Deeptech/Quantum/News/ Investment in UK quantum computing is about to leap The number of UK businesses investing in quantum computing is set to increase three-fold over the next five years. By Kim Darrah 5 November 2019 Riverlane Team Riverlane Team \Deeptech Who are the few “real” defence investors in Europe? Sifted asked the experts By Mimi Billing 23 February 2023 Deeptech/Quantum/News/ Investment in UK quantum computing is about to leap The number of UK businesses investing in quantum computing is set to increase three-fold over the next five years. By Kim Darrah 5 November 2019 The number of UK businesses investing in quantum computing is set to triple over the next five years, according to the results of a survey of businesses by Accenture and the Confederation of British Industry (CBI). The survey asked businesses about their investment plans over the next five years and found that quantum computing was the sector with the most momentum in terms of the share of companies that plan on investing who don’t already do so. One in three businesses in the study said that they planned to invest in quantum computing over the coming five years, a three-fold increase from the number that currently invest. The businesses in the survey were from a variety of sectors and of varying sizes. The results imply that investment into quantum computing is at a turning point in the UK. Investment in Blockchain and artificial intelligence (AI) is also set to jump but these technologies are already more established, meaning the difference between present investment and planned investment is less pronounced. Source: CBI and Accenture Tech Tracker Quantum computing is currently in its early stages but ultimately has the potential to dramatically speed up complex calculations, with quantum supercomputers able to quickly complete tasks that would take thousands of years for an ordinary computer. Read more: Everything you need to know about quantum technologies The enthusiasm for the technology shown by the study supports predictions that the sector will grow rapidly in the coming years. One analysis by Boston Consulting Group (BCG) forecasts that the quantum industry will be worth $2-5bn in five years time and will hit $50bn within the next decade. Venture capital investment into quantum has been dominated by US companies so far but the past year has started to see a trickle of investment rounds into European startups. One example is Finnish startup IQM, which recently raised €11.5m to use building the hardware for quantum computing. Read more: Our summary of the main quantum technologies and the companies developing them. In the UK Cambridge Quantum Computing has raised substantial funds — a total of €59.6m. Another Cambridge-based startup, Riverlane, has raised €4m to date to work on a quantum-powered simulation engine for virtual lab-testing. More funding for UK-based quantum startups: Crypta Labs has raised €4m. Phasecraft has raised €900,000. KETS Quantum Security has raised €2.4m. GTN has raised €2.5m. Rahko has raised €1.5m. Related Articles Europe’s VCs finally leap into quantum By Maija Palmer Click here to read more Everything you need to know about quantum technologies By Carly Minsky Click here to read more Forget GPS. The next navigation device is powered by quantum diamonds By Maija Palmer Click here to read more Most Read 1 \Healthtech Is Daniel Ek’s new body scanner worth the hype? Sifted tried it out 2 \Venture Capital VC diversity needs to change — and white men need to take responsibility 3 \Venture Capital New €3.75bn European Investment Fund pot to back late-stage VCs 4 \Sustainability Counteract closes £15m fund for carbon removal solutions 5 \Mobility Was the $5bn that VCs plugged into escooters worth it?