Chevron Technology Ventures, part of Chevron Corporation, has joined the $100 million Series B funding round of quantum computing provider OQC.
OQC’s technology provides “several potential groundbreaking opportunities for the energy sector”, including the development and optimization of catalysts and the efficiency of transportation and distribution networks”, the United Kingdom (UK)-based company said in a news release Tuesday.
“OQC’s development of the quantum computer has the potential to change the information processing landscape by merging the bounds of engineering and physics”, Jim Gable, Chevron Vice President for Innovation and President of Technology Ventures, said. “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”.
“Chevron’s investment marks a significant milestone in harnessing quantum computing for the energy sector”, OQC CEO Ilana Wisby said. “We’re excited to drive innovation and efficiency in exploration and renewables and pioneer enterprise-ready quantum in the energy sector”.
Quantum computing in the energy market is expected to grow at a compound annual growth rate (CAGR) of 37.9 percent, OQC said, adding that it is “anticipated to accelerate the energy industry’s discovery and development of new materials through the simulation of complex molecules to lower carbon products”.
OQC in November 2023 launched OQC Toshiko, an upgradable 32-qubit platform and what it says is the world’s first enterprise-ready quantum computing platform. The company said it aims to offer hybrid computing, integrated quantum and high-performance computing to the market. Prior to the launch of the platform, quantum computers were only available in labs, it noted.
The ongoing funding round is the UK’s largest ever Series B in quantum computing and is being led by SBI Investment, Japan’s premier venture capital fund, OQC said. 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 in the round. Previously, OQC raised $52 million including the largest Series A in quantum in the UK at the time.
Yoshitaka Kitao, Representative Director, Chairman, President and CEO of SBI Holdings, said in an earlier statement, “Quantum computing is a game changer for financial services and many other sectors, unlocking unprecedented power, speed and accuracy that will redefine the industrial landscape”.
Wisby added, “To solve the world’s most pressing challenges – from climate change to accelerated drug discovery – we need to put quantum computers in the hands of humanity and at the fingertips of our most brilliant minds. We’re proud to be pioneering enterprise ready quantum with our customers, partners and investors”.
Chevron Technology Ventures said it 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”. The company has more than two decades of being the primary on-ramp for external innovation into Chevron.
OQC describes itself as 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.
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Wanda Parisien is a computing expert who navigates the vast landscape of hardware and software. With a focus on computer technology, software development, and industry trends, Wanda delivers informative content, tutorials, and analyses to keep readers updated on the latest in the world of computing.
