Imagine a digital world with unbreakable encryption capabilities. Private keys with self-evolving code could be used to keep messages secure from one location to the next, protecting against any potential hackers. Quantum computing makes a lot of things possible that sound right at home in a sci-fi movie.
One Berkeley-based startup is currently developing software solutions for hybrid quantum-classical computing. Rigetti Computing announced Wednesday it raised $79 million in a Series C financing round led by Bessemer Venture Partners.
The latest investment follows an additional $8.6 million cash infusion from the Defense Advanced Research Projects Agency late last year. Rigetti said the additional capital go toward developing a quantum system capable of outperforming regular computers.
Although the company already provides its partners with access to existing quantum hardware, the company’s cloud platform, Forest, is a space where any developer can write code for a number of simulated quantum computers.
“This round of financing brings us one step closer to delivering quantum advantage to the market,” founder and CEO Chad Rigetti said in a statement. “The company is dually focused on building scalable, error-corrected quantum computers and supporting high-performance access to current systems over the cloud.”
According to the company, Rigetti owns and operates the world’s first quantum chip foundry, the Fab-1.
Quantum chips perform computations using quantum bits, MIT News explained. Quantum bits represent the two states corresponding to classic binary coding bits, a zero or a one, or a combination of both states simultaneously.
Essentially, quantum chips allow bits to hover in a “superposition” outside the standard binary. Like the many shades of gray between black and white, or the many gender identities outside “man” and “woman,” quantum computers offer more possibilities — and potential for discovery.
“Quantum technology has the potential to unlock significant advancements in biology, chemistry, logistics and material science,” Tomer Diari of Bessemer Venture Partners said in a statement.
Rigetti has raised a total of $190.5 million in venture capital to date, according to Crunchbase. The company is currently hiring for several research, engineering and design roles.
