Bosch, Porsche back UK CMOS quantum processor startup
UK startup Quantum Motion Technologies has raised £42m (€48m, $50m) for its silicon quantum processor technology with backing from Bosch and Porsche
The round is the largest funding round in UK quantum computing, following £38m raised by Oxford Quantum Computing last year.
Quantum Motion was founded by Professor John Morton at UCL and Professor Simon Benjamin at Oxford University and is developing a CMOS-compatible qubit technology. Last year it opened a dedicated research lab in London and the funding be used to treble the size of its lab and headquarters.
The funding also allows Quantum Motion to accelerate its development of silicon quantum processors by developing deeper ties with its manufacturing partners.
The oversubscribed round is led by Bosch Ventures (RBVC) and joined by Porsche Automobil Holding SE and British Patient Capital. All existing investors from earlier rounds also participated, including Oxford Science Enterprises, Inkef, Parkwalk Advisors, Octopus Ventures, IP Group and NSSIF.
The latest funding round brings the total raised to £62m, designing and validating integrated circuits capable of generating, routing and processing signals at deep cryogenic temperatures, operating down to a few tenths of a degree above absolute zero. Recent demonstrations such as the mass characterisation of thousands of multiplexed quantum dots fabricated in a tier one foundry have further underlined the company’s advantage.
“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,” said James Palles-Dimmock, CEO of Quantum Motion.
Chairman of the board Alberto Sangiovanni-Vincentelli said, “Building a quantum computer using conventional silicon fabrication is a powerful advantage for Quantum Motion and one that has attracted interest from a collection of high-quality investors which will help us deliver our vision. I continue to back the company strongly both in my position as Chair and as an investor in the company and look forward to guiding Quantum Motion as we start the next phase in our growth.”
“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,” said Ingo Ramesohl, Managing Director, Bosch Ventures.
Lutz Meschke, board member at Porsche SE added “The approach of Quantum Motion has tremendous potential with respect to the cost-effective scalability and wide-spread deployment of quantum computing in many industries. We are looking forward to supporting one of the world’s leading teams in the development and industrialisation of this technology.”
“Parkwalk, a founder investor in the UK quantum industry, is delighted to follow its investment in Quantum Motion. The team has consistently achieved and even surpassed the planned technical milestones and we are confident that their ground breaking work will only accelerate with this significant increase in funding. We believe quantum computing will transform many industries, and it is essential that the UK is at the forefront of this revolution,” said Neil Cameron, Investor Director at Parkwalk, which has also invested in UK quantum startups.
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