Established in 2019 by Chris Ballance and Thomas Harty, Oxford Ionics develops ultra-fast quantum microchips, and aims to aid Britain’s race to lead the global quantum computing space, reported The Telegraph.
Investors participating in the latest Series A funding round included Arm founder Herman Hauser, and venture capital fund Braavos Investment Advisers.
With current quantum technology requiring extremely cold temperatures in order to properly operate, start-ups such as Oxford Ionics are looking to develop devices that can work at room temperature like conventional computers.
“Our chips run at room temperature,” said Oxford Ionics co-founder, Ballance. “We don’t need to run in million dollar fridges to get them down to a thousandth of a degree above absolute zero.”
According to Fortune Business Insights, the global quantum computing space is set to rise in value from $712.2m in 2022 to $4.8bn by 2029.
Considering security risks
With 35 members of staff currently on the payroll, Oxford Ionics has a production partnership with German chip manufacturer Infineon, and is exploring commercial partnerships with cyber security vendors.
While a major business innovation trend for the coming years, there have also been signs of capability on the part of quantum computing to be utilised by threat actors also, meaning a need to keep tabs on cyber security in the space.
Quantum can allow hackers to breach internet encryption protocols, which can lead to unauthorised access to company networks.
To mitigate this, security companies and government bodies are looking to develop new encryption protocols that can protect assets from attacks using quantum capabilities.
Related:
Innovate UK to put £500,000 towards quantum computing innovation — Innovate UK, the governmental innovation agency, is set to contribute £500,000 in funding towards helping quantum startups overcome technical challenges.
Q&A: IDC research manager on how quantum will transform business — Heather West, Ph.D, quantum computing research lead at IDC, spoke to Information Age about how quantum could transform business in the coming years.
