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British Business Bank commits £100m to Oxford Quantum Circuits

Press release 03 June 2026

The British Business Bank has committed £100m to Oxford Quantum Circuits (OQC), a leading UK-based quantum computing company, as part of an £260m Series C funding round. This is one of Europe’s largest ever funding rounds for a quantum computing company. 

The British Business Bank invested £7m in OQC’s Series A round in 2022 and has since supported its growth as the company has scaled. 

The Series C funding round was led by Bullhound Capital, and included investment from Invus, COFIDES, Rokos Capital Management, IHAG, Fulcrum Asset Management, Pentland Ventures, Magdalen College Oxford, Adaptive Capital Partners, Firgun and 18 West. 

Founded in the UK as a spinout from Oxford University, OQC develops and operates superconducting quantum computers designed for deployment in data-centre environments. The company has established an international quantum computing platform across Europe, North America and Asia, with systems deployed in the UK, US, Japan and Spain, and will use the funding to expand its infrastructure in key global markets.

OQC is seeing increasing demand from sectors including financial services, defence and security, where organisations are looking to quantum computing to address complex problems beyond the practical reach of regular computing systems. The funding will be used to expand OQC’s operational presence in priority markets and advance its next-generation quantum systems for commercial deployment.

Leandros Kalisperas, Chief Investment Officer at the British Business Bank, said:

For deeptech in the UK, the challenge is not invention, it’s scale. In order to build global companies rooted in the UK, our financial firepower must match our scientific excellence. The Bank sees this as nothing short of a national economic imperative, so we are acting at pace to deliver significantly higher levels of funding for UK scale ups.

George Mills, Senior Investment Director, Direct Equity at the British Business Bank, said:

Quantum Computing has the potential to solve some of the hardest computing challenges which remain unsolved by AI, but is held back by its ability to scale up. OQC’s systems fill that gap with their world leading speed and scalability. We are delighted to be backing the team at OQC again as they scale up their commercial offering with the development of OQC TITAN.

Chancellor of the Exchequer, Rachel Reeves, said:

OQC’s £260 million funding round is a major vote of confidence in the UK’s quantum sector and shows that the UK continues to be the place where the industries of the future are being created. We have the right economic plan and within it, I set out three 'big choices' for the UK economy - one of which is developing AI and innovation. We will always back companies to give them a head start in the global race which is why we have recently committed up to £2bn to ensure UK quantum companies can successfully reach commercial scale.

Gerald Mullally, CEO of OQC, said:

This funding marks a defining moment for OQC. It gives us the capital to scale internationally, advance our technology roadmap and meet increasing demand from customers seeking secure, scalable access to quantum computing infrastructure. Quantum computing is becoming critical infrastructure, and OQC is building the platform to deliver it at commercial scale.

Further Information

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Notes to editors

About British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. In doing so, we help capture the economic value of innovation for the UK and create jobs and prosperity for people across the country.   

The British Business Bank’s core programmes support £23bn 1  of finance to almost 64,000 2  smaller businesses.  

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at british-business-bank.co.uk.   

British Patient Capital Limited is registered in England and Wales with company number 11271076, and registered office at Steel City House, West Street, Sheffield, S1 2GQ. British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of Oxford Quantum Circuits or its products or services. 

About Oxford Quantum Circuits

OQC is a UK-headquartered company building quantum computers and a secure, scalable Quantum-AI data-centre platform for enterprise and government customers. The platform integrates quantum computing with trusted infrastructure and AI supercomputing to accelerate customer breakthroughs across science and industry.

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