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November 6, 2023

Cambridge's Nu Quantum Makes Quantum Leap with £7M Funding Boost

In a quantum leap, Cambridge's own Nu Quantum secures a substantial £7 million in funding

In a groundbreaking move, Nu Quantum, based in Cambridge, secures a substantial £7 million in funding, ushering in a new era of quantum networking. This remarkable feat is spearheaded by lead investors Amadeus Capital Partners, Expeditions Fund, and IQ Capital, with further commitment from esteemed seed investors like Ahren Capital, Seraphim Capital, the University of Cambridge, Martlet, and new visionaries including Presidio Ventures, supported by Sumitomo Corporation, the National Security Strategic Investment Fund (NSSIF), and Deeptech Labs.

Nu Quantum's impressive funding journey follows its £2.1 million seed round in September 2020, instrumental in nurturing growth and fostering invaluable partnerships. This latest infusion of capital propels them closer to realizing robust and practical quantum systems.

Nu Quantum is trailblazing the creation of a scalable quantum network, a pivotal development for making quantum computers truly practical and unleashing their transformative potential across diverse world-changing applications. Present-day quantum computers are somewhat constrained due to their reliance on tiny components called qubits. Assembling a substantial number of these qubits is a formidable challenge, but Nu Quantum has devised an ingenious approach. They are connecting numerous smaller cores, each housing 10s to 1000s of qubits, through their scalable quantum network. At the heart of this innovation is the Quantum Networking Unit (QNU), efficiently linking these smaller Quantum Processing Units (QPUs) to create a more potent quantum computer. This technology accommodates various qubit types and expedites quantum computing advancement.

Reflecting on this funding milestone, Dr. Carmen Palacios, Founder and CEO of Nu Quantum, remarked: "Large-scale, fault-tolerant quantum computing will usher in the technological revolution of our generation. We have assembled an exceptional team dedicated to the mission of constructing the quantum networking infrastructure essential to make this a reality. We are grateful to the investors who share our vision for their support as we scale and commercialize our solution."

Dr. Manjari Chandran-Ramesh, Partner at Amadeus Capital Partners, emphasized the need for quantum computing at scale and praised Nu Quantum's unique systems architecture approach, driven by quantum entanglement, with promising commercial potential.

Kerry Baldwin, Managing Partner at IQ Capital, hailed Nu Quantum as one of the most technologically advanced quantum networking companies worldwide, destined to pioneer a qubit modality-agnostic quantum networking platform.

Richard Crosfield, Investment Director at Presidio Ventures Europe, sees Nu Quantum as a key player in overcoming scalability challenges and accelerating the adoption of quantum computers in diverse industries.

Mikolaj Firlej, Managing Partner at Expeditions Fund, recognizes Nu Quantum as a leader in the global quantum networking space, highlighting the potential to build the interconnectivity layer for a new generation of computers.

Nu Quantum's mission is to unlock the full potential of quantum computing, and this substantial funding brings them one step closer to achieving this ambitious goal.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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