Nu Quantum Raises $60M Series A in Largest Financing Round for Quantum Computer Networking

• New investors, including National Grid Partners, Gresham House Ventures and Morpheus Ventures, validate growing demand for modular, scaling networking technologies within quantum computing.
• The oversubscribed funding round will accelerate Nu Quantum’s Entanglement Fabric roadmap, support the expansion of its multidisciplinary team, and fuel its global growth.

CAMBRIDGE, England & LOS ANGELES--(BUSINESS WIRE)--Nu Quantum, the category creator and leader in distributed quantum computing, has closed its oversubscribed $60 million Series A funding round led by National Grid Partners, including participation from Gresham House Ventures and Morpheus Ventures, and continued support from existing investors Amadeus Capital Partners, IQ Capital, Ahren Capital, Cambridge Enterprise Ventures, East Innovate, NSSIF, and Sumitomo (Presidio Ventures). It is the largest financing round ever raised by a pure-play quantum networking company, and the largest quantum Series A in the UK to date. The funding will accelerate Nu Quantum’s mission to reach fault tolerance by interconnecting quantum processors into a more powerful distributed quantum computer, unlocking the projected $1 trillion quantum computing market.

Quantum computers have the potential to solve problems that will always be beyond the reach of any classical supercomputer. Applications could include modelling molecules on an atomic level to simulation and optimisation of systems with millions of interdependent parameters, like electric grids or financial markets. Until now, the quantum computing industry has focused on improving individual quantum processors. But achieving real utility and fault tolerance will require scaling to systems with 1,000x more qubits than exist today.

Nu Quantum’s quantum networking stack opens a new approach: enabling quantum computers to scale by weaving individual processors into a modular, distributed computing fabric. Networking has played a critical role in the classical computing industry, enabling Cloud and AI data centers, and High Performance Computing. Nu Quantum’s belief is that the mass commercialisation of quantum computing will happen via distributed architectures in quantum datacenters, underpinned by Nu Quantum’s networking infrastructure - the Entanglement Fabric. Crucially, Nu Quantum’s architecture is adaptable to support scaling for multiple different Qubit modalities.

Dr. Carmen Palacios-Berraquero, Founder and CEO of Nu Quantum, said: “When we launched seven years ago, very few were thinking about networked or distributed quantum computing as a strategy for scaling, but we saw it as one of the most urgent and challenging outstanding problems in the industry, and set out to solve it. We’ve made great strides in shaping the market and the technology since then. As we’ve grown, I’m proud we have created a culture defined by fearless innovation, and fuelled by collaboration and diversity under a shared mission to accelerate quantum computing for good. This investment validates our vision and the maturity of our solution as the path to scaling. I’d like to warmly thank the Nu Quantum team for their achievements, and our investors for their support.”

Steve Smith, Chief Strategy and Regulation Officer of National Grid and President of National Grid Partners, said: “We are closer to quantum computing having an impact on businesses and lives than many people think. Nu Quantum is at the forefront of bringing this powerful technology closer to market and using it to solve real-world challenges today.”

Maya Ward, Investment Director at Gresham House Ventures, said: “As quantum computing continues to rapidly evolve, we see huge potential for enabling technologies that can address the challenges of scaling and fidelity. Nu Quantum offers a compelling path to solving these critical industry pain points and unlocking practical, large-scale quantum advantage.”

​​Damien Petty, Partner at Morpheus Ventures, said: “Nu Quantum is tackling one of the biggest barriers in quantum computing, scalability. Its technology and vision position it at the driving edge of this transformation today and hybrid interconnectivity in the future. We’re excited to back a company turning quantum’s potential into real commercial impact.”

Dr. Hemant Mardia, Chair of Nu Quantum, said: “Photonic networking has been fundamental to the scaling of data centres. Under Carmen’s visionary leadership, Nu Quantum is developing the same paradigm for quantum computing. This exceptional Series A funding will accelerate delivery of our roadmap and international expansion of our talented team.”

The Quantum Networking Layer

Quantum computers rely on qubits and high-quality entanglement between them to run powerful computations. To move beyond isolated processors, we must create entanglement links between qubits in adjacent processors, via photonic quantum networking. Achieving this with high-fidelity and high rate is today the single biggest technical challenge preventing the modular scaling of quantum computers, communication and sensor networks. Nu Quantum’s modular, interoperable networking layer - called the Entanglement Fabric - will provide the architecture and connectivity at the rates necessary for distributed, fault-tolerant computing.

Nu Quantum’s Future Plans

Nu Quantum’s significant fundraise will drive the next phase of product development and deployment, delivering on an ambitious roadmap to advance quantum networking state-of-the-art in both performance and scale. Nu Quantum will build on the success of its world-first quantum networking subsystems: the Qubit-Photon Interface in 2024, and the Quantum Networking Unit in 2025. The overall system architecture will be informed by its pioneering work on Distributed Quantum Error Correction.

The funding will also support Nu Quantum’s international expansion, including the growth of its presence in Europe and the US. Following the opening of its Los Angeles office in 2024, the company has built a strong US-based Strategic Advisory Board, including Dr. Robert Sutor, formerly of IBM, and Roland Acra, former CTO of networking giant Cisco System, and Richard Moulds, former Head of Amazon Braket, the AWS Quantum Computing as a Service platform. Nu Quantum will continue to bring together the ecosystem under the umbrella of the Quantum Datacenter Alliance (QDA), and work with Quantum Processing Unit (QPU) partners to advance network-processor integration.

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About Nu Quantum

Nu Quantum is the category creator and leader in distributed quantum computing technology. Its Entanglement Fabric approach is a modular, interoperable networking layer that interconnects quantum processors into a more powerful distributed quantum computer. Through its technological advances and collaboration with industry partners, Nu Quantum is accelerating the path to fault tolerance to unlock breakthroughs and transform industries worldwide. For more information, visit nu-quantum.com.

About National Grid Partners

National Grid Partners is the venture investment and innovation arm of National Grid plc, one of the world's largest investor-owned energy companies. By providing corporate venture capital, business development expertise and integration with National Grid's innovation teams, National Grid Partners is accelerating the energy transition and helping new technologies reach critical scale faster. We also convene the NextGrid Alliance (www.ngalliance.energy), a network of senior innovation executives from more than 150 worldwide utilities focused on solving the industry’s biggest challenges through technology. National Grid Partners is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow us on Twitter and LinkedIn.

About Gresham House Ventures and Gresham House

Gresham House Ventures is an experienced investor, providing flexible growth and secondary capital. Gresham House Ventures partners with exceptional management teams in fast growing, innovative business across a diversified range of sectors, including enterprise solutions, healthcare & education and consumer markets. The team has been working together for over 20 years and has made over 200 investments into growth businesses.

https://www.greshamhouseventures.com

Gresham House Ventures is part of Gresham House, a specialist alternative asset management group that is focused on delivering financial returns for clients by investing in the global themes shaping our future. Gresham House invests across a range of strategies, with expertise in private and public equity, forestry and natural capital, sustainable infrastructure, real estate, renewable energy and battery energy storage. Gresham House is committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.

About Morpheus Ventures

Founded in 2016, Morpheus Ventures is one of the largest early-stage investors based in Los Angeles, investing in the disruption of large markets across the technology landscape from enterprise technologies—including data analytics, machine learning, and SaaS—to deep tech and high-performance computing—including quantum, photonics, robotics, data center technologies and challenging verticals in AI. Morpheus and its partners have backed leading companies such as Skype, Rigetti Computing, Influential Networks, and Safety Culture. For more information, visit morpheus.com.