Cambridge Quantum Computing seals $45m financing deal

By Paddy Smith
Investors back quantum computing for enterprise customers from CQC in $45m 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.

Quantum leap

"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."

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