London, 9 JUNE 2022 – ORCA Computingg Limited, Europe’s leading full-stack photonic quantum computing company, has today announced the closing of a key funding round of $15 million.

The Series A investment will be used to roll out its near-term photonic quantum computing systems and software enabling organisations, including the UK Ministry of Defence (MoD), to develop future data processing capabilities such as machine learning. The investment will also help ORCA continue developing its full-stack fault-tolerant solutions as well as accelerate the development of its proprietary quantum memory-powered photonic quantum computing systems.

“Light has a huge part to play in the future of quantum computing as an effective, scalable resource. Our mission is to put photonic systems in the hands of users today so that we deliver value in the short as well as long term,” said Richard Murray, co-founder and CEO of ORCA Computing.

“We’re incredibly happy to be joined on our journey by some of Europe’s most knowledgeable quantum and deep tech investors. Their support will allow us to accelerate development of ORCA’s short term and long term quantum systems.”

The funding was led by a syndicate of top European deep technology investors including Octopus Ventures, Oxford Science Enterprises, Quantonation, and Verve Ventures. In addition to the investment round, the company has also secured significant project-based funding from Innovate UK. 

ORCA Computing uses unique technology that doesn’t require bulky and expensive refrigeration or vacuum. Instead, it puts the power and potential of quantum computing into a compact, plug-and-play rack-mounted system built with easily available components, such as standard telecoms switches and optical fibre.

The funding is another major milestone for the two-year-old company, who was recently selected to lead a key Innovate UK project to develop ‘the quantum data centre of the future’ valued at £11.6 million ($14.5 million) in total. ORCA leads a 15-strong consortium that includes BP, Airbus, Riverlane, KETS, BT, and five leading UK universities. 

“We’ve long believed in the potential of ORCA’s unique photon-memory quantum computing platform. This investment is a fantastic opportunity to address the engineering challenges involved in scaling the platform, grow our world-leading team and get a functioning quantum computer into the hands of those who can use it to improve their business,” said Professor Ian Walmsley, co-founder and Chair of ORCA Computing. “It demonstrates continual successes of the UK national quantum technology programme and research from university laboratories delivering real impact.”

“Quantum computing holds the potential to transform trillion-dollar industries, from drug discovery to autonomous vehicles, but scaling a system to the qubits needed to execute significant quantum algorithms is an immense undertaking,” said Zoë Reich, Fund Manager at Octopus Ventures. “We believe the ORCA team is delivering on that challenge. They have a uniquely experienced and expert team, a pioneering component focused approach, and have already achieved significant milestones on the road to a quantum memory-powered photonic quantum computing system. They are in a unique position to spark the next wave in computing.”

-ENDS-

Notes to Editors

About ORCA Computing

ORCA Computing is a start-up with a mission to build full-stack, photonic quantum computers. Its multidisciplinary team of quantum scientists, engineers and computer scientists is developing unique hardware, architectures and software. These offerings will change the face of high-performance computing and networking, from near-term quantum devices and applications to universal fault-tolerant systems.

TheORCA platform is the first to include a ‘quantum memory’ allowing quantum computers based on single photons (units of light) to become scalable. ORCA Computing’s approach to photonic quantum computing does not require complex components, such as advanced cryogenic cooling and vacuum, enabling robust, HPC- and data centre-compatible quantum systems in standard racks that can operate at room temperature and pressure.  

The ‘quantum memory’ storage of quantum information also reduces errors so that fewer components are needed. This allows ORCA to build computers in optical fibre and other off the shelf components, without requiring highly expensive new manufacturing processes or new components which are unreliable and prone to failure.

Visit: www.orcacomputing.com

About Octopus Ventures

Octopus Ventures invests in people and ideas that will change the world because we believe you can build a better tomorrow by investing in it.

We can back you at every stage of your journey, from ideas on a page through to IPO. Each year we deploy more than £200 million across five areas where we see the maximum potential for impact: health, fintech, deep tech, consumer and B2B software. With many years of experience and expertise investing in each of these areas, our team can help our portfolio companies scale at speed.

For us, investment is about more than money. Being truly invested is about giving time, energy and focus; working with founders to give them the best chance of success. It means a shared commitment to solving the big problems that matter.

We’ve backed the likes of ManyPets, Cazoo, Depop, Elvie and WaveOptics, while others have gone on to join forces with the world’s largest businesses.

We are based in London and New York with a network of partners across the U.S and Asia.

Visit: octopusventures.com

About Quantonation

Quantonation Ventures is the leading VC dedicated to Quantum Technologies, managing €80m via its first vehicle Quantonation 1 with more than 30 operations realised already. We invest globally, targeting pre-seed/seed companies in Quantum Computing, Quantum Communication, Quantum Sensing and Deep physics and are always looking for disruptive companies.

Fields such as molecular design, high-performance calculation, cybersecurity, or ultra-precise sensing are now driven by innovation based on Deep Physics and Quantum Technologies. Thanks to its scientific expertise Quantonation aims at supporting the transition of these technologies into commercially available products for the industry. Our portfolio companies are finding alternatives to an unsustainable computing paradigm, curing seemingly incurable diseases, and providing the tools and systems to massively accelerate human innovation while consuming less energy.

Visit: https://www.quantonation.com/

About Oxford Science Enterprises

Oxford Science Enterprises is a Science Business Builder, committed to helping solve the world’s toughest problems for more people, in more places, faster. The company does this by transforming world-leading science into world-changing businesses, partnering with the best scientists from the world’s best university with the best business brains. Oxford Science Enterprises grows its companies with care and expertise, investing for real-world impact, not only for financial returns but reinvesting proceeds back into the next generation of original research and world-changing businesses. 

Since 2015, the company has received an automatic stake in all Oxford University science spinouts – and has taken a leading role in creating and building enterprises that address problems that affect people in life-changing ways: their health, the availability of food, the survival of the planet.

About Verve Ventures 

Verve Ventures is a network and technology-driven venture capital firm based in Switzerland. Founded in 2010 by Steffen Wagner and Lukas Weber, Verve Ventures has grown to more than 45 team members and has become one of the most active venture investors in Europe with over 140 science and technology-driven startups in its portfolio. A dozen investment professionals identify the most promising digital, tangible and health & bio startups. Selected private and institutional investors get access to investment opportunities through a digital platform. The company invests EUR 0.5 million to several million from Seed Stage onward in startups across Europe. Verve Ventures’ dedicated team helps startups with their most pressing needs such as hiring, client introductions and an expert network of high-profile individuals. To join Verve Ventures’ growing pan-European community of entrepreneurs and investors.

Visit verve.vc