Venture capital firms are pouring billions into quantum computing companies, hedging bets that the technology will pay off big time some day.
Rigetti, which makes quantum hardware, announced a $1.5bn merger with Supernova Partners Acquisition Company II, a finance house focusing on strategic acquisitions. Rigetti, which was valued at $1.04bn before the deal, will now be publicly traded.
Before Rigetti's deal, quantum computer hardware and software companies raked in close to $1.02bn from venture capital investments this year, according to numbers provided to The Register by financial research firm PitchBook. That was a significant increase from $684m invested by VC firms in 2020, and $188m in 2019.
Prior to the Rigetti transaction, the biggest deal was a $450mn investment in PsiQuantum, which was valued at $3.15bn, in a round led by venture capital firm BlackRock on July 27.
Quantum computers process information differently way than classical computing. Quantum computers encode information in qubits, and store exponentially more information in the form of 1s, 0s or a superposition of both. These computers can evaluate data simultaneously, while classical computers evaluate data sequentially, simply put.
Theoretically, that makes quantum computers significantly more powerful, and enables applications like drug discovery, which are limited by the constraints of classical computers.
Rigetti and PsiQuantum are startups in a growing field of quantum computer makers that includes heavyweights IBM and Google, which are building superconducting quantum systems based on transmon qubits. D-Wave offers a quantum-annealing system based on flux bits to solve limited-sized problems, but this week said it was building a new superconducting system to solve larger problems.
Quantum computers show promise but still immature, with questions around stability, said Linley Gwennap, president of Linley Group, in a research note last month.
"Solving the error-rate problem will require substantially new approaches. If researchers can meet that challenge, quantum processors will provide an excellent complement to classical processors," Gwennap wrote.
If quantum ever works, there could be a huge market, hence the VC interest, but the technology is years away from significant revenue, Gwennap told The Register.
Deals by SPAC (special purpose acquisition companies) like Supernova Partners tend to be highly speculative, but the venture firm's due diligence on Rigetti was more around the possible rewards if quantum computers live up to their hype.
Rigetti's quantum technology is scalable, practical and manufacturable, said Supernova's chief financial officer Michael Clifton, in a press conference this week related to the deal.
"Quantum is expected to be as important as mobile and cloud have been over the last two decades," Clifton said, adding, "we were focused on large addressable markets, differentiated technologies and excellent management teams."
Rigetti's quantum computer is modular and scalable with qubit systems linked through faster interconnects. The company's introductory system in 2018 had 8 qubits, and will scale it up to 80 qubit multichip system with high-density I/O and 3D signalling. The company's roadmap includes a 1000-qubit system in 2024 that is "error mitigating," and a 4000-qubit system in 2026 with full error correction features.
Rigetti designs and makes the quantum computers chips in its own fabrication plant, which helps accelerate the delivery of chips. Amazon offers access to Rigetti's quantum hardware through AWS.
IT leaders in non-tech companies are taking quantum computing seriously, IDC said in May.
A survey by the analyst house in April revealed companies would allocate more than 19 per cent the annual IT budgets to quantum computing in 2023, growing from 7 per cent in 2021. Investments would in at quantum algorithms and systems available through the cloud to boost AI and cybersecurity.
