Round overview:

• Amount raised: $11M
• Term Sheet dated: March 2023
  • March raise oversubscribed, leading to additional $2M equity in November 2023.
• Straight equity or convertible note: $8.1m equity, $2.9m conversion (convertible closed 26 July 2022)
• Post-money valuation: $32.5m
• Term Sheet by: Expeditions sp. Z.o.o ASI sp. K
• Other participating institutional investors: Amadeus, Ahren, IQ Capital, Martlet Capital, University of Cambridge, Seraphim, Presidio Ventures, DTL Data Science GP, British Technology Investments Limited, East Innovate LTD, Silicon Roundabout Ventures, 7percent Ventures

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Achievements since March 2023:

Closed $11M round with world class investors including bringing in new investors Sumitomo and NSSIF (as above).

Commercial Achievements

• New Bookings (revenue and grants) from March 2023: total ~$10.9M booked
  • IDRA (contract revenue): New Contract with NSSIF and the UK’s National Quantum Computing Centre, ($8M)
    • 2-year contract to de-risk the building of a Quantum Computer Networking testbed at the NQCC
  • LYRA (contract revenue): New contract via Innovate UK with Cisco as end-user, $2.5M
    • 18-month contract to productise and deliver world-first QNU Product prototype
  • Quarrefour (grant), $0.4M
    • 2-year project alongside Canadia startup softwareQ to develop Quantum Error Correction and compiler framework and prototypes for large-scale networked Fault Tolerant quantum computers
• Income brought in since March 2023: $6.6M income
• • Delivered on schedule to every single payment milestone across all projects
  • Grant income brought in: $1.3M:
    • AirQKD, Arqit, QRNG, Intercom, Calyx, Medusa
  • Revenue brought in: $5.3M
    • IDRA, LYRA
  • Closed off AirQKD, Arqit, QRNG project successfully
• Business partnerships:
  • Launched Commercial Quantum Datacenter Alliance with 6 members
    • NVIDIA
    • Cisco
    • NTT Data
    • Airbus
    • Quantinuum
    • QuEra
    • Oxford Quantum Circuits
  • Significant other partnerships established:
    • AQT
    • NQCC
    • NSSIF
    • Infleqtion
    • Academic partnerships and collaborations: University of Cambridge, University of Oxford, University of Sussex, University of Glasgow
• Market Positioning
  • Early mover and category creator of quantum networking for large-scale quantum computing
  • Limited competition, whitespace & freedom to operate
  • Completed successful market-led pivot
• Brand:
  • Emerged out of stealth in November 2023
  • Covered by WIRED Forbes, Fortune, Bloomberg TV, The Times amongst others
  • 2x Awards to CEO, WIRED Trailblazers 2024 award

Product Development

• Delivered world-first gen-1 Qubit Photon Interface (QPI) and benchmarked pre-qubit integration, validated by two indepenent external partners (Oxford University, Infleqtion); integration with qubits projected end 2025.
• Delivery of world-first gen-1 Quantum Networking Unit prototype on track for March 2025.

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Technical Progress (scientific and engineering)

Fundamental QPI technology de-risking demonstrated [validated by customer]

• Improved microcavity specification meeting requirements to support fault-tolerant networking targets [Trade Secret]
  • Mirrors fabricated via scalable processing technique
  • Adapted process able to deliver bespoke cavities for integrations with multiple kinds of qubits

• Active scalable cavity locking technology fully de-risked and meeting specifiation to build fault-tolerant networking targets [Product Prototype]
  • Validated a productised lockbox able to reach 10ppm accuracy (not commercially-available)
  • Shipped transatlantically to 2x qubit partners and successfully integrated and tested externally

• Designed scalable locking technique to lock a datacentre-scale network of cavities [Patent Application]
• Breakthrough Entanglement Protocol [Patent Application]: our novel CC24 Entanglement Protocol enables high-Fidelity, high-efficiency networking and allows for time-bin encoding (rather than polarisation encoding). This protocol utilises our microcavities and further demonstrates our ability to support Fault Tolerant networking with our QPI technology.

