Universal Quantum, a University of Sussex spin-out developing large-scale quantum computers, raised more than $100 million in Series A funding.
The round represents the company’s first significant institutional financing and, according to the University of Sussex, is the largest Series A raised by a UK quantum company, the largest investment secured by a University of Sussex spin-out, and one of the largest financings raised by any UK university spin-out.
The financing was co-led by Firgun Ventures and DCVC.
Additional investors included EDBI, Invus, Integral GlobalTech, Main Sequence, Hostplus, NGS Super, IAG Capital, EdenBase, Full Disclosure, Dave Baszucki, Nauta Capital, The Venture Collective, and other existing and new strategic investors.
Universal Quantum plans to use the capital to accelerate its global expansion and advance development and commercialization of its modular quantum computing technology.
The company is focused on building larger-scale, more powerful, error-correcting quantum computers designed to tackle problems beyond the capabilities of current computing systems.
Potential applications include drug discovery, advanced materials development, and more efficient energy systems.
Universal Quantum was founded on research conducted at the University of Sussex by Professor Winfried Hensinger and Dr. Sebastian Weidt of the Sussex Centre for Quantum Technologies.
The pair co-authored the first practical blueprint for a large-scale trapped-ion quantum computer, which was published in 2017.
Since then, Universal Quantum has expanded into a global engineering organization with operations across three continents and more than 100 employees.
The company’s growth is also expected to support efforts to establish the Sussex and Brighton region as a major center for quantum technology development and commercialization.
The University of Sussex said the investment could contribute to the creation of highly skilled jobs, attract additional investment, and strengthen the region’s position in quantum technologies.
KEY QUOTES:
“This record investment in cutting edge technology led by Sussex academics demonstrates the calibre of world-leading quantum computing research developed at the University of Sussex, and Universal Quantum’s success in turning that research into a global business. Universal Quantum’s ambition to establish a ‘Quantum Silicon Valley’ in the Sussex and Brighton region is particularly exciting. This investment brings that vision significantly closer and has the potential to generate highly skilled, high-value jobs, to attract further investment and to strengthen the region’s reputation as a hub for quantum technology. This is another demonstration of the quality of research being undertaken by Sussex academics, translating fundamental research into globally significant innovation and commercial success.”
Professor Sasha Roseneil, Vice-Chancellor and President of the University of Sussex
“Universal Quantum’s progress reflects our partners’ belief that we represent one of the most credible paths to quantum computing at scale. 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.”
Dr. Sebastian Weidt, Co-Founder and Chief Executive Officer of Universal Quantum
