M Squared, the Glasgow-headquartered quantum and photonics developer, this week announced a significant new financing of £32.5m as it expands its backers to support growth and technology developments.
This announcement coincided with the launch of the newly-formed Scottish National Investment Bank that will support M Squared with £12.5m of growth capital – M Squared is the debut investment being made by the newly established SNIB.
The new funding will enable M Squared to further advance its research and development. The firm is currently front running innovations that are addressing global scientific and technology challenges in fields as diverse as climate change, healthcare, quantum computing and virtual reality.
Earlier this year, M Squared also announced it is leading the UK’s largest industry-led commercial quantum computing project as part of an Innovate UK Challenge fund, DISCOVERY. M Squared has also secured investment as part of the project Square – meaning that total investment has reached £50m in the year to date.
M Squared is now at the forefront of UK efforts to commercialise revolutionary quantum technology – considered a major component of central government’s commitment to research and development and its future industrial strategy.