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Cambridge startup raises £7m to scale quantum computers

NuQuantum team
Image credit: NuQuantum

Nu Quantum, a Cambridge-headquartered quantum networking startup, has scooped £7m in “pre-Series A” funding.

It is building a quantum networking unit that interlocks smaller quantum computers into an overall larger network.

By combining them through this method, Nu Quantum hopes it can scale up quantum computers, which is one of the main hurdles associated with the technology.

Quantum computers use subatomic particles that can exist in more than one state, which means they can carry out multiple calculations at once compared to the linear calculations of classical computers. Machines use qubits instead of bits to handle information, but the error rate for today’s quantum computers remains high.

Dr Carmen Palacios, CEO and founder of Nu Quantum, said: “Large-scale, fault-tolerant quantum computing will bring about the technological revolution of our generation.

“We have built an exceptional team dedicated to the mission of building the quantum networking infrastructure necessary to make this a reality.”

Amadeus Capital Partners, Expeditions Fund, and IQ Capital led the pre-Series A. Further investment came from a list of investors including the University of Cambridge, Martlet and the National Security Strategic Investment Fund.

Nu Quantum previously closed £2.1m in seed funding back in October 2020.

Dr Manjari Chandran-Ramesh, partner at Amadeus Capital Partners said: “Nu Quantum’s systems architecture approach, driven by quantum entanglement, is unique in the market today and has great commercial potential.

“Further, its product solution is poised to be able to adapt to any type of qubit technology, which makes the impact far-reaching.”

Quantum computers hold the promise to revolutionise sectors such as finance and drug discovery. The UK government has made it a priority area, publishing the National Quantum Strategy in March, which commits £2.5bn over 10 years to develop quantum technologies in the UK.

Listen: Why quantum computing is the next industrial revolution, with the CPO of Quantinuum