OQC, a global leader in quantum computing-as-a-service (QCaaS), has recently gained attention following its successful acquisition of a substantial $100 million Series B funding. Chevron Technology Ventures, a division of Chevron Corporation, participated in the investment round, signaling the energy market’s anticipation of a quantum computing revolution. Industry experts forecast a remarkable CAGR of 37.9% in the sector, driven by the increasing demand for optimized and simulated processes within the industry. Chevron’s decision to invest in OQC underscores a significant entry of a major player into the rapidly evolving field of quantum computing.
According to Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron, “OQC’s development of the quantum computer has the potential to change the information processing landscape by merging the bounds of engineering and physics.” Gable also highlighted that this investment aligns with Chevron’s Core Energy Fund, which focuses on hi-tech, high-growth start-ups and breakthrough technologies that could enhance the company’s core oil and gas business performance while opening up new growth opportunities.
OQC recently introduced OQC Toshiko, a pioneering 32-qubit platform and the world’s foremost Enterprise Ready Quantum Computing Platform. By integrating quantum computing into commercial data centers, OQC is making quantum technology more accessible to businesses and pushing the boundaries of what is possible in quantum computing. The company’s goal is to offer hybrid computing by combining quantum and high-performance computing for the market.
The potential applications of OQC’s technology in the energy sector are highly promising. From catalyst development and optimization to enhancing transportation and distribution networks, quantum computing is expected to drive significant innovation in the industry. Additionally, quantum simulations could revolutionize the discovery of new materials, ultimately resulting in the production of lower carbon products.
To fully harness the capabilities of quantum computing in the energy sector, there is a need for secure, accessible, and powerful quantum computing that seamlessly integrates with existing high-performance computing. OQC Toshiko’s integration of quantum computers into colocation facilities eliminates technical, financial, and geographical barriers, making this groundbreaking technology more accessible to enterprises.
The $100 million Series B raise, led by SBI Investment, has accelerated OQC’s industry-leading research and development efforts. This substantial investment is the UK’s largest Series B in quantum computing, highlighting the company’s dedication to driving quantum advantage and bringing next-generation platforms with hundreds of qubits to global businesses.
In response to Chevron’s investment, Ilana Wisby, Chief Executive Officer at OQC, expressed her enthusiasm about the significant milestone in harnessing quantum computing for the energy sector. She emphasized the potential to drive innovation and efficiency in exploration and renewables, while pioneering enterprise-ready quantum solutions.
This investment from Chevron Technology Ventures aligns with their goal of identifying and investing in technologies and business solutions that have the potential to enhance the way Chevron produces and delivers energy. With over two decades of being a primary on-ramp for external innovation into Chevron, CTV continues to play a crucial role in driving technological advancements within the energy industry.
OQC’s commitment to building enterprise-ready quantum solutions that seamlessly integrate into digital infrastructures and customer workflows is evident with its pioneering efforts. With a growing team and expanding operations in the UK, Japan, and Spain, OQC is dedicated to removing barriers to quantum technology and providing businesses with a chance to gain a competitive edge with their groundbreaking quantum solutions.
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