UK start-ups caution about reduced quantum computing funding.
- Phasecraft founders express concerns over funding withdrawal.
- Venture capital in quantum computing is diminishing.
- UK risks trailing behind global leaders US and China.
- Government urged to maintain investment in quantum tech.
UK-based start-ups are sounding the alarm over recent cuts to quantum computing funding, warning that this could jeopardize the nation’s competitive edge in this critical technology sector. The co-founders of Phasecraft, a company emerging from University College London and the University of Bristol, have articulated their concerns. They assert that quantum computing is at a “critical juncture” following the UK’s decision to withdraw a promised £1.3 billion in funding for technology and AI projects, which has sent shockwaves through the industry.
Ashley Montanaro and Toby Cubitt of Phasecraft note that the decline in venture capital investment in quantum computing further exacerbates the challenges. They highlight that countries like the United States and China are aggressively investing in quantum computing, setting a fast pace that the UK may struggle to match. Toby Cubitt, in particular, warns that nations leading in quantum technology will obtain significant advantages and those lagging could end up relying on international goodwill for access to groundbreaking advances.
Montanaro emphasizes the crucial nature of government funding, noting it remains the primary lifeline for start-ups in the UK. The substantial investments by the US and China in quantum computing underscore their recognition of this technology’s transformative potential, according to Montanaro. Phasecraft, which specializes in developing algorithms to make quantum computing practically applicable, has successfully secured $21 million in funding and expanded its operations to the US, bringing in top-tier talent like Steve Flammia, a former principal research scientist at Amazon Web Services.
In their formal appeal to the government, Montanaro and Cubitt stress the importance of continuing public investment in quantum computing to maintain the UK’s competitive stance. They caution against regulatory measures that could hinder international collaboration, pointing out that innovation will eventually prevail despite such barriers.
Quantum computing holds the promise of revolutionizing fields such as drug discovery, material science, and energy optimization, with McKinsey estimating potential economic benefits of up to $2 trillion by 2035, with nearly $1.3 trillion attributed solely to quantum computing. Despite the cut in funding, the UK government reiterates its commitment to advancing quantum technologies, announcing £100 million for new research hubs, including a quantum computing hub at the University of Oxford.
The UK must strategically invest to sustain its role in quantum technology innovation.
