British quantum computing start-up spun out of Oxford University snapped up by US rival in £800m deal
A British quantum computing start-up spun out of Oxford University has been snapped up by a US rival.
Oxford Ionics agreed to an £800million takeover by Maryland-based quantum computing firm IonQ.
Set up in 2019 by Oxford University physicists Chris Ballance and Tom Harty, Oxford Ionics is trying to develop one of the most accurate quantum computing machines.
The group’s founders and 80 staff will join IonQ when the deal is done.
Oxford Ionics investors include British hedge fund Lansdowne Partners and Hermann Hauser, the founder of Cambridge-based chip giant Arm.
Ballance said: ‘We’re tremendously excited to work alongside the teams at IonQ.’
US deal: Oxford Ionics, Set up in 2019 by Oxford University physicists Chris Ballance (pictured) and Tom Harty, agreed to an £800m takeover by Maryland-based IonQ
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