US-based quantum computing technology developer Rigetti Computing disclosed $64m in funding across two rounds from investors including media and data firm Bloomberg’s corporate venturing arm, Bloomberg Beta, on Tuesday.
Bloomberg Beta participated in Rigetti’s $24m series A round, which was led by Andreessen Horowitz and backed by Data Collective, FF Science, AME Cloud Ventures, Morado Ventures, WTI, Sutter Hill Ventures, Susa Ventures, Streamlined Ventures, Lux Capital and Y Combinator’s Continuity Fund.
Vy Capital led a subsequent $40m series B that included Andreessen Horowitz, Y Combinator Continuity Fund, Data Collective, FF Science, AME Cloud Ventures, Morado Ventures and WTI.
Founded in 2013, Rigetti Computing is developing a quantum computing platform that integrates with existing cloud infrastructure, and which will be used in artificial intelligence and computational chemistry.
Quantum computing as a technology is still in a relatively early stage but the systems store and process data using individual photons rather than the binary digit-based system used in traditional computers, a method that would hypothetically provide greater power and efficiency.
Chad Rigetti, co-founder and CEO of Rigetti Computing, said: “We will use the funding to expand our business and engineering teams and continue to invest in infrastructure to manufacture and deploy our quantum integrated circuits.”
The rounds follow $5.2m of funding supplied by backers including AME Cloud Ventures, Morado Ventures, Susa Ventures and private investor Tim Draper.