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Cambridge-based firm Nu Quantum has secured $60 million in Series A funding to further its mission of scaling quantum computing.
Nu Quantum, which was spun out of Cambridge University’s Cavendish Laboratory, aims to make quantum computers scalable by providing the infrastructure that links different quantum computers together. The company’s quantum photonics technology creates “the networking layer” between quantum computers, allowing multiple quantum processors to connect with one another.
The idea is that instead of building larger quantum computers with vastly expensive hardware, the Nu Quantum technology will allow many smaller QPUs (quantum processing units) to create a more powerful whole.
The $60 million the company has raised is being described by Bloomberg as “one of the largest Series A funding rounds in the UK”.
Among the investors in what Nu Quantum describes as an “oversubscribed funding round” are National Grid Partners, the venture capital arm of the UK’s National Grid. National Grid Partners has its headquarters in Silicon Valley and was created to invest in startups and scale-ups that are working on technology that’s relevant to the energy sector, suggesting that National Grid sees some value in the adoption of quantum computing technology.
Other investors in this round of funding include Gresham House Ventures – the growth equity arm of the British alternative-asset manager, Gresham House – and the LA-based venture capital firm Morpheus Ventures.
“The funding will accelerate our mission to reach fault tolerance by interconnecting quantum processors into a more powerful distributed quantum computer, unlocking the projected $1 trillion quantum computing market and creating computers that can solve some of humanity’s hardest problems,” Nu Quantum said in a press statement, announcing the new round of investment.
