The $71 million in investment that quantum computing technology developer Rigetti Computing recently raised came at a significant cut to the company’s valuation, based on several sources with data of the company.
Rigetti is one of the very few startups attempting to make quantum computing commercially feasible. It’s an emerging technology with implications for national security and a broad group of industries that depend on better data analysis and more powerful computing to continue innovating around materials science and genetics.
In July, Rigetti bought QxBranch, a quantum computing and data analytics software startup, to build on Rigetti’s full-stack strategy and increase the company’s ability to deliver quantum algorithms, solutions and services, in accordance with a statement
Giant firms, along with Google and IBM, have invested millions in building quantum computers, and there’s a growing push among politicians in the U.S. government to devote more money to the expertise — out of fear that China’s scientists and national plans have outpaced American lead in the field.
Quantum computing is an area that’s set for a windfall of government dollars under the budget allocated earlier this year by the Trump administration.
The National Science Foundation (NSB) will receive $210 million for quantum analysis. In comparison, the Department of Energy (DoE) will receive a $237 million boost and an additional carve-out of $25 million for theDoE to start the development of a nationwide Quantum Internet.
Quantum computing is hard, and there are few commercially available applications for a technology that’s still in its infancy.