View original post here:
Quantum computing startups pull in millions as VCs rush to get ahead of the game - The Register
- Microsoft and KPMG will try out quantum algorithms on real-world problems - GeekWire - December 3rd, 2021
- Finnish Researchers Say Their First Quantum Computer Is Up and Running - Bloomberg - December 3rd, 2021
- Honeywell Superpositions Itself in the Quantum Computing Industry With New Company Quantinuum - TECHdotMN - December 3rd, 2021
- Where does EU stand in the quantum computing race with China and US? - TechHQ - December 3rd, 2021
- Pistoia Alliance predicts a focus on the fight against antimicrobial resistance and a surge in quantum computing research for 2022 - Bio-IT World - November 25th, 2021
- Atom Computing: A Quantum Computing Startup That Believes It Can Ultimately Win The Qubit Race - Forbes - November 22nd, 2021
- Creating Dynamic Symmetry in Diamond Crystals To Improve Qubits for Quantum Computing - SciTechDaily - November 22nd, 2021
- Don Kahle: Quantum quandaries are emerging - The Register-Guard - November 22nd, 2021
- 4 key threats to the new central bank digital currencies - World Economic Forum - November 22nd, 2021
- IBM creates largest ever superconducting quantum computer - New Scientist - November 15th, 2021
- Quantum computing breakthrough may help us learn about the earliest moments of the universe - TechRadar - November 15th, 2021
- Atos and NVIDIA to Advance Climate and Healthcare Research With Exascale Computing - HPCwire - November 15th, 2021
- IBM Launches Its First Quantum Computing Certification | The Info-Tech Brief - Oakland News Now - November 15th, 2021
- Intel Marks 50th Anniversary of the Intel 4004 - HPCwire - November 15th, 2021
- QCI Qatalyst Selected by BMW Group and Amazon Web Services as a Finalist in the Quantum Computing Challenge - HPCwire - November 11th, 2021
- Will Quantum Computers Burst The Bitcoin Boom? - Forbes - November 10th, 2021
- Quantum Computing Market Research Report by Technology, by Deployment, by Offering, by End-Use, by Application, by Region - Global Forecast to 2026 -... - November 10th, 2021
- Quantum Computing Inc. to Present at the ROTH 10th Annual - GlobeNewswire - November 10th, 2021
- QCI Qatalyst Selected by BMW Group and Amazon Web Services - GlobeNewswire - November 10th, 2021
- Nvidia Declares That It Is A Full-Stack Platform - The Next Platform - November 10th, 2021
- ANET: Add These 3 Soaring Computer Hardware Stocks to Your Watchlist - StockNews.com - November 10th, 2021
- Rigetti and Oxford Instruments Participate and Sponsor The City - Marketscreener.com - November 10th, 2021
- Lost in Space-Time newsletter: Will a twisted universe save cosmology? - New Scientist - November 10th, 2021
- IonQ Is First Quantum Startup to Go Public; Will It be First to Deliver Profits? - HPCwire - November 6th, 2021
- QUANTUM COMPUTING INC. Management's Discussion and Analysis of Financial Condition and Results of Operations, (form 10-Q) - marketscreener.com - November 6th, 2021
- Pasqal named startup of the year by L'Usine Nouvelle - EurekAlert - November 6th, 2021
- Quantum Blockchain Technologies Plc - Update on FPGA and ASIC Development - Yahoo Finance UK - November 6th, 2021
- Quantum Xchange Joins the Hudson Institute's Quantum Alliance Initiative - PRNewswire - November 6th, 2021
- Is This the Right Time for a Cryptography Risk Assessment? - Security Boulevard - November 6th, 2021
- IBM and Raytheon Collaborating on AI, Cryptography, and Quantum Computing - Datamation - October 30th, 2021
- AWS Announces Opening of the AWS Center for Quantum Computing - HPCwire - October 30th, 2021
- China makes a quantum computer streets ahead of the US - Fudzilla - October 30th, 2021
- CyberHive's Gareth Lockwood on how quantum computing changes the rules of threat protection - TechCentral.ie - October 30th, 2021
- Amazon partners with UCLA on science hub focusing on AI and its social impact - Yahoo Finance - October 30th, 2021
- Sumitomo Corporation Quantum Transformation (QX) Project - Quantum Computer Improves Performance of Traffic Control for Flying Cars, One Step Closer... - October 20th, 2021
- 3 CQE members Receive Awards from the American Physical Society - HPCwire - October 20th, 2021
- INSIDE QUANTUM TECHNOLOGY New York, The Largest Business Quantum Technology Conference and Exhibition, Announces Focus on Quantum Safe Initiatives and... - October 20th, 2021
- Incredible Growth of Quantum Computing in Health Care Market by 2028 | D-Wave Solutions, IBM, Google EcoChunk - EcoChunk - October 20th, 2021
- IonQ and University of Maryland Researchers Demonstrate Fault-Tolerant Error Correction, Critical for Unlocking the Full Potential of Quantum... - October 12th, 2021
- Zapata, University of Hull researchers take quantum computing to deep space - FierceElectronics - October 12th, 2021
- IBM and Raytheon Technologies collaborate on AI, cryptography and quantum technologies - Scientific Computing World - October 12th, 2021
