UK-based quantum computing company Universal Quantum has raised $100 million in Series A funding to develop large-scale quantum computers for real-world use. The company says the round is the largest Series A raised by a UK-based quantum computing company.
Founded in 2018 as a spinout from the University of Sussex, Universal Quantum is focused on building quantum computers that can operate at a much larger scale. While many quantum startups focus on short-term breakthroughs or software that runs on existing quantum hardware, Universal Quantum is working on the challenge of building fault-tolerant quantum computers with millions of error-corrected qubits.
The company will use the new funding to expand its operations in the US and Japan, as well as grow its hub in Hamburg, Germany. The money will also support the development and commercialisation of its quantum computing technology.
The funding comes as the global quantum technology market continues to grow and is expected to reach as much as $100 billion by 2035.
Universal Quantum has now raised more than $125 million in total and has secured contracts with the German government. The latest funding round was co-led by DCVC, a Silicon Valley venture capital firm, and Firgun Ventures, an investor focused on quantum technology. The round also included a diverse group of international investors.
“Universal Quantum’s progress reflects our partners’ belief that we represent one of the most credible paths to quantum computing at scale,” says Dr. Sebastian Weidt, CEO and co-founder of Universal Quantum. “This round unites an extraordinary group of investors from the world’s most important pools of capital around a single mission: delivering utility-scale quantum computing.”
“Universal Quantum brings together world-class scientific leadership with an exceptionally clear approach to quantum computing,” adds Zeynep Korutürk, Founding & Managing Partner of Firgun Ventures. “Having laid some of the earliest foundations for large-scale trapped-ion architectures, Sebastian and Winfried are true pioneers in the field. With Europe under pressure to prove it can compete on frontier technologies, we are proud to invest in a European company that has grown into a global player, one that is well positioned to help define the future of industrial-scale quantum computing.”
Universal Quantum is taking a full-stack approach to quantum computing. Instead of focusing only on quantum chips, the company is developing the complete technology needed to run its systems.
This includes firmware, quantum circuit optimisation tools, error correction technology, and software for specific industries. Its technology is being designed for areas such as logistics, materials science, and pharmaceuticals.
