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Quantum Computing startup Rigetti revealed to have raised $119 million extra Series C investment

image credit : Rigetti

Rigetti Computing, The SF based quantum computing startup known for developing full stack technologies used in the deployment of quantum operations into existing cloud infrastructure has now been revealed by a Bloomberg article to have raised $119 million in extra funding, $50 million of which came in a quiet VC deal made last year as the company aims to put more resources into delivering its quantum platforms and hardware.

Rigetti stands as one of the most funded startups and also being recognized by X-Prize founder Peter Diamandis as being one of the 3 leaders alongside IBM and Google in the quantum computing space.

This investment now brings the total known funding raised by the 5 year old company to around $188 million so far. Rigetti remains a prominent firm in the field with its team comprised of notable physicists and mathematical researchers from the likes of NASA, Raytheon, Stanford, UC Berkeley and others.


image credit : Rigetti





Even with high expectations for the quantum computing industry, Rigetti is actually lowering the expectation bar for everyone with the well-funded company now embarking on a challenge to solve problems conventional computers can not even if solved cheaply and more faster than one.

So far, It hasn't seen much luck with that but is still putting efforts to make this work as one of the main companies in its field.

“Right now, what we’re focused on is the pursuit of quantum advantage,” said the company’s eponymous founder Chad Rigetti. “Quantum computing doesn’t have the smoking gun, ‘holy shit, you’ve changed my business,’” he said. If it gets there, “the effect will not be subtle,” He said.

Chad being an expert in the field having spent 7 years earning a Ph.D. in applied physics from Yale University and also being a former researcher at IBM's own quantum computing group.

Rigetti has been backed by the likes of Andressen Horowitz, Y Combinator, Bloomberg Beta, Sutter Hill Ventures, Streamlined Ventures, Berggruen Holdings, AME Cloud Ventures, Tim Draper and several other notable VCs for its quantum computing development with the startup making notable progress as of current with the announcement of a quantum cloud computing platform called Forest 1.0 June last year along with testings of eight-qubit computers in recent times.





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