cambridge Quantum throughout the past three years. We’re pleased to be part of this successful financing opportunity and to continue our exciting journey with CQC and other investors.”
“CQC has made significant progress in becoming a global leader in quantum software.”
Robert Jesudason, CEO and CIO of Serendipity Capital, said, “CQC has made significant progress in becoming a global leader in quantum software. There is strong momentum in commercialization across all its products from quantum chemistry to cybersecurity. We have been very impressed with the team and the progress they have made in scientific and engineering development, as well as their execution capability.”
Roger McKinlay, Challenge Director for Quantum Technologies of UK Research and Innovation, said, “Our ambition is for the UK to be the No. 1 place to start and grow quantum computing companies. I congratulate CQC on this achievement and I am particularly pleased to see the support of corporate investors of such stature.”
About Cambridge Quantum Computing
Founded in 2014 and backed by some of the world’s leading quantum computing companies, CQC is a global leader in quantum software and quantum algorithms, enabling clients to get the best out of rapidly evolving quantum computing hardware. CQC has offices in the UK, USA and Japan with a team of over 130 professionals. For more information, visit CQC at http://www.cambridgequantum.com.