Google leads the $230 million convertible notes for the Boston Quantum Computing Startup Quera

It feels like quantum computing, which has long been pushed into the theoretical realm, is returning to the agenda as a potentially viable alternative to expensive races for more powerful computing.

With the heels of quantum chips and some notable advances in error correction (two of key areas that have prevented quantum computers from becoming reality), startups from Boston today like! Google and SoftBank. The plan is to use this money to reach the next stage of growth. The goal is to build a “useful” full survey computer over the next 3-5 years.

However, funding in particular is not fair. This is a convertible note that Quera’s team will be converted fairly when the company raises the equity round next time.

The company, currently led by Enterprise High-Tech Veterinarian Andioli, who is now interim CEO, has refused to provide a timeline for the next stock funding round.

So far, Quera has raised just under $50 million, including this. $17 million round Quera has long list of investors signed on this convertible memo, including SoftBank Vision Fund, Valor Equity Partners, and existing Quera investors including QVT Family Office, Safar Partners, and more (reading) He said that. It is not named.

As this is a memo, no assessment has been provided for this latest funding. However, Quera’s COO Yuval Boger explained the rating as “a very significant increase” compared to Quera’s previous round. “I know I probably have a very good sense of what the valuation of the crucial $230 million round will be like,” he added. The conservative and basic guess is $400 million, but something could happen because it’s a memo, not equity.

One of the details that gives Quera a notable boost: the company is already making money.

Specifically, Ori quoted a $41 million sale to Quera Quantum Computer Japan. I’m sitting with Nvidia Technology (running Classical Computing) in my new SuperComputer project.

The company has also seen some revenue coming from its cloud services. In November 2022, we began offering quantum computing beyond AWS through 256 quit computers (first generation machines). This is primarily used in pilots and proof of concept experiments.

Quera is exploring its expansion to other clouds, but has announced nothing so far. Boger said the funding from Google is supported by Google’s Quantum AI business unit, but does not include tie-ins for the Google Cloud platform.

Quera’s funding is part of what appears to be a noticeable surge for quantum computing startups. Less than two weeks later, Alice & Bob, another Paris-based quantum computing startup, Snapped $104 million. Other big rounds include Cambridge, English base River Lanebuilds technology to fix quantum errors and raises $75 million. Quantum Chip Maker seeqcraised $30 million in January.

Quantum Machine Israel is reportedly in the process of raising $100 million. (We contacted quantum machines and declined to comment on those reports.)

And perhaps more than anything, last year Quantine It raised $300 million at a valuation of $5 billion. There is now talk It is listed at a valuation of $10 billion of those.

Given that at this point we haven’t seen a fully functional commercial quantum machine yet, much of the work these and other companies are doing is scattered across different approaches. When the calculation is performed.

With 69 employees at the end of 2024 and aiming to have more than 130 employees by the end of 2025, Quera’s specific objective is to use lasers to cool atoms using lasers in the computing process. It is to build a neutral atomic quantum supercomputer that relies in part on using. To reduce errors.

“We think there’s a good architectural approach to actually reaching what we consider to be the Holy Grail, a discontinuous quantum computing with actual quantum advantages,” Ollie said in an interview.

“Look at what we do with partners like Google and the people we can attract… it’s all together and we feel validated, That Quera is its resources, its science, and its position People allow us to become one of the few companies to truly provide the first scalable and useful quantum computers. .”

But so far, due to a number of approaches, it was a marathon, not a race, and there was no solid finish line. Alex Keesling, co-founder and former CEO of Quera Invented technology It is at the heart of the product and is now in the role of overseeing technical implementations as Quera works to build the hardware. reality.

Long-term promises are appetizing. Compute is becoming more expensive and new technologies like AI put a lot of pressure on resources, so the industry is looking for solutions that can either leap these workloads or at least complement them with something more powerful . Devotees say quantum computing is the solution.

“We believe that if we can reach 100 logical error correction key bits with the ability to execute 100 instructions without errors, we believe there are applications useful in quantum computing that offer more advantages than regular computers.” Ory said. “We believe it. I think it will create enormous value in material science, life science, simulation, optimization issues, and more.”