Nu Quantum has secured $60 million investment to grow its quantum computer networking business, the largest early (Series A) funding round achieved by a quantum company in the UK to date.
Quantum computers have the potential to solve problems that will always be beyond the reach of any classical supercomputer. Applications could include modelling molecules on an atomic level to simulation and optimisation of systems with millions of interdependent parameters, like electric grids or financial markets. Until now, the quantum computing industry has focused on improving individual quantum processors. But achieving real utility and fault tolerance will require scaling to systems with 1,000 times more qubits than exist today.
Nu Quantum’s quantum networking stack opens the door to a new approach: enabling quantum computers to scale by weaving individual processors into a modular, distributed computing fabric.
“This investment validates our vision and the maturity of our solution as the path to scaling. I’d like to warmly thank the Nu Quantum team for their achievements, and our investors for their support", said Dr Carmen Palacios-Berraquero, Founder and CEO of Nu Quantum. “When we launched seven years ago, very few were thinking about networked or distributed quantum computing as a strategy for scaling, but we saw it as one of the most urgent and challenging outstanding problems in the industry, and set out to solve it.
“We’ve made great strides in shaping the market and the technology since then. As we’ve grown, I’m proud we have created a culture defined by fearless innovation, and fuelled by collaboration and diversity under a shared mission to accelerate quantum computing for good. This investment validates our vision and the maturity of our solution as the path to scaling. I’d like to warmly thank the Nu Quantum team for their achievements, and our investors for their support.”
Christine Martin, Head of Ventures at Cambridge Enterprise, said: “This is a landmark moment for Nu Quantum and for the UK’s quantum community. An oversubscribed $60 million Series A underscores the depth of confidence in Nu Quantum’s technology. We’re proud to have supported the team from the earliest stages of their journey, and we’re delighted to continue to do so as they scale their vision for distributed quantum computing. Huge congratulations to Carmen and the entire Nu Quantum team – we’re thrilled to stand alongside you for the road ahead.”
Nu Quantum’s future plans
Nu Quantum’s significant fundraise will drive the next phase of product development and deployment, delivering on an ambitious roadmap to advance quantum networking state-of-the-art in both performance and scale.
The funding will also support Nu Quantum’s international expansion, including the growth of its presence in Europe and the US.
Adapted from a news story first published by Cambridge Enterprise
Read more about Dr Carmen Palacios-Berraquero