US-based quantum computing startup Atom Computing raises USD 60 million in Series B

Atom Computing, the developer of the first quantum computer made of nuclear-spin qubits from optically-trapped neutral atoms, has raised USD 60 million in a Series B funding round led by Third Point Ventures on 20 January 2022.

Investors: Third Point Ventures led the latest funding round with participation from Prime Movers Lab and insiders, including Venrock, Innovation Endeavors and Prelude Ventures.

The Objectives behind the funding: Following the completion of its first 100-qubit quantum computing system with world-record 40 second coherence times, the company plans to deploy the current proceeds to build its second-generation quantum computing systems and commercialize the technology. Curtis Mckee, a Partner at Third Point Ventures, will join the Board of Directors. 

About Atom Computing

Founded in 2018 by Benjamin Bloom and Jonathan King, Atom Computing is a developer of quantum computers with the aim to provide a path towards truly scalable quantum technology and solve problems beyond the reach of traditional computers. The startup’s computers are built using individually controlled atoms that can be controlled, scaled and stabilized optically, enabling quantum researchers and engineers to efficiently perform quantum calculations in the fields of computational chemistry, drug design and general computing. In May 2020, the company created the World’s First Nuclear Spin Qubit.

What the CEO of Atom Computing has to say:

“Atom Computing designed and built our first-generation machine, Phoenix, in less than two years and our team was the fastest to deliver a 100-qubit system,” said Rob Hays, CEO and President, Atom Computing. “We gained valuable learnings from the system and have proven the technology. The investment announced today accelerates the commercialization opportunities, and we look forward to bringing this to market.”

What the Investors have to say:

“Atom Computing’s design approach with neutral atoms is notably differentiated and has breakout potential to leapfrog competitors in the quantum race,” said Curtis McKee, Partner at Third Point Ventures. “They bring together a unique combination of best-in-class executive and quantum engineering teams. We look forward to partnering with them as they lead the next era of computing.”

“Quantum computing will impact billions of lives, revolutionizing everything from drug discovery and financial modelling to predicting climate change and the development of new, life-changing materials,” said Gaetano Crupi, Partner at Prime Movers Lab. “We have been tracking this technology closely and believe we have found the right team and approach to scalable quantum computers with Atom Computing.”

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