Pioneering Quantum Computing in the Energy Industry: Chevron Joins OQC's $100 Million Round
READING, England, March 5, 2024 /CNW/ -- OQC, a global leader in quantum computing-as-a-service (QCaaS), today announced that Chevron Technology Ventures, part of Chevron Corporation (CVX: NYSE), has joined its $100m Series B funding round.
Quantum computing in the energy market is expected to grow at a CAGR of 37.9%, owing to the increasing demand for efficient optimisation and simulation across the sector[1]. Chevron's investment marks a significant move by a supermajor into the rapidly evolving field of quantum computing.
"OQC's development of the quantum computer has the potential to change the information processing landscape by merging the bounds of engineering and physics," said Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron. "This is the latest investment from our Core Energy Fund, which focuses on high-tech, high-growth startups and breakthrough technologies that could improve Chevron's core oil and gas business performance as well as create new opportunities for growth."
OQC recently launched OQC Toshiko, an upgradable 32-qubit platform and the world's first Enterprise Ready Quantum Computing Platform. As the first company in the world to integrate quantum computing into commercial data centres, OQC is bringing quantum out of the lab and into the data centre. The company aims to make it possible to offer hybrid computing, integrated quantum and high-performance computing, to the market.
A quantum future for energy
OQC's technology provides several potential groundbreaking opportunities for the energy sector, including the development and optimisation of catalysts and the efficiency of transportation and distribution networks. Quantum is anticipated to accelerate the energy industry's discovery and development of new materials through the simulation of complex molecules to lower carbon products.
To realise this future, the energy industry requires secure, accessible and powerful quantum computing that is integrated with existing high-performance computing. Prior to the launch of OQC Toshiko, quantum computers were only available in labs, making secure access for companies and integration with existing high-performance computing the largest barriers to wider business adoption of this groundbreaking technology.
Spearheading industry-leading R&D
OQC recently announced that SBI Investment, Japan's premier venture capital fund, is leading OQC's $100m Series B raise. Existing investors Oxford Science Enterprises (OSE), The University of Tokyo Edge Capital Partners (UTEC), Lansdowne Partners, and OTIF, acted by manager Oxford Investment Consultants (OIC), are also participating.
The ongoing round is the UK's largest ever Series B in quantum computing enabling industry-leading R&D that could pave the way to quantum advantage and furthers OQC's ability to bring next generation platforms of hundreds of qubits to businesses globally.
Commenting on the news, Ilana Wisby, Chief Executive Officer at OQC, said: "Chevron's investment marks a significant milestone in harnessing quantum computing for the energy sector. We're excited to drive innovation and efficiency in exploration and renewables and pioneer enterprise-ready quantum in the energy sector."
About Chevron Technology Ventures
Chevron Technology Ventures identifies and invests in externally developed technologies and new business solutions with the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV has more than two decades of being the primary on-ramp for external innovation into Chevron. For more information, visitwww.chevron.com/technology/technology-ventures.
About OQC
OQC is a global leader in quantum computing-as-a-service, building a brighter future by providing enterprise-ready quantum solutions that seamlessly integrate into digital infrastructures and customer workflows. Its award-winning and world-first integration of quantum computing into colocation facilities removes technical, financial, and geographical barriers to quantum; offering every enterprise a chance to seize a competitive edge.
Prior to Series B, OQC raised $52 million including the largest Series A in quantum in the UK at that time. In 2023, OQC's team grew to over 100, attracting talent from across the globe. The team has built and deployed OQC Toshiko platforms to colocation data centres expanding its operations in the UK, Japan and Spain.
OQC Toshiko is the world's first and only enterprise ready platform: a powerful next generation system, deployed to commercial data-centres, enabling businesses to securely tap into ground-breaking technology from anywhere in the world. This new technology is now in private preview and coming soon on public cloud and data centre fabric. For more information, visit our website: www.oxfordquantumcircuits.com.
SOURCE Oxford Quantum Circuits
Katy Alexander, [email protected], 07896863264
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