UK quantum startup Oxford Ionics has been acquired by US quantum company IonQ in a deal worth $1.1bn.
Oxford Ionics was spun out of the University of Oxford in 2019 by founders Chris Ballance and Tom Harty, and works on trapped-ion technology — which consists of “trapping” single atoms in place using an electromagnetic field.
While developers of trapped-ion quantum computers typically rely on expensive and complex laser systems to control the trapped ions, Oxford Ionics uses electronic qubit control technology that can be integrated into a standard silicon chip. This allows the startup to manufacture its quantum processors at scale using existing manufacturing technology.
IonQ, which is based in Maryland and also works on trapped-ion technology, said the combined company expects to build systems with 256 physical qubits at accuracies of 99.99% by 2026. It plans to grow that to more than 10k physical qubits by 2027 and 2m by 2030.
“We believe the advantages of our combined technologies will set a new standard within quantum computing and deliver superior value for our customers through market-leading enterprise applications,” said Niccolo de Masi, CEO of IonQ.
The stock-and-cash deal, which is expected to close this year, consists of $1.065bn in IonQ common stock and around $10m in cash.
Ballance and Harty are expected to remain with IonQ after the acquisition is completed.
Since it was founded, Oxford Ionics has raised more than $50m from investors including Braavos, Oxford Science Enterprises, Lansdowne Partners, Prosus Ventures, 2xN and Hermann Hauser, who helped establish chip giant ARM.
