Neutral atom quantum computing startup raises $60m
Atom Computing in the US has raised $60m to develop the second generation of its nuclear-spin qubit quantum computing technology.
The Series B round was led by Third Point Ventures with Prime Movers Lab and insiders including Innovation Endeavors, Venrock and Prelude Ventures. Following the completion of their first 100-qubit quantum computing system with a record 40 second coherence times, Atom Computing will use the investment to build their second-generation quantum computing systems and commercialize the technology.
“Atom Computing designed and built our first-generation machine, Phoenix, in less than two years and our team was the fastest to deliver a 100-qubit system,” said Rob Hays, CEO and President, Atom Computing. “We gained valuable learnings from the system and have proven the technology. The investment announced today accelerates the commercialization opportunities and we look forward to bringing this to market.”
The company is looking to develop much larger quantum computer systems that are required to run commercial use-cases.
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“We’ve seen a tremendous amount of investor interest in what many are starting to believe is a more promising way to scale quantum computers – neutral atoms. Our technology advancements and this investment gives us the runway to continue our focus on delivering the most scalable and reliable quantum computers,” added Hays.
“Atom Computing’s design approach with neutral atoms is notably differentiated and has breakout potential to leapfrog competitors in the quantum race,” said Curtis McKee, Partner at Third Point Ventures who joins the board. “They bring together a unique combination of best-in-class executive and quantum engineering teams.”
“Quantum computing will impact billions of lives, revolutionizing everything from drug discovery and financial modeling, to predicting climate change and the development of new, life-changing materials,” said Gaetano Crupi, Partner at Prime Movers Lab. “We have been tracking this technology closely and believe we have found the right team and approach to scalable quantum computers with Atom Computing.”
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