Quantum computing startup QuEra closes $230 million funding round

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Quantum computing startup QuEra closes $230 million funding round

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(Reuters) – QuEra Computing said on Tuesday the neutral-atom quantum firm has completed a funding round in excess of $230 million, with investment from

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’s Quantum AI business unit and SoftBank Vision Fund, among others.

The valuation of the company at which it raised the money was not disclosed.

Neutral-atom quantum computing makes it easier to scale up the system and reduces error rates compared to other quantum systems. It achieves this by using lasers to manage small, uncharged atoms such as rubidium or strontium.

The Boston-based startup said that $60 million out of the $230 million will be received in the near future upon satisfying a prerequisite funding condition, currently in progress.

QuEra expects to use this funding, among other things, in the development of fault-tolerant quantum computing technology, which refers to quantum computers that can reliably perform computations even in the presence of errors.

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,

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and IBM are leading supporters of quantum computing among major tech companies, as they believe it has potential to deliver faster computing speeds than the most advanced systems available today.

In December,

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said it overcame a key challenge in quantum computing with a new generation of chips. The company said last week that commercial quantum computing applications will be released in the next five years.

Quantum AI startup SandboxAQ raised $300 million in December, valuing the startup spun off from Alphabet at $5.6 billion.

(Reporting by Rishi Kant in Bengaluru; Editing by Vijay Kishore)

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