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Bessemer Leads $79 Million Series C Round of Rigetti Computing to Advance Practical Quantum Computing

Bessemer Venture Partners leads a $79 million Series C round in quantum computing pioneer, Rigetti Computing.

Rigetti Computing, a leading quantum computing startup and pioneer in hybrid quantum-classical computing systems, has announced in a statement that it closed a $79 million Series C financing led by Bessemer Venture Partners. Franklin Templeton joins the round with participation from Alumni Ventures Group, DCVC, EDBI, Morpheus Ventures and Northgate Capital.

“This round of financing brings us one step closer to delivering quantum advantage to the market,” said Chad Rigetti, founder and CEO of Rigetti Computing. The company is focused both on building scalable, error-corrected quantum computers and supporting high-performance access to current systems over the cloud. Rigetti offers a distinctive hybrid computing access model designed for practical applications.

The financing also accelerates the momentum of Rigetti’s business growth. In December 2019, Rigetti released a 32-qubit quantum computer that is currently available through Amazon Braket and its own Quantum Cloud Services platform. In addition, the company recently received an $8.6 million DARPA award to build a quantum system capable of outperforming classical computers.

“Quantum computing will drive a paradigm shift in high-performance computers as we continue pushing the boundaries of science deeper into the realms of science fiction,” said Tomer Diari, a leading deep-tech investor from Bessemer Venture Partners who has joined the company’s board. “Quantum technology has the potential to unlock significant advancements in biology, chemistry, logistics and material science, and we believe that Rigetti provides the most immediate and clear path to a production-grade system in the market.”

Mark Leslie, who participated in the Series C, will also join the board.

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Investors, companies, and government entities are increasingly recognizing the potential for quantum computing technology, and the industry is poised for significant growth.

“It’s hard to find an area where quantum computing won’t be tremendously valuable once quantum advantage is achieved,” said Jonathan Curtis, vice president and portfolio manager at Franklin Equity Group. “We believe that Rigetti is one of a select few leaders in this important emerging market with a strong combination of leading technology, an accomplished and focused team, and important commercial, government, and go to market relationships.”

About Rigetti Computing
Rigetti Computing builds and delivers integrated quantum systems over the cloud and develops software solutions optimized for hybrid quantum-classical computing. The company owns and operates Fab-1, the world’s first dedicated quantum chip foundry. Rigetti was founded in 2013 and is headquartered in Berkeley, CA.

About Bessemer Venture Partners
Bessemer Venture Partners is the world’s most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter, and supports them through every stage of their growth. The firm has backed more than 120 IPOs, including Pinterest, Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, PagerDuty, SendGrid, DocuSign, Wix, and MindBody. Bessemer’s 15 investing partners operate from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India. Follow @BessemerVP and learn more at bvp.com.

 

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Matt Swayne

With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses. [email protected]

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