Mundi Ventures’ EU-backed Kembara fund has made its first major investment by co-leading a $160m round with DCVC in the UK’s Quantum Motion.
The UK-based Quantum Motion specialises in silicon transistor-based quantum computing, and said it will use the Series C investment “to commercialise its scalable and energy-efficient approach to quantum computing” and to help deliver “utility-scale and commercially viable quantum computers that fit inside existing standard data centres and racks”.
Since its last funding round in 2023, the company has expanded internationally, with new offices and labs in Spain and Australia, and has deepened its manufacturing partnership with GlobalFoundries as part of its bid to tie directly into commercial semiconductor supply chains, it said.
“Quantum computing will only achieve its full potential if it can be built on a platform that scales, and we believe silicon is the strongest route to achieving that,” said Dr James Palles-Dimmock, CEO of Quantum Motion. “We are pleased to be joined by investors who share our vision and understand what it takes to build a foundational company in this field.”
Yann de Vries, partner and co-founder of Kembara, said: “If you believe quantum computing is going to be world-changing, as we do, then the obvious next question is which of the many ways of building one will actually work at scale? This investment signals our strong belief in where the answer lies.”
With an ultimate target of €1bn, Spain’s Mundi Ventures closed on €750m in February for its Kembara fund for deep tech and climate start-ups. The fund aims to address the scaling gap in European deep tech funding with its focus on Series B and C funding of €15m-€40m, and beyond, for European companies.
“Quantum is critical infrastructure for the next century of computing, AI and security, and leadership will go to whoever can industrialise it,” said Dr Prineha Narang, operating partner at DCVC. “DCVC led this investment in Quantum Motion because silicon is the foundation that scales, and this team is building on the CMOS advantage to turn quantum from a demonstration into a commercial success story.”
According to the Kembara team, Europe produces 28pc of global deep tech innovation, but only 3pc of European deep tech companies successfully raise Series B or C rounds. It is that very gap that the Kembara fund is hoping to bridge using “€1bn dedicated to backing Europe’s deep tech champions at the exact moment when technology is proven and global scale becomes possible”.
“Quantum Motion’s unique approach that combines cutting-edge quantum physics with established silicon manufacturing provides a distinct global edge,” said Charlotte Lawrence, managing director of direct equity at the British Business Bank, a new investor in the company with this round. “We are no longer just theorising about quantum computing but are actively starting to build the platforms to deliver it here in the UK.”
The European Investment Fund (EIF) is a lead backer of Kembara, announcing in July last year that it would invest €350m in Kembara Fund 1. At the time, the EIF said it was the experience of the Kembara management team and its “differentiated strategy” that were key to offering its support.
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