TIDMQBIT
RNS Number : 8000O
Quantum Exponential Group PLC
03 February 2023
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3 February 2023
Quantum Exponential Group plc
(the 'Company' or 'Quantum Exponential')
Quantum Exponential Invests in Oxford Quantum Circuits
Quantum Exponential Group plc (AQUIS:QBIT), a company focused on
investing in quantum technology is pleased to announce that it has
invested GBP299,997 as part of a c.GBP869,000 second funding round
in Oxford Quantum Circuits ('OQC') (the 'Funding'), one of Europe's
leading quantum companies. Other participants in the fundraise
include the Japanese private equity firm HiJoJo Partners. This is
Quantum Exponential's sixth portfolio investment.
Proceeds from the Funding will be used for research and
development ('R&D') and to accelerate OQC's expansion into Asia
Pacific, with a focus on Japan, where there is significant demand
for quantum computers across multiple sectors, including financial
services and pharmaceuticals.
Highlights:
- OQC is Quantum Exponential's first investment in 2023
- Proceeds of the fundraise will be used for R&D and to
accelerate OQC's expansion into Asia Pacific
- OQC became the first European company to feature in Amazon Web
Services, making its computers available to millions of users
- In 2022, OQC raised GBP38 million - the UK largest ever Series A raise in quantum computing
- Blue chip investees, include HiJoJo Partners, Lansdowne
Partners and The University of Tokyo Edge Capital Partners
("UTEC")
OQC designs unique super conducting circuits, it successfully
raised GBP38 million last year as part of a Series A fundraise, the
UK's largest ever Series A in quantum computing, co-led by
Lansdowne Partners, one of Europe's leading investment firms, and
UTEC, Japan's largest deeptech VC fund.
The key challenge of superconducting circuits for quantum
computation is the ability to scale qubit numbers whilst
maintaining qubit quality and control to reach a commercially
useful level of processing power. 'Traditional' 2D circuits require
increasingly intricate engineering to route control wiring across
the chip to the qubit. This both degrades the quality of the qubits
and increases the chance of costly engineering errors.
OQC's patented 3D architecture, the Coaxmon, solves this
challenge by combining unparalleled scalability with world-class
performance. In February 2022 OQC became the first European company
to be featured in Amazon Web Services ('AWS') following the launch
of its latest system, Lucy. AWS is the world's most comprehensive
and broadly adopted cloud platform, offering over 200 fully
featured services from data centres globally. Millions of
customers-including the fastest-growing start-ups, largest
enterprises, and leading government agencies-are using AWS to lower
costs, become more agile, and innovate faster.
Following the investment, Quantum Exponential will hold 47,164
of Series A2 shares in OQC representing 0.34% on a fully diluted
basis.
Commenting on the investment in OQC, CEO of Quantum Exponential
Group, Steven Metcalfe said : "We are committed to providing our
shareholders with access to quantum technology companies which are
at the forefront of this revolutionary technology. OQC's
achievements, driven by its excellent team, are nothing short of
astounding. We are absolutely delighted to have participated in the
second funding round and look forward to following the company's
progress as it expands into Asia."
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
The Directors take responsibility for this announcement.
**ENDS**
For more information, visit the Company's website:
www.quantum-exponential.co.uk or contact:
Steven Metcalfe, Chief Executive Officer c/o quantum@stbridespartners.co.uk
Novum Securities (AQSE Corporate Adviser) Tel: +44 (0)20 7399 9400
David Coffman, George Duxberry
Oberon Capital (Broker) Tel: +44 (0)20 3179 5344
Mike Seabrook, Chris Crawford
St Brides Partners Limited (Financial PR) quantum@stbridespartners.co.uk
Catherine Leftley, Ana Ribeiro, Isabelle Morris
Notes to Editors
About Quantum Exponential Group plc
Quantum Exponential is a first of its kind, AQSE Growth Market
SPAC, focused on opportunities in quantum technology and the wider
quantum computing sector, with an advisory board made up of
industry advisors, entrepreneurs, and technology investment
professionals with broad access to quantum opportunities and
markets. Quantum Exponential's investment strategy is to assemble a
portfolio of minority investments in early-stage global quantum
technology companies, primarily in NATO allied countries, offering
institutional and private investors access to revolutionising
technologies and industries in the realms of artificial
intelligence, manufacturing and healthcare.
Quantum Exponential trades on AQSE Growth Market under the
ticker symbol "QBIT'.
About OQC
OQC is Europe's leading quantum computing company. It brings
quantum to the of its customers' enable them to make breakthrough
discoveries. Its quantum computers are available via private cloud
and on Amazon Braket. www.oxfordquantumcircuits.com
For more information on OQC visit:
https://oxfordquantumcircuits.com/
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