National Grid to hand quantum computing start-up £50m boost
A Cambridge start-up developing quantum computing data centres is poised to secure a £50m funding boost from the National Grid.
Nu Quantum, which was spun out of the University of Cambridge in 2018, has been backed by the FTSE 100 utility giant amid a surge in investment across the sector.
With a team of 60 and led by Carmen Palacios-Berraquero, its 33-year-old founder, Nu Quantum has been developing hardware that can be used in data centres powered by quantum computing.
Quantum computers exploit the peculiar principles of quantum mechanics in ways that could make them significantly more powerful than today's most advanced machines.
US tech giants including Google, IBM and Microsoft have spent years attempting to crack the technology, while China has been investing billions of pounds in state-backed facilities.
Britain has also produced a string of cutting-edge start-ups in recent years.
This includes Nu Quantum, which has received funding from the UK Government. Other investors in the business include Amadeus Capital Partners and UK-listed fund Seraphim Space.
The company has gained momentum in recent years by developing what it calls a Quantum Networking Unit, which can be deployed to data centres.
The start-up said this technology could move quantum from 'lab demonstrations to commercial infrastructure'.
Ms Palacios-Berraquero said: 'We're moving quantum networking from academic research to practical, data centre-ready deployment.
'Our focus now is on working closely with partners and customers to build scalable, modular quantum systems that deliver real commercial value.'
National Grid's planned £50m investment comes amid growing optimism about quantum computing technology, which could have profound implications for scientific research, climate modelling and mathematics.
Breakthroughs in the technology are also of interest to the national security community, with quantum machines potentially so powerful that current encryption technology could be made obsolete.
This month, Jensen Huang, the Nvidia chief executive, said he believed quantum was reaching an 'inflection point'.
Meanwhile, the recent success of Britain's quantum sector, particularly in Oxford and Cambridge, has led to a surge in interest from US rivals.
This month, Oxford Ionics was sold to America's IonQ in a $1bn (£750m) deal.
A Nu Quantum spokesman said: 'We do not comment on ongoing fundraising activity.'
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