$100M Raised for On-Premises Quantum Computing

Rigetti Computing, a full-stack superconducting quantum computing company, has announced the completion of a $100 million equity offering. 

The company plans to use the funds for working capital and continued development of its quantum computing technology, including improving its two-qubit gate fidelity and scaling towards higher qubit count systems.

“We are pleased to see the enthusiasm for the quantum computing sector and our company,” said Rigetti CEO Subodh Kulkarni.

“We are seeing a great deal of interest from national labs and academic institutions for on-premises quantum computers to pursue hands-on R&D. As the technology continues to improve and more quantum applications are developed, we expect to see increasingly more interest from industry and the private sector.”

The new funding provides Rigetti with sufficient capital to support operations through the end of 2026, allowing it to focus on research and development, strategic partnerships and scaling its quantum computing systems, according to the company.

Kulkarni said Rigetti’s superconducting quantum computing technology offers faster gate speeds compared to alternative modalities such as ion traps and neutral atoms.

Rigetti has developed a multi-chip quantum processor for scalability and manufactures its chips in-house at its dedicated quantum device manufacturing facility.

Related:Why Supercomputing Centers Are Installing On-Site Quantum Computers

The company launched its Novera QPU partner program in April, aiming to create an ecosystem to enable on-premises quantum computing. Quantum software companies participating in the program include Q-CTRL, Strangeworks, Classiq and Horizon Quantum Computing.