Oxford Quantum Circuits, a U.K.-based quantum computing startup, has announced its plan to enter the Japanese market, possibly by late this year, making its service available to Japanese companies via the cloud using computers in Tokyo.
According to Ilana Wisby, Oxford Quantum Circuits CEO, the company sees many business opportunities in Japan. By 2035, the market for quantum computing is anticipated to be worth $700 billion, or about 100 trillion yen. Since Japan is home to numerous innovative materials firms, there is a high demand from those firms to use quantum computing to discover and create the essential materials required to decarbonize the economy.
The U.K. startup develops quantum computers using superconducting circuits operating at very low temperatures. Using quantum computers demands new strategies since they operate on different principles than traditional computers.
Only a few companies have been able to use the few quantum computers that are available in Japan. By giving a larger spectrum of businesses access to quantum computers, Oxford Quantum Circuits’ entry into Japan might change this. The company, which intends to grow its operations in Asia and other regions, will enter Japan as its first international market.
Oxford Quantum Circuits’ investors include the University of Tokyo Edge Capital Partners. The company began offering services through AWS’ cloud service. It is teaming up with U.S. data center company Equinix to expand overseas.
After Google’s quantum computer in 2019 completed a mathematical calculation in three minutes that would have taken a conventional supercomputer 10,000 years to complete, companies all over the globe are scrambling to create quantum computers.