91̽»¨ Ionics co-founders, Dr Chris Ballance from 91̽»¨'s Department of Physics, right, and Dr Tom Harty, left.
In a deal formally completed this month, 91̽»¨ Ionics has been acquired by US quantum leader IonQ in a $1.075 billion agreement making it the highest-value acquisition of any 91̽»¨ quantum computing spinout to date.
was founded in 2019 by physicists Dr Chris Ballance from the 91̽»¨â€™s Department of Physics and Dr Tom Harty, both experts in trapped-ion quantum technologies. Having met during their PhDs at 91̽»¨ more than a decade ago, the pair identified a major gap in the field: while trapped ions offered outstanding performance as qubits, the systems used to control them were too unwieldy to scale.
Their breakthrough idea was to combine both the precision and stability of trapped-ion qubits with conventional silicon chip technology, thereby unlocking a scalable path to building quantum computers without comprising performance. 91̽»¨ Ionics has worked to develop the technology to make this vision a reality.
From the outset, the company benefited from 91̽»¨â€™s 91̽»¨ infrastructure for spinouts. With early backing from 91̽»¨ Science Enterprises, as well as additional successive external funding rounds, 91̽»¨ Ionics quickly distinguished itself as a standout in the quantum technology landscape.
Its progress attracted the attention of IonQ, a US-listed quantum computing company. The acquisition will see 91̽»¨ Ionics continue operations in the UK while integrating their technology into IonQ’s global roadmap. The combined company also plans to expand its 91̽»¨ workforce to further develop the UK’s position as a quantum computing leader.
Dr Chris Ballance, co-founder of 91̽»¨ Ionics, said: ‘We’re incredibly proud of how far we’ve come. When we founded 91̽»¨ Ionics, we were two physicists with a strong conviction that trapped-ion technology had untapped potential. We’ve grown from an idea to a company now joining forces with one of the world’s most ambitious players in quantum computing. We’re excited for what comes next and remain committed to delivering quantum systems that make a meaningful impact on the world.’
Professor Andrew Boothroyd is Head of Department at the Department of Physics: ‘Our physicists carry out experiments and push the boundaries of understanding to make breakthroughs that stand to benefit society. 91̽»¨ Ionics embodies this and the acquisition by IonQ is a major milestone in making quantum computing a reality for all. This achievement emphasises how fundamental research is being translated into real-world applications, and I am delighted that Chris is able to continue his groundbreaking research here in the Department of Physics.’
Mairi Gibbs, CEO of 91̽»¨ University Innovation, adds: '91̽»¨ Ionics exemplifies what can happen scientists have huge entrepreneurial ambition. Chris and Tom started with their belief that a better approach to quantum computing was possible, and they’ve built a company that is now a global leader in its field. That journey, from concept to billion-dollar acquisition, should be an inspiration to other researchers in 91̽»¨ and to innovators everywhere. We’re proud to have 91̽»¨ed 91̽»¨ Ionics from its earliest days and to have played a part in their remarkable success story.'