Cambridge Quantum Computing seals $45m financing deal
Cambridge Quantum Computing (CQC) has secured $45 million in financing as it seeks to accelerate the commercialisation of quantum computing software.
The company is now poised to build on its success selling quantum applications for a widening base of enterprise customers.
The deal saw a collective package put together by Honeywell Ventures, IBM Ventures, JSR Corporation, Serendipity Capita, Alvarium Investments and Talipot Holdings.
CQC was founded in 2014 and this year launched enterprise-level software products in the areas of cybersecurity and quantum chemistry, as well as adding to its growing roster of Fortune Global 500 customers and partners from the USA., Europe and Asia.
Ilyas Khan, CEO of CQC, said, "As quantum hardware continues to advance and scale, enterprise customers across a variety of sectors are starting to appreciate just how significantly quantum computing will impact on their operations, and we have started to see the benefits of our product-first focus," said Ilyas Khan, CEO of Cambridge Quantum Computing.
"From cybersecurity to quantum chemistry and materials discovery using our class-leading software platform EUMEN and our widely integrated quantum software development toolkit, t|ket>, CQC is at the forefront of the quantum computing industry. This funding further enables us to advance our ambitious plans. Having support from investors with an absolute alignment of interest is crucial to long-term success."
Murray Grainger, managing director and head of Honeywell Ventures, said, "We are pleased to have added to our earlier investment in CQC. CQC has a world-class team, an ambition that matches this exciting sector, and critical tools that add real value to the quantum computing industry."
Eric Johnson, CEO of JSR Corporation said, "We have enjoyed our collaborative relationship with Cambridge Quantum throughout the past three years. We're pleased to be part of this successful financing opportunity and to continue our exciting journey with CQC and other investors."
'Global leader in quantum'
Robert Jesudason, CEO and CIO of Serendipity Capital, said, "CQC has made significant progress in becoming a global leader in quantum software. There is strong momentum in commercialisation across all its products from quantum chemistry to cybersecurity. We have been very impressed with the team and the progress they have made in scientific and engineering development, as well as their execution capability."
Roger McKinlay, challenge director for quantum technologies at UK Research and Innovation, said, "Our ambition is for the UK to be the number one place to start and grow quantum computing companies. I congratulate CQC on this achievement and I am particularly pleased to see the support of corporate investors of such stature."
Ireland is key launchpad for US expansion into Europe
The first transatlantic cable was laid between Newfoundland and Valentia Island in County Kerry, Ireland, in 1858. It was a flawed effort; the connection was poor, causing enough issues with efforts to send telegrams along it that major repair efforts were set underway immediately - efforts which ended up further damaging the cable line, severing the connection just three weeks later.
This first step towards transatlantic subsea communication, shaky as it was, laid the foundations of more than a century and a half of information exchange across the ocean, between the East Coast of North America and Western Ireland.
It’s been 163 years since the completion of the first transatlantic cable, an event which cemented Ireland’s position as the landing stage for subsea connections between Europe and the Americas. That position has, in no small way, been a driving force behind the country’s modern role as a landing stage for US and Canadian firms looking to do business in Europe.
Today, some of the largest firms in the world, like Pfizer, Janssen, Zurich, Metlife, Google and VmWare use Ireland for their European Headquarters. The combination of an English-speaking workforce (a boon made all the more important as Brexit makes the UK and the north of Ireland an increasingly complex environment that provides diminishing opportunities to access the rest of Europe), a cultural and regulatory landscape that welcomes foreign investment, and world-class connectivity makes the country an unparalleled choice for firms looking to establish a foothold in the EU.
As a result, Ireland has become one of the world’s leading data centre hubs.
Based on leading data centre firm Interxion’s Data Gravity Index, Dublin will be among the top five European cities that will contribute to Europe’s growth in data in the coming years, following London, Paris, Frankfurt and Amsterdam. The amount of data generated in Dublin itself is expected to grow alongside its economic expansion, with the Data Gravity Index also predicting that Dublin will outpace cities and data centre hubs like Mexico City, São Paulo, and even Shanghai, to be among the top 20 cities to experience annual data growth by 2024.
Ireland ranks 6th in the 2020 EU Digital Economy and Society Index (DESI), meaning that it is among the leading ranks of EU Member States in terms of the uptake and use of digital technologies. Likewise, the trend to locate data centres in Ireland serving overseas clients will continue to generate increasing amounts of international traffic
Managing the Dublin Data Boom
According to Interxion, subsea connectivity will continue to play a massive role in helping both international and domestic organisations digitally transform themselves to meet the challenges of changing markets post pandemic.
As the pace of global digital transformation - and the subsequent need for more connectivity - accelerates like never before, this rapidly developing world is driving urther demand for these cables as individuals and organisations become increasingly reliant on subsea cable’s exceptional data speed and capacity.
According to experts at Interxion, this connectivity will be pivotal to Ireland’s continued success in attracting international companies in the technology, pharmaceutical and financial sectors.
The subsea cable industry is a key contributor to the Irish economy across many sectors. The draft National Marine Planning Framework reported that subsea international networks make Ireland an attractive region for investment for the technology and digital sectors. Telegeography states that there are twelve existing subsea cables connecting Ireland to the US and UK, and a further four systems are under development. The Iish government’s statement on the Role of Data Centres in Ireland’s Enterprise Strategy identified Ireland as a location of choice for many different sectors reliant on digital and telecommunications capabilities, all of which in turn rely on subsea cable interconnectivity.
Subsea cables are of strategic importance to Ireland’s future as a catalyst for economic and societal prosperity. Ireland can be the ideal location for your company’s expansion plans. To find out how, you can hear from leading experts throughout the data centre and digital infrastructure industries on June 15, 2021, as speakers from the IDA, Aqua Comms, GTT Communications, euNetworks and Interxion discuss subsea cabling, digital transformation, Data Gravity and the fate of Ireland’s digital economy.
Key topics will include:
- Key facts about existing subsea infrastructure,
- Future plans,
- Challenges (including Marine Maintenance) and opportunities,
- Terrestrial networks (demand vs supply);
- Ireland's role as a gateway to Europe
The virtual panel (which is taking place between 10:30 PM - 11:30 PM JST on June 15, 2021) will conclude with a 20 minute Q&A. Mike Hollands, Senior Director of Market Development at Interxion, will moderate the event.