Rigetti Computing, the quantum computing start-up that is tough market heavyweights like IBM, Microsoft and D-Wave, today revealed that it has closed a $79 million Series C financing round. The round was led by Bessemer Venture Partners, with involvement from Franklin Templeton, Alumni Ventures Group, DCVC, EDBI, Morpheus Ventures and Northgate Capital.
Bessemer’s Tomer Diari and Veritas Software’s former CEO Mark Leslie will sign up with the business’s board of directors.
Previously this year, TechCrunch reported that Rigetti was looking to raise about$71 million in what– a minimum of at the time– looked to be a down round. A Rigetti representative declined to share any information about the business’s assessment in this round.
“This round of financing brings us one action more detailed to providing quantum advantage to the market,” said Rigetti founder and CEO Chad Rigetti. “The company is dually focused on building scalable, error-corrected quantum computer systems and supporting high-performance access to current systems over the cloud. Rigetti provides an unique hybrid computing access design developed for useful applications.”
Rigetti currently offers its own cloud-based service for access to its devices, along with through AWS’ Braket service, which is presently in preview. The company also recently won an $8.6 million DARPA award to construct a quantum computer system that outshines classical computer systems.
“It’s hard to find a location where quantum computing won’t be tremendously valuable once quantum benefit is attained,” said Jonathan Curtis, vice president and portfolio supervisor at Franklin Equity Group. “We believe that Rigetti is one of a select couple of leaders in this important emerging market with a strong combination of leading innovation, an accomplished and focused group, and essential business, federal government and go-to-market relationships.”
While quantum computing has long held a lot of promise, it’s actually starting to materialize strides in the last couple of years, with various business constructing working systems that aren’t rather powerful enough for the majority of real-world usage cases yet, but that show a lot of guarantee. Rigetti, perhaps more so than others, has focused on these real-world usage cases.
“Quantum computing will drive a paradigm shift in high-performance computers as we continue pressing the limits of science deeper into the realms of science fiction,” stated Diari. “Quantum technology has the prospective to open substantial advancements in biology, chemistry, logistics and product science, and our company believe that Rigetti provides the most clear and instant course to a production-grade system in the market.”
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.