LONDON, UK: Quantum Exponential Group plc (AQUIS: QBIT), a company focused on investing in quantum technologies, has announced that it has invested £300,000 in Delta g Ltd, a UK based company that has developed a quantum gravity gradiometer for scanning beneath the earth’s surface.
The investment is part of a £1.5 million pre-seed funding round led by Science Creates Ventures, with additional investment from Newable Ventures, Bristol Private Equity Club and angel investors.
Delta g is a spin-out from the UK Quantum Technology Hub Sensors and Timing at the University of Birmingham. Its gravity gradiometer can measure gravity gradients and provide high-resolution images of underground structures and resources. The technology has applications in utility mapping, smart cities, smart mining, building information modelling and natural disaster monitoring.
The funding will be used to develop a commercial demonstrator of the existing research system, perform trials with industrial end users, and build a roadmap towards manufacturing and commercialisation. Delta g has also secured a £500k Innovate UK project grant to support its development.
Quantum Exponential’s CEO, Steve Metcalfe, said: “We are proud to support Delta g in its mission to develop a quantum gravity gradiometer that has the potential to revolutionise industries such as construction and infrastructure. We share the UK’s vision to become a world-leading quantum-enabled economy and believe that early investment in quantum-focused businesses is pivotal to achieve that goal.”
Quantum Exponential will hold approximately 7.8% of Delta g’s enlarged issued share capital on a fully diluted basis following the investment. This is Quantum Exponential’s seventh portfolio company.
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