TIDMQBIT
RNS Number : 6282L
Quantum Exponential Group PLC
16 May 2022
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16 May 2022
Quantum Exponential Group plc
(the 'Company' or 'Quantum Exponential')
Quantum Exponential Invests in Universal Quantum
Universal Quantum is Building the World's First Million Qubit
Computer
Quantum Exponential Group plc (AQUIS: QBIT), a company focused
on investing in quantum technology, is pleased to announce that it
has invested GBP450,000 through an Advanced Subscription Agreement
in Universal Quantum Limited ("Universal Quantum"), a company
focused on building the world's first million quantum bit ("qubit")
quantum computers. The funds will be used to continue Universal
Quantum's focus on its integrated Quantum Processing Unit. The
funds invested under the ASA will convert into ordinary shares in
Universal Quantum on the earlier of a further financing round of at
least GBP10m, a sale, a liquidation event, or the first anniversary
of the ASA.
Brighton-based, Universal Quantum, was founded by scientists
from the University of Sussex and is the third investment made by
Quantum Exponential in a spin-out from a UK University. Universal
Quantum has to date received investment from investors including
Hoxton Ventures, Village Global, FoundersX, Luminous Ventures, and
7Percent. Universal Quantum has over 15 years of quantum computing
experience and is a proud member of the Tech Talent Charter, a
non-profit organisation leading a movement to address inequality in
the UK tech sector and drive inclusion and diversity in a practical
and uniquely measurable way.
Universal Quantum has focused on creating a million-qubit
quantum computer from its inception. Its unique, electronic quantum
computing modules are based on silicon technology in which
individual modules are connected using ultrafast electric field
links to form an architecture that scales. This technology has the
potential to positively impact a range of sectors including
medicine and material science.
Commenting on the investment, CEO of Quantum Exponential Group,
Steven Metcalfe said:
" Universal Quantum is an excellent addition to our investment
portfolio. Current quantum computers are made up of less than 150
qubits , they will need to scale up to the million-qubit range in
order to unlock the full potential of their impact on society.
Governments globally have stated their support for emerging
technologies, such as quantum technologies, which have the
potential to create new industries and change the way we live our
lives.
"We are delighted to be joining the impressive list of existing
investors which include leading VC funds such as Hoxton Ventures,
Founders X, Luminous Ventures, and the UK Innovation Agency -
Innovate UK.
"Notably, and perhaps, unsurprisingly, we're seeing an influx of
investment opportunities coming out of UK Universities. Universal
Quantum is the third investment we've made in a UK University
spin-out and we anticipate that we will be adding to that list in
due course".
Why a million qubits?
Qubits are error-prone and difficult to control. As a result,
quantum computers are unstable, complex systems. Quantum error
correction, a collection of algorithms and techniques that identify
and fix errors in quantum computers is used, but for such
algorithms to work, the information stored in a single qubit is
distributed across other supporting qubits.
Depending on the nature of the hardware used and the type of
algorithm you choose to run, you may need hundreds or thousands of
physical qubits to support a single logical qubit.
But one logical qubit is not enough to complete complex
calculations to do something useful for society. At the very least,
you need hundreds or thousands of logical qubits, each one
supported by hundreds or thousands of physical qubits. This is
where the requirement for millions of qubits comes from.
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
The Directors take responsibility for this announcement.
**ENDS**
For more information, visit the Company's website:
www.quantum-exponential.co.uk or contact:
Steven Metcalfe, Chief Executive Officer c/o quantum@stbridespartners.co.uk
Novum Securities (AQSE Corporate Adviser) Tel: +44 (0)20 7399 9400
David Coffman, Lucy Bowden
Oberon Capital (Broker) Tel: +44 (0)20 3179 5344
Mike Seabrook, Chris Crawford
St Brides Partners Limited (Financial PR) quantum@stbridespartners.co.uk
Catherine Leftley, Ana Ribeiro, Isabelle Morris
Notes to Editors
About Quantum Exponential Group plc
Quantum Exponential is a first of its kind, AQSE Growth Market
SPAC, focused on opportunities in quantum technology and the wider
quantum computing sector, with an advisory board made up of
industry advisors, entrepreneurs, and technology investment
professionals with broad access to quantum opportunities and
markets. Quantum Exponential's investment strategy is to assemble a
portfolio of minority investments in early-stage global quantum
technology companies, primarily in NATO-allied countries, offering
institutional and private investors access to revolutionising
technologies and industries in the realms of artificial
intelligence, manufacturing and healthcare.
Quantum Exponential trades on AQSE Growth Market under the
ticker symbol "QBIT'.
About Universal Quantum
Universal Quantum is building the world's first million qubit
quantum computer. Why? Because to unlock the full potential of
quantum computing and change the world for the better, we need to
reach the million-qubit scale.
Based near Brighton in the UK, Universal Quantum is backed by
top VCs, has 15+ years of quantum computing experience and is a
proud member of the Tech Talent Charter. For more information,
please visit: universalquantum.com or email
info@universalquantum.com .
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