IonQ, a US-based quantum computing technology developer backed by corporates Samsung, Hewlett Packard Enterprise, Airbus Ventures, Alphabet and Amazon, agreed yesterday to list through a reverse takeover.
The company is merging with dMY Technology Group, a special purpose acquisition company that floated on the New York Stock Exchange in a $275m initial public offering in November 2020. The combined business will have a pro forma implied valuation of $2bn.
The transaction will be supported by $350m in private investment in public equity (PIPE) financing from investors including carmaker Hyundai Motor Company, its Kia subsidiary and GV, a corporate venturing subsidiary of internet and technology group Alphabet.
Investment and financial services group Fidelity Management & Research, Silver Lake, Breakthrough Energy Ventures, MSD Partners, Time Ventures and existing backers including New Enterprise Associates (NEA) and Mubadala Capital are also part of the PIPE.
IonQ has created a 32-qubit quantum computer it claims is the world’s most powerful quantum system, based on research at the University of Maryland and Duke University. It had disclosed a total of $77m in funding as of a $55m round co-led by consumer electronics producer Samsung’s Catalyst Fund in late 2019.
The round was co-led by Mubadala Capital and included GV and e-commerce group Amazon as well as enterprise technology producer Hewlett Packard Enterprise’s Hewlett Packard Pathfinder unit and Airbus Ventures, the corporate venturing arm of aerospace manufacturer Airbus.
NEA, Osage University Partners (OUP), Acme Capital, Tao Capital Partners, Correlation Ventures and A&E Investment made up the participants in the 2019 round.
The company had secured $20m in a 2017 series B round co-led by GV and existing backer NEA that also featured unnamed strategic investors, and Amazon and OUP were named as existing investors in the later round.
IonQ’s president and chief executive, Peter Chapman, said: “This transaction advances IonQ’s mission, to solve critical problems that impact nearly every aspect of society.
“With our key strategic partners, such as Breakthrough Energy Ventures, Hyundai Motor Company and Kia Corporation, we look forward to leveraging the power of quantum computing in the fight against climate change and to solve vexing problems from materials design to logistics that impact the transportation industry.”
