M Squared Announces ‘Significant New Financing’ of £32.5 Million from Scottish National Investment Bank
(OSA.org) M Squared, based in Glasgow, Scotland, U.K., has announced what it describes as “a significant new financing” of £32.5 million (US$43.4 million), to be used both for a strategic equity repurchase and to advance the company’s R&D effort. Interestingly, in addition to £20 million in debt financing from the finance firm Santander UK, the funding includes a £12.5 million capital stake from the newly formed Scottish National Investment Bank (SNIB)—making M Squared the very first company to be backed by the SNIB.
One particular area of focus for M Squared is the commercialization of quantum technology and quantum computing. It is leading and coordinating DISCOVERY, a £10 million research program funded in part by an Innovate UK Challenge fund from UK Research and Innovation (UKRI), that seeks to overcome technology barriers to commercial quantum computing. It has also forged a £4.6 million quantum technology partnership with the University of Strathclyde.
The SNIB, a “mission-led development bank” set up by the Scottish government as an operationally independent commercial entity with £2 billion in government funding, aims to focus on investments in three broad areas: supporting the country’s transition to net-zero emissions; promoting community growth and equality; and “investing in innovation and industries of the future.” Quoted in an M Squared press release announcing the financing, the SNIB’s CEO, Eilidh Mactaggart, characterized the company as “a great fit” with the bank’s missions by virtue of its position “at the cutting edge of innovation.”