Cambridge-based quantum networking company, Nu Quantum, has raised £7M in a pre-series A round led by Amadeus Capital Partners, Expeditions Fund, and IQ Capital. The company is developing scalable quantum networking, which is crucial for effective quantum computing. Nu Quantum’s product, a Quantum Networking Unit (QNU), can efficiently scale Quantum Processing Units (QPUs) to form a larger, more useful quantum computer. The technology is compatible with different qubit modalities, which could speed up the development of transformative quantum computing. The funding will be used to expand the company, deepen partnerships, and accelerate the availability of robust systems.
Quantum Networking Company Nu Quantum Raises £7M in Pre-Series A Round
The funding round was led by Amadeus Capital Partners, Expeditions Fund, and IQ Capital, with increased commitment from Seed investors Ahren Innovation Capital; Seraphim Capital; University of Cambridge and Martlet. New investors joining the round include Presidio Ventures backed by Sumitomo Corporation, the National Security Strategic Investment Fund (NSSIF), and Deeptech Labs.
Nu Quantum is at the forefront of developing scalable quantum networking, which is crucial for delivering useful quantum computing and unlocking a wide range of applications that could have a significant impact on society. Current quantum computers have limited capabilities because their fundamental building blocks, qubits, are challenging to assemble in large enough numbers (~100,000 to ~1M) to solve truly valuable problems.
Nu Quantum’s Approach to Quantum Networking
Instead of trying to create a single large core, Nu Quantum is focusing on interconnecting many smaller cores, each containing tens to thousands of qubits, using a scalable quantum network. The company’s product is a Quantum Networking Unit (QNU) capable of efficiently scaling discrete Quantum Processing Units (QPUs) to form a larger and more useful quantum computer. Nu Quantum’s technology is interoperable with, and can be applied to, different qubit modalities, and will accelerate the time to market of transformative quantum computing.
The new funding follows a £2.1M seed round completed in September 2020, which initiated the company’s significant expansion and ongoing recruitment activity. The funds will also deepen key partnerships with academia and corporations and accelerate the availability of robust and deployable systems.
CEO’s Comment on the Fundraise
Dr. Carmen Palacios, Founder and CEO of Nu Quantum, commented on the fundraise, stating that large-scale, fault-tolerant quantum computing will bring about the technological revolution of our generation. She expressed gratitude to the investors who share their vision for their support as they scale and commercialise their solution.
Investors’ Views on Nu Quantum’s Potential
Dr. Manjari Chandran-Ramesh, Partner at Amadeus Capital Partners, highlighted the unique systems architecture approach of Nu Quantum, driven by quantum entanglement, and its great commercial potential. Kerry Baldwin, Managing Partner at IQ Capital, emphasised the importance of networking in future quantum systems and praised Nu Quantum as one of the most technologically advanced quantum networking companies today. Richard Crosfield, Investment Director at Presidio Ventures Europe, expressed belief in the quantum optical networking technology that Nu Quantum is building as the most practical solution to address critical scalability limits.
“Large-scale, fault-tolerant quantum computing will bring about the technological revolution of our generation. We have built an exceptional team dedicated to the mission of building the quantum networking infrastructure necessary to make this a reality. We are grateful to the investors who share our vision for their support as we scale and commercialise our solution.” – Dr. Carmen Palacios, Founder and CEO of Nu Quantum
“The ability to apply quantum computing at scale is what’s needed to unlock the potential of this revolutionary advancement in processing power. Nu Quantum’s systems architecture approach, driven by quantum entanglement, is unique in the market today and has great commercial potential. Further, its product solution is poised to be able to adapt to any type of qubit technology, which makes the impact far-reaching. We are delighted to grow this partnership and work with new and existing investors on this next exciting chapter of Nu Quantum’s journey.” – Dr. Manjari Chandran-Ramesh, Partner at Amadeus Capital Partners
“The important part that networking will play in future quantum systems is clear and Nu Quantum is one of the most technologically advanced quantum networking companies in the world today. We are proud to continue supporting them in realising their vision of a qubit modality-agnostic quantum networking platform. This new funding will allow them to ramp-up work on existing projects and engage with a broad range of commercial partners in the quantum computing ecosystem.” – Kerry Baldwin, Managing Partner at IQ Capital
“Quantum computers are expected to significantly impact many industries, from pharma to financial services, if they can overcome the limitations that arise when increasing the logical qubit count. We believe that the quantum optical networking technology that Nu Quantum’s fantastic team is building is the most practical solution to address these critical scalability limits, which all manufacturers of quantum computers will be facing very soon.” – Richard Crosfield, Investment Director at Presidio Ventures Europe
“This funding marks an important step for Nu Quantum to build quantum-based networks that transmits quantum bits [qubits] from quantum servers at high-speeds to handle various commercial-grade applications. We were looking for various quantum networking companies, but we believe that Nu Quantum represents the most advanced effort in this space globally. We believe that Carmen and team have the potential to do what Cisco once did for classical computers – that is, to build the interconnectivity layer for a new generation of computers.’ – Mikolaj Firlej, Managing Partner at Expeditions Fund
Summary
Cambridge-based quantum networking company, Nu Quantum, has raised £7M to further its development of scalable quantum networking, a crucial component for enhancing the capabilities of quantum computers. The company’s technology, which interconnects smaller cores of quantum bits (qubits), aims to accelerate the deployment of transformative quantum computing by overcoming current limitations in assembling qubits to solve complex problems.
- Cambridge-based quantum networking company, Nu Quantum, has raised £7M in a pre-series A round. The round was led by Amadeus Capital Partners, Expeditions Fund, and IQ Capital, with increased commitment from Seed investors Ahren Innovation Capital; Seraphim Capital; University of Cambridge and Martlet. New investors include Presidio Ventures backed by Sumitomo Corporation, the National Security Strategic Investment Fund (NSSIF), and Deeptech Labs.
- Nu Quantum is developing scalable quantum networking, which is crucial for delivering useful quantum computing and unlocking a wide range of applications. The company’s product, a Quantum Networking Unit (QNU), can efficiently scale discrete Quantum Processing Units (QPUs) to form a larger and more useful quantum computer.
- The new funding follows a £2.1M seed round completed in September 2020, which facilitated the company’s expansion and recruitment activity. The funds will also deepen key partnerships with academia and corporations and accelerate the availability of robust and deployable systems.
- Dr. Carmen Palacios, Founder and CEO of Nu Quantum, believes that large-scale, fault-tolerant quantum computing will bring about a significant technological revolution. Dr. Manjari Chandran-Ramesh, Partner at Amadeus Capital Partners, emphasised the commercial potential of Nu Quantum’s systems architecture approach, driven by quantum entanglement.