£100m investment milestone reached by Future Fund: Breakthrough programme
21 February 2023: British Patient Capital has invested £5 million in Quantum Motion, a UK-based quantum computing start-up led by academics from UCL and Oxford University, as part of its Series B funding round.
The investment has been made through the Future Fund: Breakthrough programme, a £375m fund where British Patient Capital co-invests with private sector investors in innovative, R&D-intensive UK companies. The funding round was led by Robert Bosch Venture Capital alongside Porsche SE, Octopus Ventures, Oxford Science Enterprises, INKEF, Parkwalk and NSSIF.
The investment in Quantum Motion brings the total value of investments by the Future Fund: Breakthrough programme to £100m via 15 deals. An additional £632m of private capital has also been invested alongside the programme.
With offices in Oxford and London, Quantum Motion is developing quantum computers on silicon chips made using established semiconductor manufacturing processes. This technology will power high-impact applications in a range of vital areas, from the discovery of new chemicals and materials, to creating new models for AI and improved strategies to combat climate change.
Catherine Lewis La Torre, CEO of British Patient Capital, said:
“Quantum Motion blends sector expertise with a unique offering that is pushing the boundaries of quantum computing. Quantum computers will play an essential role in solving challenges that are far beyond the computational capabilities of today’s super computers. We are delighted to be investing in this UK deeptech leader via Future Fund: Breakthrough as the business continues to develop cutting-edge technologies.”
About British Patient Capital
British Patient Capital Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses. Launched in June 2018, British Patient Capital has more than £3bn of assets under management, investing in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more here.
British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.
The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party of Quantum Motion Technologies or its products or services.
About Quantum Motion
Quantum Motion is developing a revolutionary technology platform; not just a qubit, but a scalable array of qubits based on the ubiquitous silicon technology already used to manufacture the chips in smartphones and computers. The Company is developing fault tolerant quantum computing architectures that are compatible with the CMOS process. Fault tolerant quantum processors will support the most powerful quantum algorithms, targeting solutions to currently intractable problems in fields as diverse as chemistry, medicine and artificial intelligence. https://quantummotion.tech/