Photonics and quantum technology developer M Squared (Glasgow, Scotland) has received £32.5 million (over $43.4 million) in financing as it expands its backers to support its growth and technology developments.
Santander UK will be providing a £20 million (over $26.7 million) debt facility, allowing M Squared’s founders and management team, led by Graeme Malcolm, to fund the acquisition. The newly formed Scottish National Investment Bank will also support M Squared with £12.5 million (over $16.7 million) of growth capital.
This significant investment from the newly established Scottish National Investment Bank will enable M Squared to further advance its research and development. This is key to upscaling its pioneering work in quantum innovation alongside its technologies to help tackle climate change.
M Squared’s innovations are addressing global scientific and technology challenges in fields including climate change, healthcare, quantum computing, and virtual reality. Therefore, M Squared’s activities will make a contribution to all three of the Scottish National Investment Bank’s proposed core missions to support Scotland’s transition to net zero, build communities and promote equality, and harness innovation to enable our people to flourish.
Earlier in 2020, M Squared announced it is leading the UK’s largest industry-led commercial quantum computing project as part of an Innovate UK Challenge fund, DISCOVERY. The company has also leveraged investment as part of the project Square, meaning that total investment has reached £50 million (over $66.8 million) in the year to date despite the COVID-19 pandemic.
M Squared is now at the forefront of UK efforts to commercialize revolutionary quantum technology, which is considered a major component of central government’s commitment to research and development and its future industrial strategy. This transaction provides the financial strength and independence for the business to play a significant role in the next stage of this technology’s commercialization.