Quantum computing company Oxford Quantum Circuits is to raise £79.3m to further advance its technology.

The company is working with Japanese venture capital fund SBI Investment and is expected to complete the round in the first quarter of next year.

The firm’s Series B funding round saw Oxford Science Enterprises, University of Tokyo Edge Capital, Lansdowne Partners and OTIF take part.

Support from the Japanese investor follows the quantum startup’s ambitions to expand into Japan after it secured £869,000 in extra funds in February.

Based in Reading, Oxford Quantum Circuits scooped £38m for its Series A in July last year.

Ilana Wisby, CEO of Oxford Quantum Circuits, said: “To solve the world’s most pressing challenges – from climate change to accelerated drug discovery – we need to put quantum computers in the hands of humanity and at the fingertips of our most brilliant minds.”