Chevron Technology Ventures has participated in a $100m (£78.59m) Series B funding round for Oxford Quantum Circuits (OQC), a UK-based company specialising in quantum computing-as-a-service (QCaaS).
Japan's SBI Investment is spearheading OQC's funding round, with existing investors such as Oxford Science Enterprises, the University of Tokyo Edge Capital Partners, Lansdowne Partners and OTIF, managed by Oxford Investment Consultants, also contributing.
OQC said its technology can offer opportunities for the energy sector such as catalyst development and the optimisation of transportation and distribution networks.
Quantum computing is expected to revolutionise the energy industry by accelerating the discovery and development of new materials and the simulation of complex molecules for lower-carbon products.
For decades, the oil and gas industry has relied on traditional computing for mathematical challenges, particularly benefitting the upstream sector with supercomputers processing seismic data to locate viable hydrocarbon reserves.
Despite advancements in classical supercomputers, they sometimes struggle with multi-variable calculations, a limitation that quantum computing could potentially overcome, according to GlobalData.
Chevron vice-president of innovation and president of technology ventures Jim Gable said: "OQC's development of the quantum computer has the potential to change the information processing landscape by merging the bounds of engineering and physics.
"This is the latest investment from our Core Energy Fund, which focuses on high-tech, high-growth start-ups and breakthrough technologies that could improve Chevron's core oil and gas business performance as well as create new opportunities for growth."
OQC CEO Ilana Wisby said: "Chevron's investment marks a significant milestone in harnessing quantum computing for the energy sector. We are excited to drive innovation and efficiency in exploration and renewables and pioneer enterprise-ready quantum in the energy sector."
Chevron's investment aligns with industry peers such BP and ExxonMobil, which are part of IBM’s Q Network, and other companies such as TotalEnergies and Shell that are exploring quantum computing for molecular modelling and emission mitigation.
In a similar development, French quantum computing provider Pasqal secured $108m (€99.19m) in Series B funding in January 2023, with Wa’ed Ventures, the venture capital arm of Saudi Aramco, among the investors.
