UK Investors Eye Innogress’s Strategic Quantum Technology Projects in India

In a significant development for India’s quantum technology sector, two UK investors have expressed their interest in funding strategic projects promoted by Innogress, a tech research and advisory firm. The projects, namely the ‘Greater Karnavati Quantum Computing Technology Park’ (GKQCTP) proposed in the Gandhinagar-Ahmedabad area, and the ‘Indraprastha Quantum Data Center’ (IQDC) proposed in the Greater Noida-NCR Delhi area, have received Letters of Intent (LOIs) from the UK investors.

The announcement comes as the Government of India’s National Quantum Mission (NQM) is receiving research project proposals in various quantum technology domains from Indian institutions, including IITs, IISc, IISERs, and others, for funding. Innogress’s projects have gained traction among international investors and quantum computer manufacturers, as well as Indian quantum tech startups, with the firm recently signing MoUs with several startups like Silicofeller, Quanfluence, Qkrishi, and HANRON to join its upcoming Quantum Computing Tech Park in Gujarat.

Mr. Sumant Parimal, Founding Partner of Innogress, highlighted the positive market traction created by the NQM, stating that it has led to increased interest in the Indian Quantum Tech market. He emphasized the need for funding industrialization and industrial ecosystem creation projects in quantum technology areas, in addition to research projects. He urged the government to consider supporting projects like Quantum Technology Parks, Quantum Computing Centers/Data Centers, and Quantum Devices Fabrication and testing facilities, to pass on quantum advantages to Indian industries.

While the names of the UK investors issuing LOIs remain confidential, Innogress sees them as early believers in its projects, validating its business models in quantum technology and potentially attracting other large PE & VC funds. The funding, totaling over $5 million, will be used to create initial facilities like Quantum Computing Centers and incubate the GKQCTP and IQDC projects.

Innogress’s objectives through the GKQCTP and IQDC projects include creating a vibrant Quantum Tech industry ecosystem in India and developing technology from manufacturing to Quantum Compute facilities. The firm aims to collaborate with Quantum Tech partners, startup firms, and R&D institutions to create industry-oriented solutions, devices, sensors, and use cases, thereby passing quantum advantages to various industries such as Pharmaceutical, BFSI, Energy, Chemical, Logistics, Manufacturing, and Technology.

Through its Lab to Fab framework, Innogress intends to bring innovations from NQM participating institutions’ labs to productization and commercialization, facilitating their industrial deployment. The LOIs from UK investors mark a significant step towards realizing Innogress’s vision of establishing India as a key player in the global quantum technology landscape.