Gen-1 QPI for integration with qubits [signed off by customers]

• Design for integration of microcavity technology into ion traps
• Design for ion networking laser suite
• Design for integration cavities in neutral atom cells
• Validated QPI prototype by testing in vacuum in integrated in partner system

Gen-1 QNU

• Developed world-first Quantum Networking Unit 19-inch rack solution for networking of quantum computers in a datacenter environment on target for delivery in March 2025 [Product Prototype]
• Design and validation of innovative scalable timing & synchronisation control solution (able to scale to mid sized systems), design for path to scale to datacenter-scale system
• Built Optical Module and validated system-level performance targets [Prototype subsystem]
• Built Control Module and validated system-level performance targets [Prototype subsystem]

Quantum Photonic Integrated Circuits (part of the Gen2 and Gen3 QNU)

• Nu Quantum is developing a proprietary Q-PIC platform to deliver the losses and speeds required for commercial quantum networking, and to deliver production scale (reducing size and cost). The performance levels needed are not currently commercially available.
• Switching: Nu Quantum proprietary quantum networking switch meeting 0.6dB loss and 6GHz speeds
  • Validated working switch at ion networking compatible wavelength [Proof-of-concept]
  • Validated working switch at telecoms wavelength [Proof-of-concept]
  • Design & post-processing
• Executed two tape-outs with external foundry on thin-film lithium niobate [know-how]
• Developed proprietary library of components for quantum networking application [Nu Quantum Intellectual Property]
• Waveguide Integrated Detectors
  • Validated waveguide-integrated SNSPD device [Proof-of-concept]
  • In-house fabrication [Process and Know-how]

Distributed Quantum Error Correction

• Built error model for large scale FT-DQC [Patent Application]
• Developed innovative Distributed QEC concept [Patent Application]
• Developed innovative QEC decoding technique [Patent Application]
• Developed draft scalable and modular Architecture for FT-DQC [2x Patent Application]
• Developed draft Blueprint for a 52-logical-qubit machine [2 x Patent Application]
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Systems Integration and Engineering

• Developed Test plan for Quantum Benchmarks of all components and subsystems (linking classical performance, e.g. cross-talk to quantum performance, e.g. entanglement fidelity)
• Developed shortened development cycles from system modelling
• Skeleton of full 4-node quantum network system with Digital Twins developed for sub-systems where possible

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Execution

Not a single milestone missed due to a strong Programme Management Office who has set up strong internal processes.

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Intellectual Property

• Patent portfolio growth since March 2023
  • 10 additional patents applications
  • 1 Trade Secret
  • 1 Trademark in progress
  • Licensed-in patent portfolio from Sussex University

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Team

• Overall metrics
  • Overall growth pre-A stage 15 —> 55+ FTE
  • Company loyalty: 1.2 FTE leavers (probation completed)
  • From 1 location (Cambridge) to 3 locations (Harwell, LA)
• Executive Leadership
  • Management Team growth from 4 to 7 with top expertise across functions & years of industry experience
    • New Appointments after March 2023:
      • VP Technology: Dr Claire Le Gall
      • Head of Engineering and Operations: Danny Garden
      • Head of People: Amii Shepperson
      • fractional CFO: Corinne Thomson
  • High ambition to build an industry-transforming business
  • Boldness and confidence to explore space, constant information gathering, and debate in team with combination of balanced pragmatism, deep technical knowledge, engineering and industry experience and ambition.
• Organisational development
  • Technical Team:
    • Multidisciplinary and scalable
    • High-quality and highly-skilled team: circa half PhDs
  • Set up 9 technical discipline groups: Photonics, Optics, Nano-fabrication, Software, Control, Mechanical, Electronics, Quantum Error Correction, Quantum Theory
    • Technical leads in place for all each group - these are Principal-level engineer experts in their field with industry and line management experience
      • This means scalability of the team
  • New Departments set up:
    • Operations: H&S, DevOps, Facilities, PMO, Tools
      • Set up high-performing PMO function: processes, mentality, training, team, relationship to technical team
    • IP & Legal
    • People Department: with new processes, benefits, salary benchmarks, and career progression structure
• Board of Directors and Advisors
  • New Director appointed:
    • Dr Bob Sutor, top industry veteran ex-IBM Quantum
  • New Board Advisor appointed:
    • Roland Acra, ex-CTO Cisco, ex-CBO PsiQuantum
• Culture and Diversity whilst achieving high growth
  • Maintained Culture
  • Established company values
  • Maintaining Diversity

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Other Achievements & Growth Metrics

• Facilities
  • New Custom Cambridge Labs in operation [sq metre]
  • New office & team of 5 in Harwell
  • New Ion Trapping Lab at the UK NQCC
• US entity set up + 1 US team member