Rigetti Computing, the quantum computing startup that’s difficult trade heavyweights like IBM, Microsoft and D-Wave, right this moment introduced that it has closed a $79 million Series C funding spherical. The spherical was led by Bessemer Enterprise Companions, with participation from Franklin Templeton, Alumni Ventures Group, DCVC, EDBI, Morpheus Ventures and Northgate Capital.
Bessemer’s Tomer Diari and Veritas Software program’s former CEO Mark Leslie will be part of the corporate’s board of administrators.
Earlier this yr, TechCrunch reported that Rigetti was seeking to increase about $71 million in what — a minimum of on the time — a down spherical. A Rigetti spokesperson declined to share any particulars in regards to the firm’s valuation on this spherical.
“This spherical of financing brings us one step nearer to delivering quantum benefit to the market,” mentioned Rigetti founder and CEO Chad Rigetti. “The corporate is dually centered on constructing scalable, error-corrected quantum computer systems and supporting high-performance entry to present methods over the cloud. Rigetti gives a particular hybrid computing entry mannequin designed for sensible purposes.”
Rigetti presently gives its personal cloud-based service for entry to its machines, in addition to via AWS’ Braket service, which is presently in preview. The corporate additionally lately received an $8.6 million DARPA award to construct a quantum pc that outperforms classical computer systems.
“It’s arduous to seek out an space the place quantum computing received’t be tremendously priceless as soon as quantum benefit is achieved,” mentioned Jonathan Curtis, vice chairman and portfolio supervisor at Franklin Fairness Group. “We imagine that Rigetti is certainly one of a choose few leaders on this essential rising market with a powerful mixture of main expertise, an completed and centered workforce, and essential business, authorities and go-to-market relationships.”
Whereas quantum computing has lengthy held a variety of promise, it’s truly beginning to make actual strides in the previous few years, with numerous corporations constructing working methods that aren’t fairly highly effective sufficient for most real-world use instances but, however that present a variety of promise. Rigetti, possibly extra so than others, has centered on these real-world use instances.
“Quantum computing will drive a paradigm shift in high-performance computer systems as we proceed pushing the boundaries of science deeper into the realms of science fiction,” mentioned Diari. “Quantum expertise has the potential to unlock important developments in biology, chemistry, logistics and materials science, and we imagine that Rigetti supplies essentially the most fast and clear path to a production-grade system available in the market.”