20 June 2024 — Cambridge-based start-up Wave Photonics has raised £4.5m to develop on-chip photonics designs for quantum technology, sensors and data centre applications. UK Innovation & Science Seed Fund and Cambridge Enterprise Ventures led the round, with participation from Redstone QAI Quantum Fund, Kyra Ventures, Parkwalk’s University of Cambridge Enterprise Fund IX (UCEF IX) and Deep Tech Labs.
The investment round is complemented by non-dilutive funding from the EIC and Innovate UK grants, bringing the company’s total funding to date to £5.4m.
Integrated photonics uses the same scalable processes used to manufacture semiconductor electronic chips to fabricate optical circuits, which are used as a platform for energy-efficient communications, wearable healthcare sensors, rapid diagnostic tools, optical tensor processors, on-chip lidar, quantum computing and communications, and many other innovative technologies. However, in contrast to mature semiconductor chip processes, taking a photonic integrated circuit (PIC) from concept to volume production is slow and often cost-prohibitive.
Wave Photonics was founded in May 2021 by University of Cambridge Quantum Photonics PhD candidates James Lee and Matthew Anderson, and Mateusz Kubica (CTO), a former VP of Quantitative Finance with 10 years of experience in mathematics and computational modelling. Since its inception, the company has built and validated core computational photonics design techniques to accelerate development time for photonics products, with the aim of leveraging them to unlock the transformative potential of integrated photonics.
Their mission is to help develop a valuable photonics market by transforming fragmented product development cycles into an integrated, agile process, similar to modern semiconductor development.
The investment will enable the company to transition technology from research manufacturing lines to commercial foundries, with a particular focus on the following solutions:
cutting-edge applications such as quantum technologies and biosensing;
“The team has spent the past few years building and experimentally validating our design technology,” said CEO James Lee.
We need to start deploying this to solve real industry problems.” Mark White, Investment Director at UKI2S, said: “We are delighted to co-lead this seed round for Wave Photonics. When I first met Jamie and his partners I was hugely impressed by the vision and potential of the highly innovative approach they have taken to designing the next generation of integrated photonics.”
Dr Christine Martin, Head of Ventures at Cambridge Enterprise, said: “Cambridge Enterprise Ventures is delighted to co-lead Wave Photonics’ seed round alongside UKI2S, following our initial pre-seed investment. Integrated photonics is poised to disrupt high-value industries, from quantum computing to biosensing, and Wave Photonics’ team and technology are perfectly positioned to enable and accelerate the introduction of the next generation of integrated photonics products.”
“Redstone is impressed with the accomplishments the Wave Photonics team has made to date and is excited to support the company’s next stage of growth and development,” said Chiara DeCaroli of Redstone. “Integrated photonics is an expanding field that will have a profound impact on quantum technologies and the diverse applications that touch everyday life. We are confident that Wave Photonics’ products will play a key role in shaping the future designs of PICs.”
Alexandra Beckstein, CEO and co-founder of QAI Ventures, said, “As a pioneer in cultivating the global quantum technology ecosystem, QAI Ventures is thrilled to support Wave Photonics in their mission to solve real industry problems. This investment aligns perfectly with our vision to advance cutting-edge technologies that have the potential to reshape industries and improve lives. Wave Photonics’ innovative approach to photonic integrated circuit design is a testament to the ingenuity and forward-thinking spirit that QAI Ventures drives. We look forward to witnessing their continued success and impact into the future of quantum technology and beyond.”
