Oxford Quantum Circuits (OQC), a British quantum computing startup, has raised £100 million in a Series C funding round. The round was led by European deep-tech investor Plural, with participation from existing investors including Hoxton Ventures, Oxford Science Enterprises, and Lansdowne Partners. The company plans to use the funding to scale its modular quantum computing systems and expand globally.

The funding signals growing investor confidence in quantum computing’s commercial potential. OQC’s flagship technology, the “Coaxmon,” is a unique approach that uses 3D microwave coaxial cables to connect qubits. This design allows for modular scaling, meaning customers can add more qubits as needed without redesigning the entire system.

Dr. Ilana Wisby, OQC’s CEO, said the company is “building the world’s first truly modular quantum computers.” She told me that the new capital would enable them to “double down on our engineering, hire top talent, and accelerate our roadmap to deliver fault-tolerant systems.”

The company has already deployed its first quantum computing platform, Lucy, at the UK’s National Quantum Computing Centre (NQCC). Lucy is available to researchers and businesses via the cloud. OQC also operates a private cloud service for enterprise clients.

The race to build practical quantum computers is fierce. Companies like IBM, Google, and Honeywell are pouring billions into the field. But OQC argues its modular approach offers a more practical path to scaling. “Most systems require rewiring the entire chip to add qubits,” said Dr. Wisby. “Our technology lets us stack modules like Lego bricks.”

The Series C comes at a time when quantum computing is transitioning from pure research to early commercial applications. Industries like pharmaceuticals, finance, and logistics are exploring quantum algorithms for drug discovery, portfolio optimization, and supply chain management.

“The UK has a real opportunity to lead in quantum,” said Dr. Wisby. “We have world-class research, a strong talent pool, and supportive government policy. But we need to move fast.”

The investment is one of the largest ever in a European quantum startup. It highlights London’s growing status as a hub for deep tech. Plural partner Stephen Cohen said OQC’s technology “solves the fundamental bottleneck of scaling” and that the company is “ahead of the road map.”

However, challenges remain. Quantum computers are still extremely sensitive to environmental noise, and error correction remains a major hurdle. OQC’s current systems have limited qubit counts, and the path to fault-tolerant computing is long.

“We’re not pretending this is easy,” said Dr. Wisby. “But we have a clear vision and the team to execute. This funding gives us the runway to get there.”

The company plans to use the funds to expand its team, build out its supply chain, and establish a presence in North America and Asia. It also aims to launch a next-generation system with more than 100 qubits by 2026.

The UK government has identified quantum as a priority technology, with over £1 billion in public and private investment committed to the sector. OQC’s round adds to a strong year for British quantum startups, which have raised more than £200 million in 2024 so far.

For now, OQC’s focus is on execution. “We have the technology, the partners, and the capital,” said Dr. Wisby. “Now we need to deliver.”