Quantum Computing Company Rigetti Raises $79 Million

By Annie Baker ● August 6, 2020
  • Rigetti Computing — a leading quantum computing startup and pioneer in hybrid quantum-classical computing systems — has announced it raised a $79 million Series C financing

Rigetti Computing — a leading quantum computing startup and pioneer in hybrid quantum-classical computing systems — has announced it raised a $79 million Series C financing led by Bessemer Venture Partners. Franklin Templeton joined the round with participation from Alumni Ventures Group, DCVC, EDBI, Morpheus Ventures, and Northgate Capital.

This funding round also accelerates the momentum of Rigetti’s business growth. And in December 2019, Rigetti released a 32-qubit quantum computer that is currently available through Amazon Braket and its own Quantum Cloud Services platform.

Rigetti Computing is dually focused on building scalable, error-corrected quantum computers and supporting high-performance access to current systems over the cloud. And Rigetti offers a distinctive hybrid computing access model designed for practical applications.

Plus the company recently received an $8.6 million DARPA award to build a quantum system capable of outperforming classical computers. Mark Leslie — who participated in the Series C — will also join the board.

And investors, companies, and government entities are increasingly recognizing the potential for quantum computing technology, and the industry is poised for significant growth.

KEY QUOTES:

“This round of financing brings us one step closer to delivering quantum advantage to the market.”

— Chad Rigetti, founder and CEO of Rigetti Computing.

“Quantum computing will drive a paradigm shift in high-performance computers as we continue pushing the boundaries of science deeper into the realms of science fiction. Quantum technology has the potential to unlock significant advancements in biology, chemistry, logistics and material science, and we believe that Rigetti provides the most immediate and clear path to a production-grade system in the market.”

— Tomer Diari, a leading deep-tech investor from Bessemer Venture Partners who has joined the company’s board

“It’s hard to find an area where quantum computing won’t be tremendously valuable once quantum advantage is achieved. We believe that Rigetti is one of a select few leaders in this important emerging market with a strong combination of leading technology, an accomplished and focused team, and important commercial, government, and go to market relationships.”

— Jonathan Curtis, vice president and portfolio manager at Franklin Equity Group