Oxford Quantum Circuits Launches Toshiko Quantum Platform and Raises $100M in Series B Funding
Summary:
Oxford Quantum Circuits (OQC) has launched Toshiko, a 32-qubit quantum computing platform for business use, and has secured $100 million in a Series B funding round led by SBI Group. OQC is working with partners like Equinix, Nvidia, Amazon Web Services and McKinsey to drive the development of practical quantum computing applications. Despite the industry's move towards business-friendly solutions, the concept of "quantum advantage" remains contested. In addition to the new platform, OQC announced the start of another funding round that, alongside their previous Series A round, represent the UK's most substantial funding activities for a quantum computing startup.
Oxford Quantum Circuits (OQC), a spinoff from Oxford University's physics department, has recently introduced Toshiko, its 32-qubit quantum computing services platform. This unveiling coincides with a successful $100-million Series B fundraising campaign headed by the investment wing of Japan's SBI Group. The firm maintains that Toshiko is the "first quantum computing platform ready for the business world.” With several Toshiko systems already in use in colocation data centers, OQC is poised to serve corporate data demands. The company's unique offerings are outlined in a dedicated whitepaper.
To transition quantum technology from the laboratory into practical applications and accelerate the progress towards achieving "quantum advantage", OQC collaborates with partners such as Equinix, Nvidia, Amazon Web Services, and McKinsey. Quantum advantage refers to the theoretical capability of a quantum computer to solve certain problems faster than any conventional binary computer possibly could. Despite claims of achieving quantum advantage by tech giants like Google and IBM, the industry has yet to reach a collective agreement on the matter.
Currently, most quantum computers are largely experimental. However, the emergence of hybrid and cloud-based classical/quantum systems, along with the industry's introduction of the first commercial on-site quantum platforms, has shifted the focus towards creating business-friendly solutions.
In this context, Nvidia’s Director of HPC and Quantum, Tim Costa, states, "To tackle the complex problems of the future, we need to smoothly integrate quantum with today's GPU-powered supercomputing. By integrating NVIDIA's GH200 Grace Hopper Superchip with OQC Toshiko through NVIDIA CUDA Quantum, we can provide an integrated quantum-classical computing platform, enabling businesses and researchers to achieve pioneering breakthroughs across various sectors and key scientific areas."
In addition to the launch of Toshiko, OQC announced the start of a $100-million Series B funding round. Japan's SBI Investments is spearheading the campaign, bolstered by contributors like Oxford Science Enterprises (OSE), University of Tokyo Edge Capital Partners (UTEC), Lansdowne Partners, and OTIF.
This funding achievement surpasses the $43 million gathered in their earlier Series A funding round, and both series A and B represent the largest funding successes for a quantum computing startup in the history of the United Kingdom.
Published At
11/28/2023 6:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.