Quantum technology gains momentum and money

By Sandra Helsel posted 16 May 2022

(CrunchBase) As quantum computing it gets closer to reality, more investors, the government and several industries seem to be taking note, writes Crunchbase senior reporter Chris Metinka. IQT-News summarizes below.

Two weeks ago, the White House announced several measures to support quantum technology, including signing an order that places the National Quantum Initiative Advisory Committee directly under the authority of the White House to ensure the president has the latest information on the technology.
Last week IBM’s Chief Executive Arvind Krishna said in an interview that his company will have a more-than-4,000-qubit quantum computer ready by 2025—a significant increase from its current hardware with 127 qubits.
Last year, VC-backed quantum startups saw a record of over $823 million come into the sector. That’s a greater than 70 percent increase from 2020. That’s also a significant uptick from previous years when funding struggled to hit $200 million, according to Crunchbase data.

Numbers this year are down with less than $200 million invested thus far. That does not include SandboxAQ’s funding that was reported in March. Alphabet’s 6-year-old quantum tech group, SandboxAQ was recently spun out and raised an unspecified “nine-digit” round. Those participating in the round include Breyer Capital, former Google CEO Eric Schmidt, Thomas Tull, First Light Capital Group, funds and accounts advised by T. Rowe Price Associates, Guggenheim Investments, Time Ventures, Section 32, Parkway Venture Capital and other funds and investors.
“Investor interest has definitely increased,” said Matt Kinsella, managing director at Maverick Ventures—an early investor in Colorado-based quantum technology company ColdQuanta. “Quantum will be an important part of our future.”
“Investor interest has definitely increased,” said Matt Kinsella, managing director at Maverick Ventures—an early investor in Colorado-based quantum technology company ColdQuanta. “Quantum will be an important part of our future.”
Last year saw monster rounds. This included Palo Alto-based PsiQuantum’s $450 million Series D in July—which gave the company a $3.1 billion valuation—and Toronto-based Xanadu, a designer of quantum silicon photonic chips, which closed a $100 million Series B last May.
Aside from the undisclosed SandBoxAQ round, big rounds this year include:
In January, Switzerland-based Terra Quantum announced a $60 million Series A and then upsized it to $75 million in March.
In February, Israel-based Classiq—which developed a quantum algorithm platform—closed a $33 million Series B.

Sandra K. Helsel, Ph.D. has been researching and reporting on frontier technologies since 1990. She has her Ph.D. from the University of Arizona.

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