TIDMQBIT
RNS Number : 9632E
Quantum Exponential Group PLC
05 July 2023
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5 July 2023
Quantum Exponential Group plc
(the "Company" or "Quantum Exponential")
Quantum Exponential Invests in Delta g Ltd - its 7(th) Quantum
Portfolio Company
Quantum Exponential Group plc (AQUIS: QBIT), a company focused
on investing in quantum technologies, is pleased to announce that
it has invested GBP300,000 (the 'Investment') as part of a circa.
GBP1,500,000 pre seed funding round in Delta g Ltd ('Delta g').
Delta g is a UK based gravity sensing hardware and technology
development company that has developed a cutting-edge underground
imaging system that leverages quantum technology to measure gravity
gradients. The funding round was led by Science Creates Ventures,
with additional investment from Newable Ventures, Bristol Private
Equity Club and angel investors. This is Quantum Exponential's
seventh portfolio company.
Delta g Highlights
-- Delta g is a UK based company that has recently spun out of
the UK Quantum Technology Hub Sensors and Timing at the University
of Birmingham.
-- The company is focused on developing a gravity gradiometer
for scanning beneath the earth's surface for utility mapping, smart
cities, smart mining, and building information modelling (BIM).
-- Its gravity gradiometer has already received significant
performance acclaim, demonstrated within a paper published in
Nature (https://doi.org/10.1038/s41586-021-04315-3), and has
attracted interest from large industrial end users across many
industrial verticals.
-- Secured circa. GBP1,500,000 in a funding round involving
specialist deeptech and quantum investors.
-- Its technology will contribute to effective monitoring of
critical national infrastructure and ground movement from climate
change - both in the UK and internationally.
-- Secured circa. GBP500k Innovate UK project grant via the ISCF
Commercialising Quantum Technologies: feasibility studies round
3.
The funding will be used to develop a commercial demonstrator of
the existing research system, perform trials with industrial end
users, and build a robust roadmap towards manufacturing and
commercialisation.
The quantum gravity gradiometer has the potential to transform
underground mapping for several industries such as utility mapping
for smart cities and smart mining as it can be used in real-time
monitoring and is a direct measurement. The applications and cost
benefits of the technology are vast including:
-- Mapping of as-built utility infrastructure.
-- Improved prediction and monitoring of natural subsidence from
climate change or seismic activity.
-- Discovery of hidden natural resources.
-- Understanding archaeological mysteries without damaging excavation.
-- Reduce the risk of unforeseen ground conditions in the
construction sector including rail and road projects.
Following the investment, Quantum Exponential will hold 153,061
ordinary B shares in Delta g representing approximately 7.8% of
Delta g's enlarged issued share capital on a fully diluted
basis.
Commenting on its investment, CEO of Quantum Exponential Group,
Steve Metcalfe said:
"Jeremy Hunt's spring budget highlighted the UK's commitment to
become a world-leading 'quantum-enabled' economy and doubled its
current investment in the sector. Quantum Exponential share the
same vision and believe that early investment in quantum-focused
businesses is pivotal if we are to realise that vision.
"Delta g's use of quantum technology to measure gravity
gradients has the potential to revolutionise industries such as
construction and infrastructure and significantly improve mapping
of what happens underground. We are proud to support Delta g in its
mission to develop a commercial demonstrator of the existing
research system and to develop a gravity gradiometer. We are
particularly pleased to note that Delta g's technology has also
received a circa. GBP500k Innovate UK project grant, highlighting
its importance to the UK government's efforts to advance the
commercialisation of quantum technologies.
"At Quantum Exponential, we are committed to investing in the
most promising early-stage global quantum technology companies, and
Delta g is an excellent addition to our portfolio. We look forward
to working closely with the team at Delta g and supporting them as
they continue to develop its technology. This investment brings our
portfolio to seven companies to date and further cements our
position as a leader in the quantum technology investment sector.
We remain focused on identifying new opportunities in this rapidly
evolving industry and delivering value to our investors."
Quantum Gravity Sensor
Quantum gravity sensor measures subtle changes in the pulling
strength of gravitational fields when a cloud of atoms is dropped.
The bigger the object and the greater the difference in density of
the object from its surroundings, the stronger the measurable
difference in pull. But vibration, instrument tilt and disruption
from magnetic and thermal fields have made turning quantum theory
into commercial reality challenging. The Birmingham quantum sensor
breakthrough is the first to meet these real-world challenges and
perform a high spatial resolution survey. The removal of noise due
to vibration will unlock gravity mapping at high spatial
resolution. For more information about the quantum gravity sensor
technology click here: https://bit.ly/3nc2f7z.
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
The Directors take responsibility for this announcement.
**ENDS**
For more information, visit the Company's website:
www.quantum-exponential.co.uk or contact:
Company Contact
Quantum Exponential plc
Steven Metcalfe, Chief Executive c/o quantum@stbridespartners.co.uk
Officer
-------------------------------------
Novum Securities (AQSE Corporate Tel: +44 (0)20 7399 9400
Adviser)
David Coffman, George Duxberry
-------------------------------------
Oberon Capital (Broker) Tel: + 44 (0)20 3179 5344
Mike Seabrook, Chris Crawford
-------------------------------------
St Brides Partners Limited quantum@stbridespartners.co.uk
(Financial PR)
Catherine Leftley, Ana Ribeiro,
Max Bennett
-------------------------------------
About Quantum Exponential Group plc
Quantum Exponential is the first of its kind, AQSE Growth Market
enterprise company, focused on opportunities in quantum technology
and the wider quantum computing sector, with an advisory board made
up of industry advisors, entrepreneurs, and technology investment
professionals with broad access to quantum opportunities and
markets. Quantum Exponential's investment strategy is to assemble a
portfolio of minority investments in early-stage global quantum
technology companies, primarily in NATO-allied countries, offering
institutional and private investors access to revolutionising
technologies and industries in the realms of artificial
intelligence, manufacturing and healthcare.
Quantum Exponential trades on AQSE Growth Market under the
ticker symbol "QBIT'.
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