Quantum Tech Company Secures Investment | Yorkshire Deals News
A Sheffield-based quantum tech specialist has secured backing from a listed investment firm.
Quantum Exponential Group, which focuses on investing in quantum technology, backed Aegiq with a £406,050 boost.
The investment includes £256,050 of equity and a £150,000 convertible note.
Aegiq, a spin-off from the University of Sheffield, is a photonics hardware company using quantum technologies to address the global cybersecurity threat posed by the rise of quantum computing.
The company has been accepted into the Quantum Economic Development Consortium, a stakeholder consortium that aims to enable and grow the US quantum industry, and plans to expand into the EU, US and Canada.
The funds will be used to expand into new geographies, giving it access to additional potential talent, customers and investors.
Following this investment, Quantum Exponential will hold an approximate 4.06% stake in Aegiq.
Other investors in the funding round include High Tech Gründerfonds, a German investment firm focused on tech start-ups.
Steven Metcalfe, Managing Director of Quantum Exponential Group, said, “In a recent World Economic Forum report, quantum computing was listed as one of the top five cybersecurity threats. Quantum computers have the ability to do in seconds what would take years. in a traditional digital computer.
“Aegiq’s innovative solutions aim to address what poses a real threat to global security and we are excited to play a role, albeit small, in supporting their growth goals.”
Quantum Exponential Group is advised by Novum Securities (AQSE corporate advisor) and Oberon Capital (broker).