Quantum hardware startup QFX raises £2m led by Paul Graham
This article covers a seed funding round on 24 October 2025 for QFX, a University of Oxford spin-out developing modular quantum hardware, founded by Dr Joe Goodwin, Dr Laurent Stephenson and Dr Peter Drmota. The company raised £2m in a seed round led by Paul Graham, with participation from other investors.
What does QFX do?
QFX provides modular quantum hardware for trapped ion systems. It supplies precision modules to build and link devices for computing, sensing and secure communications.
Why is QFX useful?
Problem
Businesses face a shortage of scalable, networked quantum hardware needed for computing, sensing and secure communications. This lack prevents industries and universities from building robust quantum systems at meaningful scale.
Solution
QFX explains that it provides modular precision quantum hardware components as building blocks for networked quantum systems. This modular approach lets businesses and academia scale trapped ion and neutral atom technologies reliably.
How much did QFX raise?
QFX raised £2m ($2.7m) in a seed round led by Paul Graham. This makes it the 44th largest funding round in October 2025 (72 recorded). By size, the round comes in 369th for 2025 (544 recorded) in the Startupmag database, as of 24 October 2025.
For details on how Startupmag compiles its rankings, view our Methodology.
Who invested in QFX?
The key investors are listed below.
- Paul Graham: An angel investor and Y Combinator co-founder with a background in founding and advising early-stage software and internet startups.
If you're researching potential backers in this space:
- Explore our list of quantum venture capital firms in the UK
- Browse our directory of quantum angel investors in the UK
Who founded QFX?
The founders of QFX are Dr Joe Goodwin, Dr Laurent Stephenson and Dr Peter Drmota.
Where is QFX based?
QFX is based in Oxford, UK.
What sector is QFX in?
QFX operates in the quantum sector. The sector develops technologies using quantum physics to compute, sense, and secure communications. In simple terms, it aims to make computers and sensors far more powerful and precise.
Key trends and challenges in the quantum sector:
Scaling and error correction
Quantum computers need many physical qubits to correct errors, often thousands to millions per useful device.
Hardware diversity and modular networking
Different platforms like trapped ions, superconducting circuits, and neutral atoms are converging on modular, networked designs.
Supply chain and skills shortages
Specialist lasers, cryogenics, and control electronics are scarce, and skilled engineers remain in short supply.
For a deeper look at innovation in this space, see the quantum startups in the UK.
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