Quantum Computing: 3 Companies to Watch in the US

January 25, 2024

In the rapidly evolving field of quantum computing, where cutting-edge science meets innovative technology, several notable companies are emerging as key players, driving progress towards an optimistic future. This article focuses on three such dynamic quantum computing firms based in the US. We will delve into the remarkable achievements of these pioneering companies, which are set to redefine the realm of quantum computing and its far-reaching implications in various industries.

Quantinuum

Specialising in quantum computing applications, Quantinuum caters to a wide range of industries including automotive, pharmaceuticals, energy, chemicals, finance, logistics, life sciences, biotechnology, manufacturing, and defence. They offer an open-access, architecture-independent quantum software stack, along with a development platform. This setup allows researchers and developers to effortlessly work across various platforms, addressing complex challenges in fields such as chemistry, material science, finance, and optimisation.

On January 16th 2024, the company successfully secured $300 million in venture funding in a round led by JP Morgan Chase, establishing its pre-money valuation at $5 billion. Other key investors in this round included Honeywell, Amgen, and Mitsui & Company. This funding will be used for expediting the development of the world’s first universal fault-tolerant quantum computers. Additionally, part of the investment will be allocated to expand the company’s software offerings, enhancing their commercial viability. With this latest funding round, Quantinuum’s total capital raised has reached approximately $625 million.

Atlantic Quantum

Atlanitc Quantum specialise in the creation of quantum computers, focussing on addressing complex computational challenges. They offer innovative computer hardware solutions by developing fault-tolerant quantum hardware, which is crucial for unlocking new computational possibilities. This approach allows engineers to advance significantly in the field of quantum computing.

On November 20th 2023, the company was awarded a grant of $200,000 from the U.S. Department of Energy. This funding represents a significant endorsement from a key federal agency, recognising the company’s potential contribution to the energy sector. The grant is expected to support the company’s research and development initiatives, helping to advance its technological capabilities. This financial boost from the Department of Energy not only provides the necessary resources for continued innovation but also positions the company as a noteworthy player in its field, potentially opening doors to future collaborations and opportunities in the energy sector and beyond.

Quoherent

Quoherent specialises in developing a portable quantum computer processor that utilises the power of topological insulator qubits. Its technology offers intrinsic protection of quantum states and operational flexibility across a range of temperatures, reducing the need for extensive error correction. This advancement is set to bolster the quantum computing industry by significantly improving its computational power and efficiency.

On November 15th 2023, the company successfully secured $4.7 million in Seed funding, led by Morpheus Ventures, establishing its pre-money valuation at $9.3 million. The funding round also saw participation from Draper Associates, Khosla Ventures, Alpha Edison, and other undisclosed investors. This influx of capital is earmarked for accelerating the development of the company’s innovative “third-wave” solid state quantum qubits. Additionally, the funding will complement the diverse revenue streams from its expanding customer base, which includes both private and government entities. This financial boost is a key step in the company’s goal to deploy the world’s first high-fidelity, scalable quantum processors on mobile platforms, marking a significant advancement in quantum computing technology.

Published on 25-01-2024