Funding

[Funding alert] Cambridge-based Nu Quantum Raises £7 million in Pre-Series A Round Funding

Nov 2, 2023 | By Startup Rise EU

Cambridge-based Nu Quantum raises £7 million in pre-series A round funding. Amadeus Capital Partners, IQ Captial, and Expeditions Fund, two new investors, spearheaded the Pre-Series A investment.

Cambridge-based Nu Quantum raises £7 million in pre-series A round funding. Amadeus Capital Partners, IQ Captial, and Expeditions Fund, two new investors, spearheaded the Pre-Series A investment.

Ahren Capital, Seraphim Capital, The University of Cambridge, and Martlet were amongst the new investors in the round, while Presidio Ventures, which is supported by Sumitomo Corporation, the National Security Strategic Investment Fund (NSSIF), and Deeptech Labs were amongst the current investors.

Read also - Finnish AI Governance Startup Saidot Raises €1.75M Seed Round Funding

According to Nu Quantum, the funding is going to be used to expand business and academic collaborations, speed up product deployment, and maintain recruitment efforts.

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Although there have been multiple reports and demonstrations of the potential of quantum computing, the technology is limited when used separately, just like classical computing.

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One of the main issues with the de facto mechanism for contemporary quantum computing is that, in order for these devices to address challenges that advance society, the core must have between 100,000 and one million qubits operating as a single unit.

Amadeus Capital Partner’s Dr. Manjari Chandran-Ramesh explains: “The ability to apply quantum computing at scale is what’s needed to unlock the potential of this revolutionary advancement in processing power. Nu Quantum’s systems architecture approach, driven by quantum entanglement, is unique in the market today and has great commercial potential. Further, its product solution is poised to be able to adapt to any type of qubit technology, which makes the impact far-reaching.”

About Nu Quantum

Novel and high-performance quantum networks are needed to pave the way towards useful quantum computing. Compared to the existing state-of-the-art, Nu Quantum is uniquely positioned to achieve order-of-magnitude increases in rate and fidelity while providing a versatile platform that can be tailored to all qubit modalities.

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