OQC raises £260M in record-breaking quantum funding round
British quantum computing company Oxford Quantum Circuits (OQC) has raised an oversubscribed £260 million Series C funding round, Europe’s largest ever private funding round for a quantum computing company. This funding reflects the growing confidence in the commercialisation of quantum technologies, and the UK’s ability to scale globally competitive deeptech companies.
Gerald Mullally, CEO, OQC, said: “This is a coming-of-age moment for British quantum computing. It shows that British companies can play a leading role in a technology that will shape all our futures. Globally, it represents a clear shift in the market – from long-term promise to near-term delivery in quantum computing. For OQC, this gives us the capital to scale internationally, advance our technology roadmap, and meet increasing demand from customers seeking secure, scalable access to quantum computing infrastructure.”
The oversubscribed round was led by Bullhound Capital and drew in a broad mix of institutional and strategic backers, including the British Business Bank, Magdalen College Oxford, Fulcrum Asset Management, Pentland Ventures, and Chevron Technology Ventures, among others. J.P. Morgan acted as exclusive placement agent.
Founded in the UK, OQC builds and operates superconducting quantum computers designed to run inside data centres, serving enterprise and government clients in financial services, defence, and security. The company currently has systems deployed across the UK, US, Japan, and Spain.
The fresh capital will fund international expansion and push forward OQC’s roadmap toward fault-tolerant quantum computing – long considered the technology’s holy grail for practical commercial use.
The Chancellor of the Exchequer, Rachel Reeves, said: “OQC’s £260 million funding round is a major vote of confidence in the UK’s quantum sector and shows that the UK continues to be the place where the industries of the future are being created. We have the right economic plan and within it, I set out three ‘big choices’ for the UK economy – one of which is developing AI and innovation. We will always back companies to give them a head start in the global race which is why we have recently committed up to £2 billion to ensure UK quantum companies can successfully reach commercial scale.”
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