A London-based quantum computing startup announced a $500 million funding round on Friday, one of the largest ever in the sector. The company says the capital will accelerate development of error-corrected processors targeting financial modelling, drug discovery and logistics.

Chief Executive Elena Marsh said the funding marks "a turning point" as the industry shifts from lab prototypes toward commercially viable machines.

Investors included a consortium of sovereign wealth funds and several major enterprise cloud providers. The round values the company at $4.1 billion.