Nu Quantum, a pioneering Cambridge-based startup focused on advancing quantum networking, has successfully raised a substantial £7 million in funding. This investment round is spearheaded by prominent venture capital firms, including Amadeus Capital Partners, Expeditions Fund, and IQ Capital.
It is further fortified by enhanced commitments from their initial seed investors, Ahren Capital, Seraphim Capital, the University of Cambridge, and Martlet. Notably, several new investors, such as Presidio Ventures backed by Sumitomo Corporation, the National Security Strategic Investment Fund (NSSIF), and Deeptech Labs, have also joined this funding endeavor.
This financial infusion follows Nu Quantum’s initial £2.1 million seed round in September 2020, which played a pivotal role in facilitating their growth and the establishment of strategic partnerships. With the newfound capital injection, Nu Quantum is primed to accelerate the development of robust and functional quantum systems.
What Sets Nu Quantum Apart?
Nu Quantum has emerged as a trailblazer in the pursuit of building a scalable quantum network. This network holds the key to making quantum computers more practical and unleashing their full potential across an array of world-altering applications. Currently, the inherent limitations of today’s quantum computers arise from the challenge of assembling numerous minuscule components known as qubits, a prerequisite for solving complex and significant problems.
Rather than attempting to construct a singular colossal core, Nu Quantum has adopted a more intelligent approach. They are connecting numerous smaller cores, each equipped with tens to thousands of qubits, through their innovative scalable quantum network. At the heart of this revolutionary technology lies the Quantum Networking Unit (QNU), designed to efficiently link these smaller Quantum Processing Units (QPUs), resulting in a more potent quantum computer. Crucially, this technology can accommodate various types of qubits, expediting the evolution of quantum computing.
Dr. Carmen Palacios, Founder and CEO of Nu Quantum, expressed her gratitude, saying, “Large-scale, fault-tolerant quantum computing will usher in the technological revolution of our generation. We have assembled an exceptional team committed to the mission of building the quantum networking infrastructure essential for realizing this vision. We are thankful to the investors who share our vision for their support as we scale and commercialize our solution.”
Dr. Manjari Chandran-Ramesh, Partner at Amadeus Capital Partners, underscored the significance of scaling quantum computing and praised Nu Quantum’s unique systems architecture approach driven by quantum entanglement. She emphasized the commercial potential of their product solution, which possesses the flexibility to adapt to various qubit technologies.
Kerry Baldwin, Managing Partner at IQ Capital, recognized the pivotal role that networking will play in the future of quantum systems and commended Nu Quantum for its technological prowess in quantum networking. The newly secured funding will enable Nu Quantum to intensify their ongoing projects and collaborate with a diverse range of commercial partners within the quantum computing ecosystem.
Richard Crosfield, Investment Director at Presidio Ventures Europe, highlighted the potential impact of quantum computers across multiple industries and underscored the importance of addressing scalability limitations. He praised Nu Quantum’s quantum optical networking technology as a practical solution to these critical challenges.
Mikolaj Firlej, Managing Partner at Expeditions Fund, noted that this funding represents a crucial milestone for Nu Quantum, allowing them to develop quantum-based networks capable of transmitting quantum bits (qubits) at high speeds for various commercial-grade applications. He expressed his confidence in Nu Quantum’s capacity to revolutionize the interconnectivity layer for the next generation of computers, much like Cisco did for classical computing.
Nu Quantum’s work in building a scalable quantum network is vital for the advancement of quantum computing, which has the potential to revolutionize various industries, including healthcare, finance, and cryptography. This technology could position the UK as a hub for quantum computing and related applications.
