UK-Based Quantum Motion Technologies Raises £8m in Oversubscribed Series A
(BusinessCloud) UK-based quantum computing firm Quantum Motion Technologies Ltd (QMT) has raised £8m in an over subscribed Series A round.
Founded in 2017, the firm is creating technology designed to improve the scalability of qubits, the basic unit of quantum information, with architectures developed at UCL and Oxford University. The technology also gives the near-term opportunity of integration in a hybrid quantum/classical computer.
The company is led by founders Prof. Simon Benjamin from Oxford University and Prof. John Morton from UCL alongside commercial director Dr. James Palles-Dimmock.
The firm said the new funds will enable it to develop a fault-tolerant quantum processor, based on its patented designs.
The new funding was led by INKEF capital, a Dutch based venture capital company. The round was supported by new investors Octopus Ventures and the National Security Strategic Investment Fund (NSSIF) as well as existing investors Oxford Sciences Innovation, Parkwalk Advisors and IP Group plc.