Quantum computing, a technology that has been theoretical for a long time, is gradually coming back into focus as a viable option for enhancing computational power. Recently, QuEra, a quantum startup based in Boston, announced the completion of a $230 million funding round, with notable investors including Google and SoftBank. QuEra stated that this funding will be used for the next phase of development, aiming to build a "practical" quantum computer within the next three to five years.
It is important to note that this funding is not an equity investment, but rather through convertible bonds. The QuEra team indicated that these bonds will convert into equity during the next equity financing round. The company's current interim CEO, Andy Ory, did not disclose the specific timing of the next equity financing.
So far, QuEra has raised nearly $50 million in total, including $17 million in 2021. According to the company, the investors in this convertible bond include Google, the SoftBank Vision Fund, Valor Equity Partners, as well as existing investors like QVT Family Office and Safar Partners.
Although the company has not disclosed its valuation, QuEra's Chief Operating Officer, Yuval Boger, stated that the current funding represents "very significant growth." Industry insiders speculate that the valuation could be close to $400 million. A major highlight for QuEra is that it has begun to achieve profitability, including the sale of a $41 million quantum computer to Japan for a new supercomputer project that integrates Nvidia technology. Additionally, QuEra has started generating revenue through cloud services, with its 256-qubit computer offering quantum computing services on AWS since last November.
Although QuEra has not established any connection with Google Cloud Platform, Google's funding support comes from its quantum AI business unit. Quantum computing startups have recently received significant funding support. For example, Alice & Bob in Paris recently raised $104 million, while Riverlane and SEEQC in Cambridge raised $75 million and $30 million, respectively. A giant in the quantum computing field, Quantinuum, raised $300 million last year, achieving a valuation of $5 billion, and is now rumored to be considering a $10 billion IPO.
While the potential of quantum computing is remarkable, there are currently no fully functional commercial quantum machines available. Many companies are experimenting with various methods aimed at reducing errors and failure rates in computations. QuEra is dedicated to developing a neutral atom quantum supercomputer, utilizing laser cooling of atoms to minimize errors. Ory stated in an interview that QuEra hopes to collaborate with partners like Google to advance quantum computing, ultimately achieving the "Holy Grail of quantum computing."
Key Points:
🔍 QuEra announces $230 million funding, with investors including Google and SoftBank.
💻 The company plans to build a practical quantum computer in the next three to five years and has already achieved some profitability.
🚀 Recent funding activities among quantum startups are frequent, with rapid industry development attracting more investor attention.