- How science and diplomacy inform each other - SWI swissinfo.ch - swissinfo.ch - October 12th, 2021
- Digital Wealth Management Fees to Increase Threefold to $12.6 Billion By 2026 - Yahoo Finance - October 12th, 2021
- Is Neuromorphic Computing The Answer For Autonomous Driving And Personal Robotics? - Forbes - October 12th, 2021
- IonQ is set to make its public trading debut. Here's a look at the quantum computing company's 2021 highlights - Technical.ly DC - October 2nd, 2021
- Connecting the Dots Between Material Properties and Superconducting Qubit Performance - SciTechDaily - October 2nd, 2021
- Quantum Computing in Agriculture Market to Witness Stellar CAGR During the Forecast Period 2021 -2026 - Northwest Diamond Notes - October 2nd, 2021
- What is quantum computing? - September 21st, 2021
- Why quantum computing is a security threat and how to defend against it [Q&A] - BetaNews - September 21st, 2021
- 'This Is The Beginning Of A New Industry': College Park Looks To Quantum Computing To Spark Office Growth - Bisnow - September 21st, 2021
- Prepare for the next phase of digital transformation at The Quantum Computing Summit - UKTN - UKTN (UK Technology News - September 21st, 2021
- A Simple Equation Indicates Wormholes May Be the Key to Quantum Gravity - Interesting Engineering - September 21st, 2021
- Explore Trends and COVID-19 Impact on Quantum Computing Market 2021 Research Report and Industry Forecast till 2027 | Know More Stillwater Current -... - September 21st, 2021
- Australias nuclear submarines and AUKUS: The view from Jakarta - Brookings Institution - September 21st, 2021
- Research on Quantum Computing in Health Care Market 2021: By Growing Rate, Type, Applications, Geographical Regions, and Forecast to 2026 - Northwest... - September 15th, 2021
- Atomically-Thin, Twisted Graphene Has Unique Properties That Could Advance Quantum Computing - SciTechDaily - September 15th, 2021
- For The First Time, Scientists Have Entangled Three Qubits on Silicon - ScienceAlert - September 15th, 2021
- UChicago, Duality Teams to Pitch at 2021 Chicago Venture Summit - Polsky Center for Entrepreneurship and Innovation - Polsky Center for... - September 15th, 2021
- View: Its the Spacetime to Quantum - Economic Times - September 15th, 2021
- IonQ Scores Quantum Computing Deal With University Of Maryland And Announces Its Tripling 2021 Bookings - Forbes - September 11th, 2021
- How Horizon Plans To Bring Quantum Computing Out Of The Shadows - Forbes - September 11th, 2021
- Quantum Computing Breakthrough: Entanglement of Three Spin Qubits Achieved in Silicon - SciTechDaily - September 11th, 2021
- Quantum Computing Theorist Vojtech Vlcek Receives Research Award from DOE - HPCwire - September 11th, 2021
- UMD, IonQ join forces to create the nation's first quantum computing lab in College Park - The Diamondback - September 11th, 2021
- Quantum computing breakthrough achieved, road to the future begins now - TweakTown - September 11th, 2021
- Leading Chinese researchers are looking at the coming quantum revolution - The Press Stories - September 4th, 2021
- Top 10 Data Center Stories of the Month: August 2021 - Data Center Knowledge - September 4th, 2021
- Large-Scale Simulations Of The Brain May Need To Wait For Quantum Computers - Forbes - September 3rd, 2021
- NSA: We 'don't know when or even if' a quantum computer will ever be able to break today's public-key encryption - The Register - September 3rd, 2021
- IBM quantum computing: From healthcare to automotive to energy, real use cases are in play - TechRepublic - September 1st, 2021
- Quantum Computing in Manufacturing Market Rising Trends-Microsoft, D-Wave Solutions, Rigetti Computing, Intel UNLV The Rebel Yell - UNLV The Rebel... - September 1st, 2021
- Quantum computers could read all your encrypted data. This 'quantum-safe' VPN aims to stop that - ZDNet - August 30th, 2021
- Sumitomo Corporation Quantum Transformation (QX) Project Announces Its Vision and Activities at the IEEE Quantum AI Sustainability Symposium -... - August 30th, 2021
- Life, the universe and everything Physics seeks the future - The Economist - August 30th, 2021
- This Exotic Particle Had an Out-of-Body Experience These Surprised Scientists Took a Picture of It - SciTechDaily - August 30th, 2021
- Deloitte's quantum computing leader on the technology's healthcare future - Healthcare IT News - August 24th, 2021
- Experiments Prove Quantum Computing Errors Correlated, Tied to Cosmic Rays - SciTechDaily - August 24th, 2021
- Urgent Warning Issued Over The Future Of Bitcoin Even As The Crypto Market Price Smashes Past $2 Trillion - Forbes - August 24th, 2021
- Sumitomo Corporation Quantum Transformation (QX) Project Announces Its Vision and Activities at the IEEE Quantum AI Sustainability Symposium - Yahoo... - August 24th, 2021
- Energy Department Sets $61M of Funding to Advance QIS Research - MeriTalk - August 24th, 2021