University of Sussex spinout Universal Quantum raises “record” $100M Series A

What happened

A UK university spinout building large scale quantum computing systems for real-world use has raised $100m in funding, which it says it the largest Series A (an early stage of company funding) raised by a UK-headquartered quantum firm. Founded in 2018 as a University of Sussex spinout, Universal Quantum’s point of difference to some of its peers is its commitment to scale.

While many quantum startups chase near-term breakthroughs or develop quantum software that runs on someone else’s hardware, Universal Quantum is tackling a key bottleneck: how to build fault-tolerant quantum computers with millions of error-corrected qubits; economically, reliably and at scale. Universal Quantum will use the funding to speed up its global expansion in the United States, Japan and across its German hub in Hamburg, as well as the development and commercialisation of its technology, it said. The funding round comes amid a boom in the quantum technology market, which is forecast to be worth as much as $100bn by 2035.