UK quantum computing company OQC raises $350 million

UK-based quantum computing company OQC has announced it has closed an oversubscribed  £260 million (USD 350 million) Series C funding round, according to a press release.

Bullhound Capital led the round, which included investment from the British Business Bank, Fynveur (advised by Invus), COFIDES, RCM Private Markets Fund managed by Rokos Capital Management (US) LP, Alpha Edison, Fulcrum Asset Management, Pentland Ventures, Magdalen College Oxford, Adaptive Capital Partners, Firgun Ventures, 18 West and Oxford Capital. Existing investors including Oxford Science Enterprises, SBI, Chevron Technology Ventures, The University of Tokyo Edge Capital Partners Co. and OTIF Ventures also participated, reflecting continued support for OQC’s technology roadmap and international expansion. J.P. Morgan acted as exclusive placement agent on the transaction.

OQC develops and operates superconducting quantum computers designed for deployment in data-centre environments serving enterprise and government customers. The company has established a global quantum computing platform across Europe, North America and Asia, with systems deployed in the UK, US, Japan and Spain.

The funding will be used to expand OQC’s operational presence in priority markets and accelerate its roadmap toward commercially useful, fault-tolerant quantum computing, the press release said.

“This is a coming-of-age moment for British quantum computing. It shows that British companies can play a leading role in a technology that will shape all our futures. Globally, it represents a clear shift in the market — from long-term promise to near-term delivery in quantum computing,” Gerald Mullally, CEO of OQC, said. “For OQC, this gives us the capital to scale internationally, advance our technology roadmap, and meet increasing demand from customers seeking secure, scalable access to quantum computing infrastructure.”

“OQC’s £260 million funding round is a major vote of confidence in the UK’s quantum sector and shows that the UK continues to be the place where the industries of the future are being created,” the Chancellor of the Exchequer, Rachel Reeves, said.  

“OQC is building one of the most compelling quantum computing platforms globally, with the technology, infrastructure and customer focus required to scale,” Per Roman, Founding Partner of Bullhound Capital, who is joining the board of OQC, said. “As quantum computing moves into global infrastructure, OQC is positioned to shape that transition. We are pleased to lead this round and support the company’s next phase of growth.”

“This £260m raise positions OQC as one of the best capitalised quantum companies in the world, a testament to the strength of the OQC team, to the quality of its technology, and to its emergence as a global quantum powerhouse, that will redefine entire sectors of the economy,” Ed Bussey, CEO of Oxford Science Enterprises, said.

“Companies like OQC are part of a flourishing British Quantum sector, with expertise that is bringing the promise and potential of new Quantum computing innovations to life,” Science Minister Lord Vallance said. “This backing is a major win and puts British companies at the heart of the global Quantum race. Following the up to £2 billion of support we announced in March, it’s further proof of the UK’s undeniable credentials as a true world leader in the technology.”