The financing includes £12.5 million ($16.7M USD) in equity from the newly formed Scottish National Investment Bank (SNIB) and £20 million ($26.8M USD) in debt financing from the finance firm Santander UK. The funds will be used to advance the company’s R&D as well as refinance some existing debt and complete a strategic buyout of part of an existing equity investment from the U.K. investor group Business Growth Fund (BGF). We had previously reported that M Squared is leading the UK’s £10 million ($13.1M USD) DISCOVERY project with eight additional partners to research the use of photonics in quantum computing. More information about this funding can be found in the news release on the M Squared web site here.

November 24, 2020