Other investors included in the round are Porsche Automobil and British Patient Capital along with Quantum Motion's existing investors namely Inkef, Parkwalk Advisors, Oxford Science Enterprises, Octopus Ventures, IP Group, and NSSIF
UK-based quantum computing firm Quantum Motion secures more than £42m in a funding round. (Credit: Robert Bosch GmbH)
UK-based quantum computing firm Quantum Motion has secured more than £42m in an equity funding round from various quantum and technology investors.
The funding round was led by Bosch Ventures, the venture capital arm of Robert Bosch.
Other investors included in the round are Porsche Automobil and British Patient Capital along with Quantum Motion’s existing investors namely Inkef, Parkwalk Advisors, Oxford Science Enterprises, Octopus Ventures, IP Group, and NSSIF.
With the latest funding round, the quantum computing company’s total raised amount is over £62m.
Previously, Quantum Motion raked in more than £20m in equity and grant funding from the UK, the European Union (EU), and existing investors.
Quantum Motion CEO James Palles-Dimmock said: “The support of leading technology investors enables us to realise our vision of a quantum computer built using standard foundry processes.
“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.”
Founded by John Morton and Simon Benjamin, Quantum Motion is said to have designed and validated integrated circuits that can produce, route, and process signals at deep cryogenic temperatures.
The latest funding round is expected to enable the firm to expedite its development of silicon quantum processors by bolstering ties with its manufacturing partners and expanding its headquarters in London.
Bosch Ventures managing director Ingo Ramesohl said: “CMOS based quantum computing leverages on today’s sophisticated chip manufacturing processes and fabs.
“Quantum Motion 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.”