Oxford Quantum Circuits (OQC), a global leader in quantum computing-as-a-service (QCaaS), has 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 compound annual growth rate of 37.9%, owing to the increasing demand for efficient optimisation and simulation across the sector.
Chevron’s investment marks a significant move 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.
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.”