The field of quantum computing has developed rapidly recently, attracting a lot of investment. This article will focus on the latest financing situation and development strategy of the quantum computing startup QuEra, and will briefly analyze the overall development trend of the quantum computing industry to explore its future development prospects and challenges. QuEra's successful financing and its progress in profitability indicate that quantum computing technology is gradually maturing and commercializing.
Quantum computing, as a long-standing technology, is gradually returning to people's vision and becoming a feasible option to improve computing power. Recently, Boston-based quantum startup QuEra announced that it had completed a $230 million financing, with investors including well-known institutions such as Google and SoftBank. QuEra said the funding will be used for its next phase of development, with plans to build a "practical" quantum computer in the next three to five years.
It should be noted that this financing is not an equity investment, but is carried out in the form of a convertible bond, which the QuEra team said will be converted into equity in the next equity financing. Andy Ory, the company's current interim CEO, did not disclose the specific time of the next equity financing.
So far, QuEra has raised nearly $50 million in funding, including $17 million in 2021. According to the company, investors in the convertible bonds include Google, SoftBank Vision Fund, Valor Equity Partners, and existing investors in QuEra, such as the QVT Family Office and Safar Partners.
Although the company has not announced its valuation, Yuval Boger, chief operating officer of QuEra, said the current financing represents a “very significant growth.” Industry insiders speculate that the valuation may be close to $400 million. A highlight of QuEra is that it has begun to make profits, including a $41 million quantum computer sold to Japan for a new supercomputer project that is combined with Nvidia technology. In addition, QuEra also started generating revenue through cloud services, and in November last year its 256-qubit computer provides quantum computing services on AWS.
Although QuEra has not established any connection with Google Cloud Platform, Google's financing comes from its quantum AI business unit. Quantum computing startups have recently received significant financial support. For example, Alice & Bob in Paris recently raised $104 million, while Riverlane and SEEQC in Cambridge also raised $75 million and $30 million respectively. Quantinuum, a giant in the field of quantum computing, raised $300 million last year with a valuation of $5 billion. Now it is reported that it is intending to go public for $10 billion.
While the potential of quantum computing is eye-catching, commercial quantum machines that have not yet achieved full functionality, many companies are trying various approaches aimed at reducing errors and failure rates in computing. QuEra is working on developing neutral atomic quantum supercomputers that use lasers to cool atoms to reduce errors. In the interview, Ori said that QuEra hopes to work with partners such as Google to promote quantum computing forward and ultimately realize the "holy grail of quantum computing."
Key points:
QuEra announced a $230 million financing, with investors including well-known institutions such as Google and SoftBank.
The company plans to build practical quantum computers over the next three to five years and has achieved partial profitability.
Quantum computing startups have frequently raised financing activities recently and the industry has developed rapidly, attracting more investors' attention.
In short, QuEra's huge financing and the booming development of the field of quantum computing mark the progress of quantum computing technology towards practicality and commercialization. Although challenges remain, quantum computing technology is expected to make breakthroughs in the coming years, bringing revolutionary changes to all industries. QuEra's success stories also provide valuable experience and reference for other quantum computing companies.