Chevron Technology Ventures has invested in OQC, a global leader in quantum computing-as-a-service, as part of a $100m funding round. OQC recently launched OQC Toshiko, the world’s first upgradable 32-qubit platform and the first to integrate quantum computing into commercial data centers. The company is also collaborating with NVIDIA to integrate quantum with GPU-accelerated supercomputing. OQC’s technology could revolutionize the energy sector, improving the development and efficiency of catalysts and transportation networks. The investment is part of Chevron’s Core Energy Fund, which focuses on high-tech startups and breakthrough technologies.
Quantum Computing in the Energy Sector: Chevron Invests in OQC’s Funding Round
Oxford Quantum Circuits (OQC), a company specializing in quantum computing-as-a-service (QCaaS), announced that Chevron Technology Ventures, a subsidiary of Chevron Corporation, has invested in its $100 million Series B funding round.
The energy market’s interest in quantum computing is growing, with a predicted compound annual growth rate (CAGR) of 37.9%. This growth is driven by the sector’s increasing need for efficient optimization and simulation. Chevron’s investment signifies a significant step by a major corporation into the rapidly developing field of quantum computing.
OQC’s quantum computer development could potentially revolutionize the information processing landscape by bridging the gap between engineering and physics. This investment is part of Chevron’s Core Energy Fund, which focuses on high-tech, high-growth startups and breakthrough technologies that could enhance Chevron’s core oil and gas business performance and create new growth opportunities.
OQC’s Quantum Computing Platform: OQC Toshiko
OQC recently launched OQC Toshiko, an upgradable 32-qubit platform and the world’s first Enterprise Ready Quantum Computing Platform. OQC is the first company to integrate quantum computing into commercial data centers, aiming to offer hybrid computing, a combination of quantum and high-performance computing, to the market.
In collaboration with NVIDIA, OQC is integrating quantum computing with today’s GPU-accelerated supercomputing. This integration aims to bring quantum computing out of the lab and into the data center, making it more accessible for commercial use.
Quantum Computing’s Potential Impact on the Energy Sector
OQC’s technology offers several potential revolutionary opportunities for the energy sector. These include the development and optimization of catalysts and the efficiency of transportation and distribution networks. Quantum computing is expected to accelerate the energy industry’s discovery and development of new materials through the simulation of complex molecules, leading to lower carbon products.
However, to realize these benefits, the energy industry needs secure, accessible, and powerful quantum computing that can integrate with existing high-performance computing. Before the launch of OQC Toshiko, quantum computers were only available in labs, making secure access and integration with existing high-performance computing the biggest obstacles to wider business adoption of this innovative technology.
OQC’s Series B Funding Round and Future Plans
OQC’s $100 million Series B funding round is led by SBI Investment, Japan’s leading venture capital fund. Existing investors Oxford Science Enterprises (OSE), The University of Tokyo Edge Capital Partners (UTEC), Lansdowne Partners, and OTIF, managed by Oxford Investment Consultants (OIC), are also participating.
This funding round is the UK’s largest-ever Series B in quantum computing. It will enable industry-leading research and development that could pave the way to quantum advantage and further OQC’s ability to bring next-generation platforms of hundreds of qubits to businesses worldwide.
Chevron Technology Ventures identifies and invests in externally developed technologies and new business solutions that could enhance Chevron’s production and delivery of affordable, reliable, and cleaner energy.
OQC specializes in quantum computing-as-a-service, providing enterprise-ready quantum solutions that integrate seamlessly into digital infrastructures and customer workflows. Its integration of quantum computing into colocation facilities removes technical, financial, and geographical barriers to quantum, offering every enterprise a chance to gain a competitive edge.
Before its Series B funding round, OQC raised $52 million, including the largest Series A in quantum in the UK. In 2023, OQC’s team expanded to over 100, attracting talent from across the globe. The team has built and deployed OQC Toshiko platforms to colocation data centers, expanding its operations in the UK, Japan, and Spain.
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