Consumer electronics producer Samsung co-led a $55m funding round for UK-based quantum computing technology developer IonQ through its Catalyst Fund yesterday.
The round also featured e-commerce firm Amazon, Hewlett Packard Pathfinder, GV and Airbus Ventures, subsidiaries of enterprise technology producer Hewlett Packard Enterprise, internet technology group Alphabet and aerospace manufacturer Airbus.
Mubadala Capital, which is run by Abu Dhabi sovereign wealth fund Mubadala, co-led the round, which was filled out by Osage University Partners (OUP), Acme Capital, Tao Capital Partners, Correlation Ventures, A&E Investment and New Enterprise Associates (NEA).
Founded in 2015, IonQ is developing a general-purpose quantum computer using trapped ion technology – where sole ions are cooled and isolated by lasers – as the basis for quantum information bits that execute queries with manifold potential solutions.
The company’s system is expected to execute quantum applications across a range of industries, combining optimisation algorithms with dependable hardware and optical network components.
GV and NEA had previously co-led a $20m series B round for IonQ in mid-2017 that included unnamed strategic investors, adding to $2m invested by NEA the previous year. Amazon and OUP were also described as existing investors in the latest round.
Young Sohn, Samsung Electronics’ chief strategy officer, said: “Foundational and revolutionary technologies – like the transistor, the laser or the mobile phone – take years to evolve into innovations that transform the way we live.
“Though it is still early days, we see a similar revolution taking place with quantum computing, which is why we are excited to work alongside the IonQ team.
“Together, we can unlock the vast potential of this technology to address new opportunities in drug discovery, artificial intelligence, breakthrough materials and many other areas that will have a profound impact on our way of life.”
The original version of this article appeared on our sister site, Global University Venturing.