Penningtons Manches Cooper’s corporate team has advised Orca Computing Ltd, a new quantum computing company based in London, on its establishment and pre-seed financing raising £2.9 million ($3.7 million). The round was led by VC funds Atmos Ventures, Oxford Sciences Innovation and Quantonation with further angel investment and grant funding from Innovate UK.
Orca will use the funds to begin building an optical-fibre based quantum computer using its novel proprietary quantum memory technology The company is based on research spun-out from the University of Oxford and is led by a combination of experienced scientists and entrepreneurs. CEO Richard Murray previously ran the £50 million UK quantum technologies programme for Innovate UK; Professor Ian Walmsley and Dr Josh Nunn invented the company’s technology within their lab at the University of Oxford; and Cristina Escoda (COO) has a finance and startup background as both an entrepreneur and deep-tech investor.
Corporate partner James Went advised Orca with support from IP partner Chris Shelley, corporate senior associate Attilio Leccisotti and tax and share schemes partner Kathy Hills.
James Went commented: “It’s been great to work with Orca and help with their fundraising efforts – it’s an impressive team and an exciting prospect.”
This work is another example of Penningtons Manches Cooper’s strength in advising innovative deep tech businesses from the very outset and supporting them as they grow.