Oxford Quantum Circuits (OQC), the computing startup that broke quantum startup funding records last year, has raised an additional £869,000 as it looks to expand to Japan.
OQC, a specialist in quantum computing technology, has been preparing an expansion into Asia since its record-breaking £38m Series A funding round in July 2022. The company has now found itself closer to that goal with a boost of just under £1m.
The funding came in part from the Japanese private equity firm HiJojo Partners, which will support OQC on its move into Asia Pacific, with a focus on Japan.
Quantum Exponential Group, a deep tech investment firm focused on quantum computing startups, also participated in the funding round.
“We are committed to providing our shareholders with access to quantum technology companies which are at the forefront of this revolutionary technology,” said Quantum Exponential Group CEO Steven Metcalfe.
“OQC’s achievements, driven by its excellent team, are nothing short of astounding. We are absolutely delighted to have participated in the second funding round and look forward to following the company’s progress as it expands into Asia.”
OQC was spun out from the University of Oxford in 2017, led by CEO Ilana Wisby.
Lansdowne Partners and the University of Tokyo Edge Capital Partners have also provided investment into OQC.
The UK government has been keen for British quantum computing startups to grow, helping the country become a world leader in the industry.
While quantum computers promise far greater computing power than classical computers, they face many challenges such as reducing the error rate and improving stability.